Finding Your Dream First Residential Property in Canada: 5 Things You Should Know

Are you looking for your dream first residential property in Canada? There are several things that you need to put into perspective. Owning a residential property is important. Getting your first one might be a little tricky, not just in Canada but anywhere in the world. While residential properties in Canada can be quite costly, gathering the proper knowledge puts you in a good position. In this post, we will discuss five things you should know to help you find your dream first residential property in Canada. Let’s get started. Getting Your Dream First Residential Property in Canada Did you know that around 70% of all Canadian residents own a residential property? So, if you ever had doubts about owning your home in this country, you can do away with them now. Once you have the correct information at your disposal, it is pretty easy to own a residential property in Canada. Here are five things you should know to make getting your first residential property in Canada easier: Determine your budget The current average benchmark price of homes in Canada is $741,400, an increase of 1.2% from last year. What this means is that buying homes in Canada is quite costly. As such, you need to draw up a realistic budget of how much you can afford to spend on a home. Your budget should include what you can afford for the following: A down payment. Mortgage insurance. Monthly mortgage. Property taxes. Home insurance. Utilities. Miscellaneous. Find the right neighborhood One of the most important factors to consider when buying your first residential property in Canada is the neighborhood. There are three territories and ten provinces in Canada, so you have a wide array of options to choose from. As one would expect, the location you choose determines the cost of the property. How do you know the best neighborhood for your new property? Consider visiting your choice location a few times. You can also speak to people in that location. More than anything else, consider contacting a real estate consultant like OneStopBroker.ca to furnish you with the required information. Get mortgage pre-approval After figuring out your preferred neighborhood, you need to sort out your finances. While you will need to save up, at least for your down payment, Canada offers several mortgage opportunities. We suggest that you send an application to a bank or lender for mortgage pre-approval. Doing this helps you know the amount you can access as a loan for your purchase. Aside from knowing the maximum mortgage you can get, you will also know the monthly repayment and the rates. Upon pre-approval, you will get a letter that you will use in the purchase. The lender or bank will also furnish you with information regarding how much you need to provide as down payment. Be realistic Purchasing a residential property in Canada, or anywhere else, requires a lot of patience. This is because you’d have to research, raise funds, and put maximum effort into getting your dream property. You may likely get discouraged after your first search for several reasons. However, don’t let that stop you from going on a second, third, and fourth search if you need to. The process will likely take a few weeks or months, but it is always worth the wait. Also, keep an open mind all through your search to get the best results. Choose the right real estate agent Finally, you need to choose the right real estate agent to work with. The agent will help you find the best properties available on the market. As experts in this field, real estate agents can help you make an offer. They will also help you watch out for several factors to consider when choosing a home, like renovation, maintenance, and repairs. One real estate agent you can trust in Canada is OneStopBroker.ca. Conclusion That’s it for five things you should know about finding your dream first residential property in Canada. Do you have any questions or need help purchasing or leasing a residential property in Canada? Send us an email at info@onestopbroker.ca or visit our website.  

View more

How to Find the Most Profitable Real Estate Commercial Properties For Sale in Canada

Have you been looking for how to find the most profitable real estate commercial properties for sale in Canada? This post will provide you with a helpful guide to solve this problem. Struggling to find profitable real estate commercial properties for sale is a challenge common to newbie investors. It is no secret that the real estate sector is in a state of constant evolution. Because of this, you have to remain abreast of the latest happenings in the market. Several reasons exist why you should consider investing in real estate such as improving your income, tax deductions, and capital growth. That being said, let’s discuss some ways to find the most profitable real estate commercial properties for sale in Canada. Finding the Most Profitable Real Estate Commercial Properties for Sale in Canada As a newbie, picking out profitable commercial properties for sale, especially in Canada, can be quite daunting. This is why we put together this guide to spare your blushes and help you out. Here are a few ways to solve this problem: Multiple listing systems This is easily the commonest way real estate investors find properties for sale. Multiple Listing Systems or MLS present you with a collection of properties that are on the market for sale. This information is usually posted by real estate agents and it is made widely available for people to easily access. Click here to find Multiple Listing Systems in Canada. While this is a great way to find real estate properties for sale, you’re not the only one looking at this resource. It is a humongous database so finding a great deal can be a bit tricky. You’d need some experience to properly harness the benefits of using multiple listing systems. However, OneStopBroker.ca can help you properly navigate your way through these systems to find the most profitable properties for sale. Real estate websites If you are looking for premium real estate properties for sale in Canada, you may need more than multiple listing systems. Agents looking to sell premium properties would scarcely list them in the MLS. They’d prefer to work with top-notch real estate websites to narrow down their target audience and gain access to premium clients. Find the top real estate websites in Canada to check for commercial listings that suit your taste. By searching through these listings, you should find something you want. However, you must be careful not to invest impulsively without carrying out proper background checks. Off-market deals People that have been in the real estate industry for a while will agree that the best deals to invest in are those that are yet to hit the market. The reason for this is that you would hardly find yourself in a bidding war when the property is yet to be publicized. How do you find the best off-market deals in Canada? A good place to begin is reaching out to a real estate firm like OneStopBroker.ca. Once you express your interests and discuss your preferences, they can help scour the market for the best deals. This is a major reason why you should build a strong relationship with realtors and real estate firms. Direct contact with potential sellers You probably have seen a property up for sale while driving around. That’s one of the best ways to find commercial properties for sale. All you need to do at this point is to note the seller’s address and send them a letter expressing interest in the property. Alternatively, you can check out “for rent” advertisements and reach out to the agents in charge or the owners of the property you are interested in. The caveat here is that you must be very good with negotiating real estate deals. If you aren’t, then your best bet is asking for help with a firm like OneStopBroker.ca. We can handle the negotiation on your behalf and can complete the deal. Conclusion Investing in real estate is highly profitable but very tricky. This post has explained how to find profitable commercial real estate properties for sale in Canada. Do you have any questions? You can drop them in the comments section. At OneStopBroker.ca, we will not only help you find the best properties for sale, we can help you with buying and leasing properties. Reach out to us today and let’s get started with getting you that dream property in Canada.

