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With interest rates sitting so low, now is an ideal time for those renting to strongly consider embarking upon home ownership.

Historically, everyone will agree that owning bricks and mortar is a good investment. Those selling their properties today will strongly agree with this, given the recent increases in value, especially within the Greater Toronto Area with both condos and houses.

One of the main reasons those renting put off purchasing has to do with saving for a down payment. There are many solutions available today that can help first-time buyers. Many lenders offer different options and programs. Last year saw an increase of $5,000 allowed from the RRSP Home Buyer's Plan, which meant that now a first-time buyer could withdraw up to $25,000 from their RRSP's for a down payment -tax and interest free. A couple purchasing together could each withdraw up to $25,000 from their RRSP's. That same budget also included a $750 tax credit for first-time home buyers to help them with their closing costs such as legal fees, land transfer taxes and disbursements.

For first time buyers, the maximum provincial land transfer tax (LTT) rebate is $2,000 and the maximum Toronto land transfer tax (LTT) rebate is $3,725. (equivalent to the Toronto LTT payable on a $400,000 property).

Before setting out home shopping though, one of the most important first steps will be getting a pre-approval in place with a mortgage broker or lending institution and hire a trusted real estate professional to act on your behalf.

Assuming real estate values increased a mere two per cent per year over the next five years, you would still be accumulating equity in your home that you would otherwise have paid in rent in someone else's home.

Even with interest rates set to increase, we are still sitting at record low rates. This might be the right time for you to find a terrific condo in Toronto, or a house that suits your lifestyle and budget.

I hope that if you are thinking of buying, or relocating to Toronto, you will give me the opportunity to assist you! My references and experience speak well for the experience I hope to share with you.
You can contact me for more insight into the Toronto Market and how it might benefit you to enter home ownership at

April Esteves
Sales Representative
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