Five per cent down
The federal government’s Canada Mortgage and Housing Corporation has a program for first-time buyers. The First Home Loan Insurance Plan will insure mortgages up to $300,000 in the Greater Vancouver area if buyers are able to put five per cent down. Contact your financial institution for more information.
For more information:
http://www.cmhc-schl.gc.ca/en/moinin/moinbuho/brhoowwire/index.cfm
RRSPs for down payments
Under the federal government’s Home Buyers Plan buyers can use up to $20,000 worth of RRSPs toward a mortgage. Couples can use up to $40,000. Your financial institution will know about it. For information go to: http://www.ccra-adrc.gc.ca/E/pub/tg/rc4135eq/rc4135eq.html (Read down. It is there!)
Property transfer tax relief
When you buy a home, the provincial government charges a tax of 1 per cent of the first $200,000 of the purchase price and 2 per cent of the remainder. But if you’re a first-time buyer, you can purchase tax-free. http://www.rev.gov.bc.ca/itb/ptt/pttbulletins/ptt004.pdf
Other online resources
Real Estate Council of BC
The Real Estate Council of British Columbia protects the public interest by assuring the competency of real estate licensees, and ensuring their compliance with the Real Estate Act. The Council is accountable to and advises government on industry issues and encourages public confidence, by impartially setting and enforcing standards of conduct, education, competency and licensing for real estate licensees in the province. http://www.recbc.ca