The Ladder Strategy Smarter Mortgage Rate Management
The Ladder Strategy Smarter Mortgage Rate Management
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buying process | financial future | first-time home buyer | home insurance | homeownership | inflation | Interest Rates | mortgage insurance | pre-construction | Real Estate | Real Estate Market | Real Estate Market Trends | Rent or Buy | resale | step-by-step guide
What Every First-Time Home Buyer Should Know
The Recipe You Need to Succeed Attend our seminar where we’ll give you real answers, home-buying strategies, and a recipe for success proven by our clients. We will provide you with a step-by-step guide with everything you need to know when it comes to buying your first home. Even if you are not a first-time buyer, all buyers are welcome! Our First-Time Home Buyer Seminar will offer you the perfect roadmap for your buying journey, where you can expect: In-depth insight into market trends A comprehensive understanding of the buying process, including where to start Clarity on what you can afford and how to prepare your finances At the end of the seminar, you will also connect one-on-one with our award-winning agents. With your dedicated guide, you can ask all your questions and receive valuable tips that reflect your unique circumstances. Whether you are looking to buy a pre-construction or a resale property, our GTA-Homes agents are prepared to walk with you while connecting you with other reliable real estate professionals you will need to have on your team. Decision to Rent or Buy Although buying a home may seem out of reach, most renters don’t realize how much money they’re actually spending each year on someone else’s mortgage and profit. Owning a home almost always comes out ahead because your monthly rental payments could have been helping you build equity in your own home instead! It also helps to factor in tax benefits, property appreciation, and other incentives when you buy. Let’s compare the numbers to give you a clear picture. If you are currently renting at $2,500 per month, plus about $130 in utilities, you’re paying $2,630 monthly or $31,560 a year. This money will only cover your cost of living and won’t do much else for you. It primarily goes toward paying off your landlord’s mortgage. Now let’s look at the monthly carrying costs of owning your own home. Let’s say you purchased a $500,000 home with a 20% down payment to avoid additional mortgage insurance fees and took on a fixed 30-year mortgage at 4% interest. Your monthly payments will need to include your mortgage payments, property taxes (1% of the property’s value annually), home insurance, and utilities.
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2025 | assignments | Buying | FHSA | First Home Savings Account | first time home buyers | First-Time Home Buyers' Tax Credit | FTHB | News | Ontario and Toronto Land Transfer Tax Rebate | Real Estate | Rent Versus Buy | renting | renting versus buying | RRSP Home Buyers' Plan | the 5% Rule
2025 is The Year for First-Time Home Buyers
If the older generation can comfortably contribute to their offspring’s home down payment, it often allows families to remain closer together, rather than new homeowners having to move far from the city in search of more affordable housing options. Intergenerational aid will likely continue, as 54% of millennials have indicated that they expect to provide the same assistance to their own children in the future. Additionally, everyone can rest assured in the long-term security that building equity offers new homeowners, so both parents and their adult children have peace of mind for the future. A Brief Window of Opportunity However, buyers should be warned that this time of opportunity won’t be around forever. With very sparse sales in the last couple of years, many development projects in the GTA have been delayed indefinitely. By 2026, we can expect that new housing inventory will stop coming in, and future buyers will only have today’s options available to them. When that time comes, we will no longer experience a buyer’s market, but the tables will be turned, and we will be in the midst of a significant seller’s market instead. It will also be much harder for first-time home buyers to enter the market in the future. The government plans to build over 200,000 rental units in the next 2 decades, which means that most developers will stop building condos and pivot toward building rental properties instead. This means that future buyers will only be able to purchase resale condos or new houses (attached or detached) if they want to become homeowners. The limited supply of resale condos and pricier new dwellings will be added challenges that many buyers will face. If you want to seize your limited opportunity today but are unsure where to start, our First-Time Home Buyers’ Seminar is perfect for you! You’ll learn everything you need to know to prepare for the financial obligations, find the perfect property, and buy with ease and security. At our in-person seminar, you will also get to ask any questions you may have with our experienced, caring, and award-winning agents. RSVP today!
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Buying a New Home: 10 Mistakes to Avoid
WARNING: Buying a new house or a condo from the developer’s sales office is always very exciting, but if you are not very familiar with the whole process, it might cost you THOUSANDS of $$$ and many legal problems. Remember that the new development sale offices are established by the developer, and the agents working there are…
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The pros and cons of condominium ownership
Determining if condominium living fits with your lifestyle, personality and financial situation. Wondering whether or not condominium living really is the right choice for you? You may love the idea of ditching your snow shovel and lawn mower when you move into a condo, but you might not be so happy about leaving your satellite…
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Understanding the Buyer’s Agency Exclusive Contract
When working with buyers in a real estate transaction in BC, consumers and their REALTOR® may choose to use the Buyer’s Agency Exclusive Contract. This video explains the purpose of this common standard form and its contents.
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A Consumer’s Guide to Understanding the Home Buyer Rescission Period
This video provides an overview of the Home Buyer Rescission Period and explains how buyers can rescind or cancel their offer to purchase.
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Understanding the Contract of Purchase and Sale – Residential
This video helps explain a key document used in a real estate transaction: The Contract of Purchase and Sale – Residential.
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