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REAL ESTATE
PROVEN
TO BE
THE BEST
LONG TERM INVESTMENT
FOR YOUR MONEY
Qualified buyers (as described
below) may borrow INTEREST FREE
FOR 15 YEARS from RRSP savings
up to $25,000 per buyer (up to
$50,000 per buying couple)
towards the cash down payment on
the purchase of a residence.
Banks discourage buyers from
doing so BECAUSE banks want
buyers to borrow by paying bank
interest and not by borrowing
interest free for 15 years from
RRSP which does not profit the
bank. The VERY best investment
for one's RRSP is in the
purchase of a principal
residence which, in time,
generates a TAX FREE capital
gain!
Due to significant boost provided by the federal government’s
RRSP Plan
the sales of both new and resale homes are all time-high across the country.
Mortgage rates are considered the number one reason why the resale market remains strong.
The monthly carrying cost for an average resale home purchased in Ontario has fallen over 30 percent from approximately $1700 in mid 1990 to about $1100 at present.
The five year mortgage was at 13.4% compared to
*4.09% now. If you have a mortgage of $100,000 at 13.4% interest, you pay $1,130.89.
Today, if you have a mortgage of $100,000 at *4.09% interest, you pay only $530.91. Imagine the big savings.
It doesn’t make sense to continue renting when you can own your home.
Real estate has proven to be one of the best long term investments for your money.
Your chances of making a substantial profit in real estate are excellent if you can afford buying a property now and are able to hold on to it for 5 to 10 years.
The three main factors influencing your choice of real estate should be: location, location, location!
With mortgage rates on the down swing, you are able to make a bigger investment in property while maintaining the same monthly payments.
One of the common ways to make money in real estate is by forcing the issue.
Buy an old home and renovate it, or buy a vacant lot and build on it.
USING A REAL ESTATE AGENT: A real estate agent should be totally familiar with the area in which he or she is helping people invest.
Your agent should be able to guide you in choosing a home that best suits your needs and investment capability.
Investing in property should be an enjoyable experience, a learning experience, a profitable experience!
Real estate will continue to be a solid, long term investment.
There maybe peaks and troughs, but you’ll be glad you made the leap in the long run.
Note: *The interest rate may have changed at the time you read this article.
If you need a pre-approval, please do not hesitate to call or email me. I
will gladly assist you in arranging your mortgage financing at the lowest rate possible. No cost or obligation. If you think you may have problems getting a mortgage approval, please
contact me before you meet with your bank.
CANADIAN
(FIRST TIME)
HOME BUYERS
PLAN
"The
First-time
Home Buyer's
Plan (HBP)
is a Federal
Government
initiative
providing
Canadian
citizens the
opportunity
to withdraw
up to
$20,000 from
personal
registered
retirement
savings
plans (RRSPs)
for buying
or building
a home in
Canada. To
qualify,
applicants
must not
have
directly, or
indirectly,
owned a
residence
within the
past five
years.
Under the
HBP,
qualifying
withdrawals
will not be
included in
annual
income, and
RRSP issuers
will not
withhold
income tax
from these
withdrawn
amounts. If
you are
jointly
buying or
building a
home
together
with your
spouse or
other
qualifying
individual,
each of you
can withdraw
up to
$20,000.
To withdraw
these funds
from your
RRSPs, you
must first
have entered
into a
written
agreement to
buy or to
build. You
will also
need to
confirm that
you will
occupy the
subject
property as
your
personal
residence.
(Once you
take
occupancy
there is no
minimum
period of
time you are
required to
live there.)
Your
commitment
to the HBP
is to repay
the amount
withdrawn
within a 15
year time
period. In
each year,
you will
need to make
the minimum
contributions
to your
RRSPs equal
to 1/15 of
the
withdrawn
funds until
the total
amount is
repaid. You
will receive
a HBP
Statement of
Accounts on
your annual
Notice of
Assessment
showing you
the total
HBP
withdrawal,
the amount
you have
repaid to
date, your
HBP balance,
and the
amount you
should repay
the
following
year. Your
repayment
starts the
second year
following
your
withdrawal,
and you may
repay any
amount in
excess of
the minimum
to reduce
payments in
later years.
"
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HOMELIFE BAYVIEW REALTY
INC.
Real Estate Brokerage
Independently
Owned & Operated
505 Highway 7 East Suite 201,
Thornhill, Ontario L3T 7T1
Office
(905) 889-2200
Toronto Line
(416) 324-2822
Fax
(905)
889-3322
Email:
info@sellhomestoronto.com
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Website Is Not Intended To Solicit Properties Under Contract
or
Buyers & Sellers Under Signed Agreement With Another Broker.
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of Use Agreement (Disclaimer & Acceptable Use)
Legal Copyright and
Disclaimer
PRIVACY STATEMENT:
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denotes awards received in the
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