The BC Government’s Homeowner Mortgage and Equity Partnership (HOME) program offers an opportunity for a first time buyer to achieve a significant return over the next 5 years.
This opportunity could apply to all first-time buyers, whether it’s you, you and your partner, your brother or your sister, your daughter or son, or your granddaughter or grandson.
- Assemble the investment: the down payment and transaction expenses. Potential sources include: Savings, RRSPs, parents, early inheritance, selling under-performing investments or non-essential “toys”.
- Qualify for the mortgage – our mortgage partner Lorraine Gingras of RBC can help you with all of the details of getting approved for a mortgage.
- Determine the level of risk you are comfortable with. The scenarios that we provide here assume a growth rate that is half of what the actual change has been over the past 5 years.
- You are paying yourself and not a landlord for the next 60 months
- Capital gains on your primary residence is TAX FREE so if you come out ahead, you don’t loose 30% or more to taxes.
From what we see here, the numbers speak for themselves. Call us to work out your plan.