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First Time Home Buyer London Ontario

Who qualifies as a first-time home buyer in Ontario?

To qualify as a first-time homebuyer, you must not have owned a home previously anywhere in the world or have any interest or stake in a home. Your spouse must not have owned or had an interest in a home while they were your spouse. To be eligible for Ontario’s land transfer tax refund, you must also be at least 18 years old.

First Time Home Buyer Program and Advice

How Do You qualify for Ontario’s Land Transfer Tax Refund?

In addition to being a first-time home buyer and being 18 years old, you must also be a Canadian citizen or a permanent resident. If you are currently not a Canadian citizen or a permanent resident, you have 18 months after your home registration to become one to qualify for the refund. The home you are purchasing must be your principal residence within nine months.

If one or more purchasers of the home is not a first-time homebuyer, you may still be eligible for a refund of your land transfer tax. For example, if two individuals purchase a home but only one is a first-time home buyer, only 50% of the transfer tax refund can be claimed. While you can claim the refund when registering your property to offset the land transfer tax payable, you have up to 18 months after registration to claim the refund.    

Incentives To Buy Your First Home in London & Area, Be It a Condo Apartment, Townhouse or House.

First home savings account Who can open an account, annual and lifetime limits, and the rules on contributions, transfers, and withdrawals.

GST/HST new housing rebate Recover part of GST/HST paid for a new or renovated home that is your primary residence.

Home buyers’ amount Claim up to $10,000 for first time home buyers and persons with disabilities purchasing a home.

Home Buyers’ Plan (HBP) Withdraw funds from your RRSPs to buy or build a qualified home.

wise home buyers because they worked with a Realtor
We love helping buyers get a start.

   How much do I need for a down payment?

A down payment is the amount of money you pay upon closing and is required to obtain a mortgage.

• For homes with a purchase price less than or equal to $500,000, the minimum down payment is 5%

• For homes with a purchase price higher than $500,000 and less than $1 million, the minimum down payment is 5% of the first $500,000 plus 10% of the remaining balance

• For homes with a purchase price of $1 million or more, the minimum down payment is 20%

  Don’t have a down payment yet?

If you don’t have a down payment saved for your first home, you have other options.  One is borrowing up to $35,000 of your RRSP savings (per person; $50,000 per couple) under The Government of Canada Home Buyer’s Plan program (HBP).

There is also lease-to-own and 100% financing that enable you to achieve homeownership sooner. A word of Caution: 100% funding and lease-to-own can be pretty costly in the long run. I am not a proponent of lease-to-own, I believe it is one-sided and does not favour you the home buyer. We have excellent relationships with many mortgage specialists that can outline your options.

  Why should I get pre-approved?

You’ll find house-hunting is much easier when you have mortgage pre-approval. You’ll save time; you will only see homes that fit your budget. You can lock in the interest rate, which is typically guaranteed for 90 days. Your pre-approved status will show home sellers and their Realtors® that you are a serious buyer, which can help during negotiations.

The Envelope Group works with exceptional mortgage specialists who will guide you on your home buying journey and offer competitive rates that save you money. There’s no cost to you, and you’re not obligated to accept the mortgage when it comes time to buy.


Do I Need a Home Inspection?

home inspection London Ontario

When purchasing a home, an inspection is an investment, not an expense, and we highly recommend it. The purpose of a home inspection is to reveal all deficiencies in the house. Even in newer homes, there may be minor issues; expect it, no home is perfect.

However, at times, there may be more substantial deficiencies that may need to be addressed. Conducting a Home Inspection will help alleviate any unwanted surprises. A home inspection cost is incurred by you, the buyer, and the day the service is performed. Home inspection costs range from $300-$700 depending on the home’s size and service type. Typically, a home inspection is anywhere from 2-3 hours, depending on the house’s size.

There are also other forms of inspections that we may advise such as Environmental Testing, Wood Burning Fireplace Inspections, Septic Systems, HVAC (heating, ventilation, and air conditioning ) or an ESA Certificate (Electrical Safety Authority)

 What expenses are there when buying my first home, and when?

