Buying with Team Mary & Helen

Buying a home is an exciting journey filled with important decisions, moments of joy, and sometimes a bit of stress. Our mission is to make your home-buying experience smooth, efficient, stress-free and enjoyable.

9 expenses to expect

Whether you are considering buying your first house or are looking for a bigger one, there a many expenses over and above the purchase price that you need to plan for right from the moment you start looking for a house. These additional costs can take you by surprise, if you are not well informed and prepared to deal with them.

Some of these costs are to be paid only once while others might be on a monthly or annual basis. All of these costs do not apply to all situations but it’s better to know what they are ahead of time in order to prepare a realistic and complete budget.

Read the list of the following items carefully:

Appraisal fees
House/Condo inspection
Taxes (municipal and shcool)
Insurance for the property
Notary fees
Mortgage insurance fees
Moving costs
Condo fees
Land Transfer Tax or Welcome Tax

Key Steps to a Successful Purchase

Before starting your property search, it’s essential to clearly define your needs. What type of property are you looking for? What is your ideal neighborhood? Getting pre-approved for a mortgage will help you establish your budget and narrow down your options. Finally, maintaining clear communication with your broker will ensure you receive the right advice and increase your chances of finding the perfect property.

Divorce

Divorce comes with emotional and financial challenges, and one of the most critical decisions involves the house. You'll need to determine whether to stay, sell, or negotiate ownership while considering your new financial reality. Possible options include selling and sharing profits, buying out your spouse’s share, selling your share, or postponing the sale while remaining co-owners temporarily.

Each scenario has financial implications, such as the ability to refinance or qualify for a new mortgage. It’s essential to ask the right questions, understand the tax and legal consequences, and work with professionals to maximize the value of your property while making informed decisions for your future.

Potential Tax Benefits

When purchasing a property, several tax benefits can help you optimize your investment. Three key benefits may be particularly beneficial:

The Cash Dam Strategy (MAPA): A strategy allowing self-employed individuals and rental property owners to make certain mortgage interest payments tax-deductible.
The Home Buyers' Plan (HBP): Allows you to withdraw up to $35,000 from your RRSP tax-free to finance your first home purchase.
Moving Expense Deduction: If you need to relocate for a new job or to be at least 40 km closer to your workplace, certain costs, including real estate broker fees, may be deductible.

We encourage you to discuss with your accountant to determine your eligibility and maximize your tax benefits.