Stop paying your landlord: owning is closer than you think

The thousands of dollars already paid to a landlord is a figure most renters would rather not calculate. Many assume buying is out of reach for the foreseeable future. The situation is common: people feel trapped in rental, pouring money into a place that will never be theirs, convinced they cannot produce a down payment. Putting the buying process into motion is rarely as impossible as it seems.

Facts that change the math

• The minimum down payment in Canada is 5% on the first $500,000 and 10% on the portion above that, up to $1.5 million. On a $700,000 condo that is $45,000, not $140,000.
• The First Home Savings Account lets first-time buyers save up to $8,000 a year (to a $40,000 lifetime limit) tax-deductible, with tax-free withdrawal for a first home.
• The RRSP Home Buyers' Plan allows withdrawal of up to $60,000 per person, repaid over 15 years.
• BC's first-time home buyers' property transfer tax exemption can save thousands on closing, and newly built homes have their own exemption.
• Gifts from family for the down payment are allowed by lenders with a simple gift letter.
• Thirty-year amortizations are available to first-time buyers and on new builds, lowering the monthly payment.

Start with a number, not a listing

A mortgage professional can tell you in one conversation what you qualify for and what a realistic monthly payment looks like. Nadia connects renters with brokers she trusts, and if the answer is "not yet", she will tell you what to change and check back in six months. Several of her clients bought their first home after exactly that kind of plan. Text 604-440-6295 to start.