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What All Canadian 1st Time Home Buyer's Should Know.



First time home buyer North Vancouver

The journey to homeownership is often filled with excitement, anticipation, and a fair bit of complexity, especially for those looking to buy their first home. In British Columbia, the real estate market can be daunting, but there's good news for first-time buyers! There are several financial programs designed to support you. In our latest podcast episode, Jacquie McCarnan shares a wealth of information to guide first-time homebuyers through the BC housing market.


Jacquie starts by exploring the federal and provincial initiatives crafted to ease the financial burden on new entrants to the real estate scene. She dives into the First-Time Home Buyers Incentive, a fantastic program offering 5% to 10% of a home's value to purchasers, similar to a second mortgage but without the usual interest headaches. She also highlights the Homebuyer Amount tax credit and GST Housing Rebate, which can help you save on taxes when purchasing a new home.


The conversation then shifts to the Home Buyers Plan, which has increased RRSP withdrawal limits. This allows prospective buyers to use their retirement savings for their home purchase. Jacquie also discusses the often-overlooked property transfer tax, sharing her own experience with it during her initial home purchase in Whistler. This story underscores the importance of being aware of various closing costs that can catch you by surprise.


A significant part of the episode is dedicated to breaking down the costs of buying a condo in Vancouver. Using a hypothetical example of a $500,000 condo, Jacquie illustrates the financial requirements for a down payment, mortgage insurance, and monthly payments. She emphasizes the importance of a 20% down payment to avoid the extra costs of mortgage insurance, as mandated by the Canadian Mortgage Housing Corporation (CMHC). This example guides listeners through budgeting for both upfront and ongoing expenses that come with homeownership.

In addition to the financial insights, Jacquie adds a personal touch by sharing stories, like her long-awaited visit to the Capilano Suspension Bridge and her passion for pickleball. These narratives make the content more relatable and enjoyable, balancing the weighty topic of real estate finances.


As the episode wraps up, Jacquie reiterates the importance of consulting with professionals, like mortgage brokers and financial planners, to navigate the complexities of real estate financing. She encourages listeners to revisit the episode to fully grasp the nuances of home buying and to stay tuned for future discussions on building wealth through real estate.


For first-time homebuyers in BC, this podcast episode with Jacquie McCarnan is an invaluable resource. By laying out the financial tools and programs available, along with providing actionable advice and personal insights, Jacquie creates a comprehensive guide that demystifies the process of securing that first home. As the real estate market continues to evolve, episodes like this become crucial in empowering buyers to make informed and confident decisions on their path to homeownership.



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