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Most first-time buyers prepare for between one and three years before buying their first home. If you're currently in this group, and preparing to purchase your first home, here's something to think about...
 
The main hang-up for first-time buyers is almost always the TIME needed to accumulate the money required for a down payment. A suggestion we have is to consider the RRSP deadline, just over one month away, on March 1, 2017.  That's your deadline to purchase tax-exempt RRSP's for your 2016 tax year.  Now, our federal government has an awesome Home Buyers' Plan, where you can use up to $25,000 of your RRSP savings (or $50,000 for a couple) as part of your down payment on a home.  Once withdrawn, you have 15 years to pay it back, or you can claim it as taxable; the decision is up to you. The point is, this allows you to save quicker, essentially deferring some of your income tax to a time when your career and net worth will likely be in a much stronger place.
 
With prices the way they are, and with how complicated the financing process has become (especially for those getting into the market for the first time) we're finding that it takes more and more time to assist our clients in being properly prepared to make that exciting first purchase.
 
Give us a call to see how you can get set up.  We're not just here for when you're ready to buy; we're also here to help you make a game plan!

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