How I used the HOME BUYERS PLAN to buy a condo (first-time home buyer)
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So you're planning to buy your first home and are wondering what the HBP, the Home Buyers Plan can do for you. In this video I break down all you need to know about using the HBP for first-time home buyers!
#fthb #firsttimehomebuyer #livingincanada
**DISCLAIMER: I am not a financial advisor, consultant, or real estate agent. This video is for entertainment purposes only and should not be considered as financial advice**
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Пікірлер: 29
This video is informative. Thank you so much!
Loved the details. You;re great at this. Lovely as always!
@LivinginCanada
7 ай бұрын
Great to hear that, thanks for your feedback!
Great informative video, thanks
Great info. About owning your own home: I've always maintained that where property taxes exist, you never really OWN the home. If they government can take your home and sell it if you can't afford the property taxes, then you're just renting. E.g. In Vancouver, I know of older people who had to sell the home they grew up in, and move because the insane property values drove property prices up, and thus property taxes... You can't afford high property taxes on a basic pension. That's just my own stance on it.
Fyi YOU CAN WITHDRAW FROM GROUP RRSP FOR HBP - You scared me for a moment there! 😅 I'm currently in the middle of finalizing an offer and my remaining down payment is in a group rrsp, so did my research and called my bank to confirm and yes, you can withdraw from a group rrsp for first home purchase. What the CRA website meant is that you can ONLY withdraw from a group rrsp with the home buyer's plan, you would not be able to normally withdraw these funds otherwise - HBP is the exception and only way to access locked in RRSP funds like group rrsps
If I'm buying a home, can I use HBP for down payment and also later for mortgage?
Can HBP or FHSA be used if I'm buying a house with someone who used to own a home?
Hello, can you confirm whether owning a home abroad (outside Canada) disqualifies you from being considered a First Home Buyer in Canada? My understanding is that the eligibility criteria involve not owning a home in Canada for the past four years, rather than considering ownership abroad. Am I mistaken?
Does tge life lease condo qualify to use HBP?
@LivinginCanada do some video about christmas decorations in Toronto, do people really decorate their whole houses?
@LivinginCanada
7 ай бұрын
That sounds like a very visually appealing video! I haven't had the time to decorate my place at all, except for a few table decorations.. but I'll keep that idea in mind for the future, thanks!
@robertrobert88887
7 ай бұрын
@@LivinginCanada I was thinking more about decoration in the city plus decoration outside on homes
I'm just curious, is it possible to buy a condo or an apartment in Ontario for a single person with a $65-90k annual income? 🤔
@LivinginCanada
8 ай бұрын
In general, yes, but your options would be more limited as you can borrow less money compared to someone who makes more. However, if you can come up with a higher DP, then of course that opens up your options as you need to borrow less money.
What should you do if you want to leave the country? What about this 35000 ? Do you have to give it back? Originally it was yours savings. Do you have to pay only taxes for it?
@LivinginCanada
6 ай бұрын
Yes you have to pay it back, it's like a loan from yourself.
How much have u paid for your home? What BHK is it?
@LivinginCanada
8 ай бұрын
It's a studio apartment in the high 400s!
@temsujamir863
8 ай бұрын
@@LivinginCanada 400k Canadaian dollar?
@LivinginCanada
7 ай бұрын
yes, high C$400s!
@patricksullivan4396
7 ай бұрын
HOw many square feet? @@LivinginCanada
@LivinginCanada
6 ай бұрын
Under 500 sqft!
F condo living. Paying extra to live under someone else’s rules. Makes no sense.
@LivinginCanada
8 ай бұрын
Makes sense if it fits into one's budget!
@soccerchick1
8 ай бұрын
@@LivinginCanada my grandmother lived in a condo for awhile, got in trouble with the board for numerous things, including planting flowers!!! They weren’t on the approved flowers list smh they were my grandfather’s favourite and in his memory smh. All these things eventually led to her selling it. I know soooo many people who have issues with the rules and boards in condo buildings. It’s just ridiculous for how much you pay. It’s YOURS.
@soccerchick1
8 ай бұрын
@@LivinginCanada better off paying less in the meantime renting and saving for a house imo!! Less rules and restrictions!!!
@LivinginCanada
8 ай бұрын
That's an option too, but with current rents (unless one still gets the old rent without increases). But yes, thinking about that in the long-term!
@soccerchick1
8 ай бұрын
@@LivinginCanada being grandfathered into the old rent control system is a whole other world lmao I wish!!!