Market Update:
Competition between buyers is on the rise. Why? Well, the rent increase has been so high that it's almost as much as the cost of ownership and last month, the BOC announced that they're taking a break from interest hikes. Both reasons are encouraging first-time home buyers to get in the game.
Interest Rates:
Buyers, be prepared: Multiple offers are back in style. TRREB Chief Market Analyst Jason Mercer shared, âLower inflation and greater uncertainty in financial markets have resulted in medium-term bond yields to trend lower. This has and will continue to result in lower fixed rate borrowing costs this year".
First Time Home Owners:
The government has introduced a new way to save $40,000 on your first home, tax-free: The First Home Savings Account (FHSA). How does it work? You can save up to $8000/year in this account up to a max of $40,000 to put towards buying your first home within 15 years of opening the account. It's different from the RRSP first-time homebuyers plan where it doesn't have to be paid back, while still tax-free. Strategy: If you're 5 years out from buying, combine your FHSA and your RRSP HBP for a total of $75,000, tax-free. You'd only have to pay back $35,000.
PRECONSTRUCTION:
New Seaton Homes by Tower Hill Homes
Freehold Townhomes in Pickering
2-Storey prices from $849,990 - $979,990
3-Storey prices from $729,990 - $959,990
Feb. 2024 closing
$100,000 Deposit Structure
20k on signing
20k in 30 days
20k in 60 days
20k in 90 days
20k in 120 days
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