Recent polls tell us that millenials overwhelmingly want to buy a home. While it is hard to imagine many of them with $30,000 in RRSPs to throw into the mix (as per one supposed assistance from government to 1st home buyers), there is a small but practical new help with the 1st home buyers credit increasing from $750 to $2500.
This tax credit applies to 1st home buyers and to purchasers with disabilities. In order to qualify as a 1st home buyer, you or your partner must not have lived in a home owned by either of you for the preceding 4 years. To be eligible as a disabled buyer, you must be purchasing the home for the purpose of living in a more accessible home better suited to your needs. A step in the right direction – use it.
Springtime in the mortgage business spells deals – in some instances cash back (helps pay your legal fees) and in others, very advantageous rates for a limited time. This is the season to consult with a professional, full-time mortgage broker – this is their business and a good broker has you fully prepared with paperwork and guaranteed, capped interest rate for a period of time in order that you can house hunt in confidence. Being well prepared gives you the edge when making an offer on the home of your choice.
If you need more information on any of the above, or recommendations for experienced brokers, Generations Real Estate Partners are here always to help.
On a lighter note, a Council vote at its meeting in Port Moody on Tuesday was met with applause! Yes… approval for a new brewery and winery at 3039 Spring St. and lounge space on upper floor of 3044 St. Johns. A new twist on the tried and true – winery will be popular with the ladies who are not partial to beer. As a group, the breweries are a huge employer in Port Moody and… they are fun!
Be careful on Monday – those April fool tricksters will be out! Have a great week and remember, we continue in that old tradition of trust and care by keeping you covered at all times.