WHAT IS THE BEST CHOICE FOR YOU AT THIS STAGE OF YOUR LIFE?
WHAT YOU SHOULD KNOW ABOUT BUYING
- There are additional costs to your home. Calculate your expenses; land transfer tax, moving costs, legal fees
- Consider the operating costs of owning a home; Property taxes, mortgage interest, maintenance, electricity and hydro
- You are able to borrow up to ,000 tax free from your RRSP to put towards purchasing your home
- You can rent part of your home out to a tenant to help pay for some of your expenses
- If you make energy-saving improvements to your home, you are eligible for tax credits
- It is important to know if there are plans for new development in your community, sign up to receive newsletters from your local newspaper or municipal government resource.
- If your total expenses as a homeowner exceed more than 35% of your current rent, you should look at a less expensive home