As a first-time homebuyer in Victoria, British Columbia, taking the leap into homeownership can be both exciting and overwhelming. You may have spent hours scrolling through online listings, envisioning your dream home, but when it comes to the process of purchasing a property, find yourself in need of expert guidance and support. This is where our specialized First-Time Home Buyer Representation service comes in to play.
We will familiarize you with the various programmes that are available to you such as the RRSP first time home buyer plan, first home savings account (FHSA) and the British Columbia Property Tax exception.
We discuss and outline the overall steps of the process and what you can expect to experience along the way, offering you a personalized and harmonious experience as you embark on this exciting milestone. At on The Rise Realty, we understand the unique challenges and concerns that first-time homebuyers face. One of the common worries first-time buyers have is understanding the real estate market and navigating the buying process. We address this concern by providing you with a dedicated team of real estate professionals who are not only experts in the local Victoria market but also have a deep understanding of the specific needs and considerations of first-time homebuyers. We take the time to walk you through each step of the home buying process, from exploring neighborhoods to securing financing and negotiating deals, ensuring that you feel informed and empowered throughout your home buying journey.When it comes to finding the perfect home, we go above and beyond traditional real estate services. We start by scheduling an initial consultation to understand your preferences, budget, and expectations in detail. Our team then conducts a comprehensive market analysis to identify properties that align with your criteria, filtering out options that may not be suitable for a first-time buyer. We offer personalized property showings that cater to your schedule, ensuring that you have the opportunity to explore homes that match your vision. During the offer and negotiation phase, we leverage our expertise and negotiation skills to secure the best possible deal, terms and conditions for you. We walk you through the intricacies of making an offer, explaining each step and providing guidance on structuring a competitive yet reasonable offer that stands out to sellers. Our goal is to ensure that you feel confident in your decisions and comfortable with the terms of the purchase agreement. One key aspect that sets us apart is our commitment to transparency and timely communication. We keep you informed at every stage of the transaction, providing updates, feedback, and guidance as needed. We are readily available to answer your questions, address any concerns, and provide reassurance throughout the process, so you never feel alone in your home buying journey. As a first-time homebuyer, you may also have concerns about hidden costs, inspections, or unfamiliar terms in contracts. Our team takes the time to explain all of these aspects, including potential costs involved, the importance of home inspections, and the implications of contractual terms. We ensure that you have a clear understanding of your rights and obligations as a first-time homebuyer, empowering you to make informed decisions with confidence. Choosing our First-Time Home Buyer Representation service means investing in a partner who is dedicated to your success and satisfaction. We take pride in going the extra mile to ensure that your first home buying experience is not just successful but also enjoyable and stress-free. From personalized service to expert guidance and unwavering support, we are here to make your dream of owning a home in Victoria a reality. Contact us today to take the first step towards finding your perfect home!
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The Home Buyers' Plan (HBP) is a program that allows first time home buyers to withdraw up to $60,000 from their registered retirement savings plans (RRSPs) to buy or build a qualifying home.
The First Home Savings Account
is a type of registered savings plan for Canadians with the speicific purpose of saving to buy their first home. Any Canadian resident aged 18 years or older can open an FHSA to save towards the purchase of a home in Canada.
There is a both a yeraly and lifetime contribution limit as outlined below
$8,000 – yearly contribution
limit
$40,000 – lifetime contribution limit.
Contribution room carries forward to the next year if you don’t put in the full amount but it should be noted that
The carry-forward room does not automatically start when you turn 18.
this amount only starsts accumulating after you open your FHSA.
The government of British Columbia grants first time home buyers an excemption on property taxes up to a purchase price of $845,000. The benefits of this programme can save buyers up to $8000 at the closing table.
The purchase price limit used to be $500,000 but in response to greatly invcreasing home prices, the government raised the threshhold on April 1st 2024.