Using your RRSP for a Mortgage Down Payment: Home Buyers Plan (HBP)
Many first-time home buyers use all or a portion of their RRSP savings to help with a down payment when purchasing a property. With the Canadian Governments Home Buyers’ Plan, you can use up to $25,000 in RRSP savings ($50,000 for a couple) for a down payment on your first home. You then have 15 years to repay your RRSP.
Read More2011 CMHC Mortgage Consumer Survey
From February 25th to March 25th 2011, CMHC completed an on-line survey of 3,512 recent mortgage consumers—all prime decision-makers—and the result is a unique perspective on attitudes and behaviours. CMHC has conducted this survey since 1999.
Read MoreProperty Transfer Tax
In British Columbia you must pay Property Transfer Tax when you purchase or acquire an interest in a property. The Property Transfer tax is paid when you register changes to a certificate of title with the Land Title Office. First time buyers may be exempt from paying all or a portion of Property Transfer Tax. Your lawyer or Notary will be able to confirm if you are eligible and in most cases will apply for the First Time Homebuyers Program for you.
Read MoreFirst Time Home Buyers’ Program
In British Columbia you pay Property Transfer Tax when you purchase or acquire an interest in a property. The tax must be paid when you register changes to a certificate of title with the Land Title Office.
The First Time Home Buyers’ Program was introduced in 1994 as a way to help British Columbians purchase their first home. Under the program eligible purchasers may qualify for an exemption from Property Transfer Tax. In most cases your lawyer or Notary will register the property and apply for the exemption on your behalf.
Read MoreBenjamin Tal Weekly Market Insight
Benjamin Tal is a Senior Economist at CIBC World Markets. In this capacity Benjamin is responsible for analyzing economic developments and their implications for North American fixed income, equity, foreign exchange and commodities markets. He also acts in an advisory capacity to Bank Officers on issues related to wealth management, household/corporate credit and risk. Below is North American and International economic highlights from this weeks market insight.
Read MoreScott Dawson
Mortgage Specialist
Phone: 778.668.9320
Toll Free: 888.759.0190
