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Allows first-time buyers to withdraw up to $60,000 from their RRSP tax-free, provided it is repaid over 15 years. 3. Secure a Mortgage Pre-Approval Buying your first home - Canada Life
Buying a home is likely the largest financial commitment you will ever make. To ensure a smooth journey, you must start with preparation long before you attend your first open house. Before looking at houses, look at your bank statements. what to do first when buying a home
Don't just rely on a lender's maximum loan amount. Use an Online Mortgage Calculator to estimate monthly payments, but ensure your total housing costs (mortgage, taxes, insurance) stay under 32% of your gross monthly income to avoid being "house poor". Allows first-time buyers to withdraw up to $60,000
The following article outlines the essential first steps for any prospective homebuyer. To ensure a smooth journey, you must start
Allows you to save up to $8,000 annually (to a $40,000 lifetime limit) tax-free for your down payment.