Things to Know

1st Time Buyers – What You Need to Know

Buy or Rent?

A home is an investment. When you rent, you are spending money and wont see a return on it. When you own property, be it a condo/townhouse or house, the value of your home will appreciate over time. Real estate is one of the best forms of investment as home prices increase year after year.

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Use a Real Estate Agent?

Using a real estate agent is a very good idea. Details involved in buying a property, including financial ones, can be overwhelming. Conrad Rygier, a real estate professional can guide you through the process, making informed decisions based on experience. Conrad is familair with, and has access to all the important information you need to know concerning the location and reputation of schools, the safety of the neighborhood, traffic volume, as well as the desireable and the less desireable areas. Conrad will also help figure the price range you can afford and will search all available resources including MLS (Multiple Listing Service) for properties that might interest you. Real estate agents also have instant access to information on what properties have just come onto the market, which gives you the edge. When we find a property that you are of serious interest in, Conrad will do everything possible to get you the best deal and have all your needs met. Conrad will guide you through the paperwork, walk you through the process, and answer last-minute questions when you sign the final papers.
What does all these services cost? NOTHING. The commission payment
comes from the seller and not from the buyer so there is no reason not to
call Conrad Rygier for help.

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Who Pays the Real Estate Commission?

The seller/owner of the property pays for the commission of both parties (buyer agent and seller agent). The buyer does not pay any real estate commission 99.9% of the time. Under very rare situations the buyer may be asked to pay the real estate commission if the buyer's agent is not paid commission by the seller/listing broker.

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How Much Can I Afford?

The short answer is (depending on a number of factors):

To find out more, call or email Conrad Rygier, and he will help you figure this out.

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Mortgage Calculator:

This mortgage calculator is a great tool to figure out approximately how much your monthly mortgage payments will be. I am not soliciting Genworth Financial, however their mortgage calculator is easy to use and understand.
Mortgage Calculator

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How Do I Find a Lender?

You can finance a property with a loan from a bank, a savings and loan, a credit union, or a private mortgage company. Different lenders can offer different interest rates and loan fees. The lower the interest rate the better to keep monthly payments down and increase how much you can borrow. Morgage Brokers tend to be the best bet when shopping for a mortgage, as they have access to all lenders, and often get deals that beat rates that banks offer. The other advantage of a mortgage broker is that your credit will be checked once. If you go mortgage shopping yourself to a number of lenders, they each will check your credit. Multiple credit checks are bad for you. If you do not have a mortgage broker you trust, contact Conrad Rygier and he will suggest a few great people to work with.

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Any Other Costs to Consider?

Yes. You will have monthly utilities (heating, electicity, water, gas, cable, etc). When considering a particular property, Conrad will find out all the details on how much the seller currently pays for their utilities, so that you know approximately what to expect. If you are considering a condo, then maintenance fees are due monthly and go towards the condo corporation's maintenace and reserve funds. On top of all this the City of Toronto charges property tax based on the evaluated property. Your mortgage broker will be able to fill you in on all the expenses.

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Government Incentives for First-Time Buyers?

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First-Time Buyer Tax Credit

In a move to assist first-time home buyers with the costs associated with the purchase of a home, the 2009 Budget proposed a First-Time Home Buyers’ Tax Credit: ($5,000 non-refundable income tax credit) on a qualifying home acquired after January 27, 2009. For eligible individuals, the credit will provide up to $750 in federal tax relief starting in 2009.

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Land Transfer Tax Rebate

For full details, visit: Ministry of Finance website

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GST Rebate:

When you purchase a resale home in Ontario, there is no GST charged. The new housing GST rebate (36% of five percent GST paid) is available to individuals who build or buy a new house. For example the rebate on a home priced at $400,000 is $7200 ($400,000 x 0.05 x 0.36). New homes priced between $350,000 - $450,000 before GST, the Rebate would be reduced proportionately. This GST rebate is for homes priced below $450,000. For more details, visit: Canada Revenue Agency

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Investor: Qualify for First-Time Buyer Rebates?

No you do not. Real estate investment properties do not qualify for first time buyer rebates.

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How to Find Local Schools?

If you have kids, or expecting one soon, have a looking to see what schools are locally available:

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Conrad Rygier