How much do I need for a down payment in Ontario?
For an insured mortgage, the usual minimum is 5% of the first $500,000 of the price and 10% of the portion between $500,000 and $1.5 million. A home of $1.5 million or more generally needs at least 20% down. Under 20% down, mortgage default insurance is required. On a $500,000 home, 5% is $25,000. Confirm the current rule with your lender or the Government of Canada.
Do first-time buyers get a land transfer tax refund in Ontario?
Eligible first-time buyers can receive a provincial land transfer tax refund of up to $4,000, which covers the full tax on the first $368,000 of a qualifying home. You must be at least 18, a Canadian citizen or permanent resident, have never owned an eligible home anywhere in the world, and live in the home as your principal residence within nine months. If you have a spouse, they also cannot have owned a home while they were your spouse. Your lawyer normally claims the refund at registration. Belleville does not charge a separate municipal land transfer tax. Check ontario.ca for current rules.
What are the FHSA and the Home Buyers' Plan, and can I use both?
The First Home Savings Account (FHSA) lets you save up to $8,000 per year, to a lifetime limit of $40,000, with tax-deductible contributions and tax-free qualifying withdrawals for a first home. The RRSP Home Buyers' Plan lets you withdraw up to $60,000 from your RRSP and repay it over 15 years. You can use both for the same home if you meet each program's conditions. Confirm current rules at canada.ca.
Is there a local down-payment program in Belleville?
Hastings County publishes a Home Ownership Downpayment Assistance Program for people who currently rent in Hastings County. The County's page says eligible applicants may receive 10% of the purchase price, up to $30,000, if the home costs no more than $558,867 and combined household income is $105,700 or less. The same page says the County is not accepting applications at this time. The City of Belleville's housing incentive programs are for owners adding units, such as an accessory apartment. They are not a grant to buy your first home. Check the County and City sites before you make an offer.
What are closing costs when buying a home in Belleville?
Closing costs usually include Ontario land transfer tax (before any first-time buyer refund), legal fees and disbursements, title insurance, a home inspection, and adjustments for items such as property taxes and utilities. Many buyers set aside roughly 1.5% to 4% of the purchase price as a rule of thumb. Your lawyer will provide exact figures before closing.
What is a buyer representation agreement?
It is a written agreement between you and a real estate brokerage that sets out what services the brokerage will provide, how long the agreement lasts and how the brokerage is paid. Read it carefully, ask questions and make sure you understand it before you sign. I'm happy to walk you through it.
Do I need a mortgage pre-approval before looking at homes?
It isn't a legal requirement, but it is strongly recommended. A pre-approval shows what a lender may be willing to lend, helps you set a realistic budget and lets you move quickly when you find the right home. It is not a guarantee of final mortgage approval.
Can I buy a home in Belleville if I am posted to CFB Trenton?
Yes. Many military families start before they arrive, with video calls and a short house-hunting trip planned around the posting date. See the CFB Trenton relocation page, and I can set up Belleville and Quinte West listing alerts.
