First Time Home Buyer In West Vancouver

First Time Home Buyer in West Vancouver

There's a LOT of information to take in as a first time home buyer in West Vancouver and figuring out where to begin can be the trickiest part.

As a first time home buyer in West Vancouver, you'll need to secure financing for your home with a mortgage.

Hello there! I'm a trusted licensed West Vancouver mortgage broker and I'd be happy to chat with you to learn about your mortgage goals as a first time home buyer, and get you set on a positive journey towards homeownership.

But first, let's dive into some valuable information about being a first time home buyer in West Vancouver!

The Benefit Of Being A Homeowner In West Vancouver

Many of my clients have experienced similar reasons for why they love being a homeowner.

Some of the reasons for enjoying homeownership are:

• Additional freedom over the layout and design of your home in West Vancouver
• Your living situation is secure - you're not at the mercy of hoping your landlord won't evict you to move themselves in
• Your income contributes towards your own home equity instead of your landlord's home equity
• There are often less pet restrictions with owning your own home - enjoy living with your favourite pet!
• Additional income is possible by renting your home to others, whether you still live in the home and rent out a suite, or live in a separate home and use the home completely as a rental property.

As great as the benefits of being a homeowner are in West Vancouver, many people find it is tough to jump into home ownership as a first time home buyer due to barriers to entry.

Barriers To Entry As A First Time Home Buyer In West Vancouver

As a first time home buyer in West Vancouver, you may have notice there are pretty significant barriers to entry for owning a home such as your down payment and other qualification factors.

Luckily, you may be eligible for the First Time Home Buyer Incentive in West Vancouver!

The First Time Home Buyer Incentive is provided through the Canada Mortgage and Housing Corporation (CMHC) - it's a Federal program which launched in 2019 with the aim of helping first time home buyers enter the housing market with more ease.

Qualified first time home buyers in West Vancouver receive 5% or 10% of the purchase price of their home in what's considered a 'shared equity mortgage' with the Canadian government. The funds provided essentially help to make your mortgage payments more approachable.

Part of the agreement with the First Time Home Buyer Incentive is that you'll pay the incentive back within 25 years (or when the property is sold, whichever comes first).

Note: There are limits on the repayment of the First Time Home Buyer Incentive which have been implemented to protect YOU as a borrower.

Protections Regarding The First Time Home Buyer Incentive

The following protections are in place regarding the First Time Home Buyer Incentive (from the article: 'The first-time home buyer incentive')
"The homebuyer will have to repay the Incentive based on the market value of the home at the time of repayment equal to the percentage (for example, 5% or 10%) of the original home value used to determine the Incentive, up to a maximum repayment amount equal to:

• (i) where the home’s value has appreciated, the Incentive plus a maximum gain of 8% per annum (not compounded) on the Incentive amount from the date of advance to the time of repayment;
• (ii) where the home’s value has depreciated, the Incentive minus a maximum loss of 8% per annum (not compounded) on the Incentive amount from the date of advance to the time of repayment.annum (not compounded) on the Incentive amount"

Did you know??

You can pay the incentive back without waiting the full 25 years – first time home buyers in West Vancouver may repay at any time generally without facing pre-payment penalties.

Hurray!

The Itty Bitty Qualifying Details For The First Time Home Buyer Incentive In West Vancouver?"

The First Time Home Buyer Incentive was created to benefit a large portion of first time home buyers, but with the incentive comes some eligibility criteria.

To qualify for a full exemption for the First Time Home Buyer Incentive:

• It must be you (or even your partner's) first time purchasing a home
• Your total annual qualifying income is LESS than $120,000 (if the home you are purchasing is in Victoria, Vancouver, or Toronto your total annual qualifying income must be LESS than $150,000)
• You're required to be either a Canadian citizen, permanent resident/non-permanent resident and must be authorized to work in Canada
• The maximum amount you are borrowing must not be more than 4x your qualifying income (4.5x if the home you are purchasing is in Victoria, Vancouver, or Toronto)
• You must meet your down payment requirements with enough traditional funds
• The property you are purchasing in West Vancouver will be your primary residence and you plan to occupy it full time

Certain partial exceptions or other considerations may apply - connect with a trusted licensed West Vancouver mortgage broker such as myself to find out whether the First Time Home Buyer Incentive is a fantastic mortgage option for you. If not, we'll explore other valuable mortgage solutions!

*Requirement thresholds and eligibility criteria may be subject to periodic increases as property values/income levels increase over time.

Take Advantage Of The First Time Home Buyer Incentive With My Expert Help

If you're a first time home buyer in West Vancouver, I'd be happy to help guide you through your mortgage journey.

My goal is for you to enjoy a relaxed, simple experience where I handle all the tough work for you.

I'm Kyle Benzies (licensed West Vancouver mortgage broker). I've helped many first time home buyers achieve their home ownership dreams by providing fantastic (and competitive!) mortgage solutions. Regardless of where you're at in your mortgage journey, I'm here for you.

To discuss your mortgage options as a first time home buyer, give me a no-risk call today!

***other conditions may apply to anything listed above. The information provided on this page should NOT be implicitly relied upon, and may not be 100% up to date. It's best to contact us for the most current conditions/program offerings for first time home buyers***