View more

4 Home Buying Programs and Incentives in Canada

  Are you looking for the best home buying programs and incentives in Canada? Then you should read this post. Buying a home for the first time can be pretty exciting yet tricky. Amidst the rush of emotions you experience, you need to pause and think about how much you would be spending. What do you do in this case? Just like every first-time home buyer, you should look for the best home buying programs and incentives in Canada. Thankfully, the Canadian government presents people like you with several programs and incentives to lighten the cost burden. Would you like to take advantage of these programs and incentives? Continue reading to find out the top five home buying programs and incentives in Canada to choose from. Top Home Buying Programs and Incentives in Canada It is no secret that a first-time home buyer doesn’t have a huge pool of funds from selling a previous property. Putting together all the money you need to purchase a home isn’t so easy. For this reason, the Government of Canada has provided several home buying programs and incentives. With further ado, here are our top five:   The Home Buyers’ Amount This program is a non-refundable tax credit that helps you reduce the overall cost of purchasing your first home. You can access these tax credits at both the federal and provincial levels. It helps you reduce the taxes you are expected to pay within the year you purchase the home. To qualify for the Home Buyer’s Amount, you must satisfy these conditions: You or your common-law partner or spouse should have acquired a qualifying home you intend to occupy. Alternatively, you should have a disabled relative occupying the home as their primary residence. You have not lived in another home you previously owned; neither did your spouse or common-law partner within the year of acquiring the property or any of the four preceding years before the purchase. GST/HST New Housing Rebates This incentive gives you money back if you rebuild a home destroyed by fire, renovate an existing home, or purchase a new one. It is only rebated to citizens of Canada who qualify. While the GST/HST rebate is not exclusive to first-time home buyers, you can take advantage of it if you are buying a home for the first time. You should note that this is a federal incentive, but some provinces have their own version of the rebate. In the case of the provinces, it reimburses you a portion of the rebate component. The Home Buyers’ Plan (HBP)                 This program allows you to withdraw from your RRSP to make a down payment for your new home. You can then repay this amount later on. This option is perfect if you fall into any of the following categories: You want to withdraw from your RRSP without paying tax. You need to take out around $60,000 for your down payment. You need a plan that allows you to repay within 15 years. The next question we must answer is, who is eligible for the Home Buyer’s Plan (HBP)? For you to be considered eligible, you have to meet the following criteria: Be a first-time home buyer. Have your RRSP contributions stay in the account for at least 90 days. You should have built or purchased a home that is considered eligible in Canada. You must have occupied the property for the first year as your main residence. Also, note that you will be considered eligible if you buy or build an eligible home for a disabled relative. This also passes if you are making the purchase or construction on behalf of a disabled relative. However, in both cases, you must make the individual occupy the property as their primary residence. The First Home Savings Account (FHSA) FHSA is an incentive that helps you save as a first-time home buyer. This new account allows you to make around $8,000 in tax-deductible contributions each year or $40,000 as a lifetime maximum. The contribution room begins to accumulate once you open the account. Who can take advantage of the First Home Savings Account? To be eligible for the FHSA, you have to satisfy the following conditions: Be a resident of Canada. Be between the ages of 18 and 71. Not be a previous homeowner in Canada. This includes your spouse. Both of you must be first-time buyers. Conclusion Now, you no longer have to stress about purchasing a new home as a first-time buyer in Canada. You can take advantage of any of the home buying programs or incentives in Canada mentioned in this post. Do you have any questions? You can reach out to us at OneStopBroker.ca, and we will help you out. We also offer consultancy services and can help you purchase, sell, or lease a property in Canada.

View more