There are many costs to consider when buying, we have a detailed breakdown of costs to consider, and we will walk you through a complete list of expenses to expect. Make sure you identify and uncover all costs-large and small, way ahead of time. Again, we will discuss this with you, and you should review all fees and costs with your lender, your lawyer and any other professional you may use.

 What is the fee for your help and guidance?

None! As a valued client, you work with us at no cost to you.  99% of the time, the listing real estate brokerages pay us a fee, which, we will disclose to you at all tomes.

    Why should we choose Sutton Group Envelope to help buy a house, apartment condo, or townhouse rather than doing it on my own or another real estate company?

Why Choose The Envelope Real Estate Group?
Why Choose The Envelope Real Estate Group?
  1.   We take time before you even go out and start looking at homes (boring, I know), but by understanding your needs, your fears and your goals, we can better help you by setting up a personalized plan especially for you.
  2.   We then will walk you through the process of buying from start to finish so that you are aware of what is going to happen and for you to better informed,
  3.   You get to meet us and see if we are a fit for you. You can judge our commitment to you if you like us or not!
  4.   We then help you choose a home inspector; we make sure your mortgage lender is in the loop, we get a lawyer lined up to fit your persona and anybody else who we and you think can help you.
  5.   Then, and only then, do we match properties for sale that fit your criteria! Now you can get excited!
EXCITED First Time Buyer in London Ontario
  •   Then, the fun part, we go out and see homes and educate you about what you can expect in your price range and some regions of the city better than other parts. And then, you are ready, you have your ducks in a row and you can be rest assured, your buying experience will now be less stressful!

 Do I have to pay HST on the purchase of a resale home?

HST does not apply to a resale home purchase, so you only have to budget for this expense if you buy a new home. If you purchase new, keep in mind that you can claim a rebate for some of the provincial portion of the tax incurred on homes priced up to $500,000.

  Do I have to pay Land Transfer Tax?

When you buy land or an interest in Ontario’s property, you pay a land transfer tax. First-time homebuyers of a single home may qualify for a refund of all or part of the fee.

To claim a refund, you must be at least 18 years of age, you cannot have owned a home or an interest in a home anywhere in the world, and your spouse cannot have owned a home or investment in a house, anywhere in the world while they were your spouse. Previous ownership in a home means you do not qualify for the land transfer tax first-time homebuyer’s refund. The method of acquiring the house (e.g., purchase, gift or through inheritance) is not relevant.

You cannot re‑qualify as a first‑time homebuyer. This rule may differ from other federal programs for first‑time homebuyers (e.g., the Canada Revenue Agency Home Buyers’ Plan).

Land Transfer Tax Refunds for the First-Time Homebuyer

As you can see, there are quite a few steps in the home buying process; having us guide you is the first step.  We invite you to meet with one of our buyer specialists to discuss further how we can help you find the perfect home.

These folks did, and guess what? They are so happy they did, they wrote to us about it!

  We got your letter – thanks for those moving postcards! – and we just wanted to say how much we appreciate the help you’ve given us. As first-time home buyers, we didn’t know where to start, how the process worked, who to trust, and how to ensure we got the best deal we could. Even though you didn’t end up traditionally representing us, we felt a whole lot better, knowing you were looking out for us. You were very fair, available to answer all our questions, and arranged to work with a great lawyer and a comprehensive home inspector. You made this whole process seem a lot less scary! We’ll be sure to pass along your card to anyone wanting a good experience while buying a home!
Thanks again,
Stephen Stuart and Rebecca Evans

Hi Ty, I was helped very much by Michael’s knowledge and experience, particularly as a first-time homebuyer.   He was attentive to my needs, and I appreciated his patience in working with me.   Throughout the viewings and bidding experience, Michael learned about what I was looking for and reassured me along the way.  He found me a listing I could not walk away from and supported my decision to put in an offer that he knew I’d be comfortable with.  During the process, his recommendations and advice made me at ease and ultimately excited to move to my new home. 

I am very happy to recommend him to friends and family.

Valentina Trglavcnik, MPA

Thank You Card

In Most Cases, Your Mortgage & Home Ownership Costs Is Less Than Your Rent Cheques!

Why Now?      

