First Time Buyers
Buying your first home is an exciting process but it can also be a little overwhelming. The best thing to keep in mind is that your first home likely won’t be your last home. It’s best to look for something that fits your budget, needs and some of your wants.
The first and most important thing for you to do is to be pre-approved for a mortgage by your bank or a specialist. This will give you a better idea of what you qualify for, what your monthly mortgage payments may be and provide an accurate picture of your financials and budget (credit, income, employment, down payment, etc).
Below is some great information pieces to help you learn about the first time buying process.
» Definitions of common mortgage terms
Step by step process to buying first home (Credit : www.howrealtorshelp.ca)
A buying checklist (Credit : www.howrealtorshelp.ca)
Property Types to Consider
There are three types of properties in Whistler that first time buyers are likely to consider – residential, resident restricted and Whistler Housing Authority.
Residential properties can be lived in full time or rented out on a long term basis (monthly or a 1 year lease for example). There are no restrictions on ownership or value. A one bedroom residential property in Whistler costs around $250,000 (Ex. Gondola Village, Feb 2010).
Resident restricted / employee housing properties have a covenant registered on title stating that they must be occupied by an employee or retiree of Whistler. There is no price restriction. A one bedroom resident restricted property in Whistler costs around $270,000 (Ex. Nordic Court, Feb 2010).
Whistler Housing Authority (WHA) properties are resident and price restricted. Purchasers must first make an application to the WHA waitlist. Appreciation on the property (maximum resale value) is based on the Canadian Consumer Price Index which is calculated by the Bank of Canada. A one bedroom resident restricted property in Whistler start around $145,000 (Ex. Nita Lake, May 2009). For more information visit - http://www.whistlerhousing.ca/.
Helpful website links
Below is a list of helpful websites for first time homebuyer programs, credits and assistance.
- Home Buyers' Plan (HBP)
- Program that allows you to withdraw up to $25,000 from your registered retirement savings plan (RRSPs)
- Property Transfer Tax
- The First Time Homebuyer’s Program was created by the Government of British Columbia. It exempts first time home buyers from having to paying property transfer tax as long as the purchase price is below the current threshold ($425,000 as of 2008).
- First Time Homebuyer Tax Credit
- A non-refundable tax credit based on an amount of $5,000 and worth up to $750 for 2009.
- Home Loans Canada
- Mortgage information and calculator.
- CMHC, Canada Mortgage and Housing Corporation
- Useful homebuyer info and reference material.