Prices are rising, and more and more people are moving to the London, Ontario, area. The time couldn’t be better to get financing for a house or a condo in London, Ontario, and the area.          

What About Credit Challenges?      

Even if you do NOT have perfect credit, there may be loans available for you. Also, if you are self-employed, there are loans available to you. Whatever your current situation, there’s probably a home loan available, and the mortgage specialists we work with may be able to help.    

Stop Wasting Money

Won’t I Need A Large Down Payment?    

 You do not need a large chunk of money for a down payment either. Right now, you will need at least a 5% downpayment.    

   Let me tell you about Charlie and Sue. They had rented for 24 years. They raised four children in rental apartments and homes. We helped them find a lovely bungalow in London and buy it with $11,350.00 down. Charlie and Sue got out of their apartment with the noisy neighbours and no place to park their car, got into an immaculate home in a nice neighbourhood with 5% down.

         Now Charlie has a backyard and learning about BBQs and sit out back and relax a bit. Oh, and by the way, their mortgage payments and taxes are less than they were paying in rent! And instead of paying rent each month and losing that money forever, that same payment is now an investment, creating security for both of them in the future.  

    Can we help you do that as well? In most cases, yes!      

 Every Month You Wait, You Flush Your Hard Earned Money Right Down The Drain.

renting is like flushing your money away
renting is like flushing your money away

                        Renting is wasting money. By putting those same dollars into a “house payment” instead of “rent,” you create “equity,”….. the value that you own, that later can send your kids to schools, finance the start-up of your own business or pay for your retirement.        You could even be your landlord and build up future financial security. We’ll also show you easy strategies to speed up the pay-off of your home without making extra payments.      

There’s no reason to wait. We can help you buy in London, Ontario & area RIGHT NOW.        

By the way, Jack & Carolyn bought their first home six months ago. Jack and Carolyn had bankruptcy four years ago and were worried they could not buy a home for a long time. We helped them purchase a lovely two-bedroom condo for $194,900 with only $9,500 down. Jack’s whole attitude has changed.

      He is no longer a renter who cannot buy because he has a bankruptcy. He is a homeowner, and you can tell he’s proud of it. He’s already talking about renting out his condo and moving up to a bigger home in a few years.  

      I remember when Verna called us last year. She had lived in the same house for 40 years, and after her husband passed away, she was urged by her family to move to an apartment “to save money.” after 16 months in an apartment, she and the cat were going stir crazy. Verna liked to tinker about it, and she didn’t like the noise and all the traffic. Our associates helped her find a great one-bedroom apartment condo with a balcony; she has her separate laundry and heaps of storage, and get this, her payments are less than what she was paying in rent!    

Switching from renting to homeownership can help you go from being in debt or “cash poor” to becoming financially secure, too. You can use homeownership as the “foundation” for a complete change in your finances!    

 Being A Homeowner Allows You To Feel Good!

keys to your very own place
One of Our Biggest Moments Is Handing Over The Keys To Your New Home!

                            In addition to the intelligent financial reason for buying your own home instead of renting, you will feel better about yourself and your life. YouYou’llovide a safer place for yourself, your spouse, your family. You can decorate your home just as you please. You’ll enjoy inviting people over to your home.    

 Will I Have To Settle For Something I Don’t Like?        

Houses and condos in London Ontario, are always for sale; if not this week or this month, there will be next week or next month. We’ll discuss the kind of home you want, the type of neighbourhood you want to live in, your finances, and then we will do all the hard work of finding the perfect home for you—a house you can afford. A home you’ll be proud of. A home you can move into now.  

     Of course, everything you tell us is completely private and confidential. Our profession mandates this high level of integrity. We are full-time professional Realtors; we are counsellors, advisors, & salespeople; we are not mortgage brokers or money lenders.  

       We know the best mortgage specialists in London that can help you get a home to move to. We do not get a fee for referring you to them, nor do we charge any fees if you work with us.


Contact us today at  Envelope Real Estate Group
Ty Lacroix and Michael Theisen
Call Ty & Michael now 519-435-1600
The Envelope Real Estate Group
The Envelope Real Estate Group