The Government of Canada ban on foreign home investors from buying property in Canada took effect on January 1st, 2023.

What you need to know.

The two-year ban, targeting prospective foreign home buyers will no longer be able to purchase real estate that includes condos, apartments, and single residential units – as well as higher taxes for investors who let their homes sit vacant.

The main focus of the ban is to restrict foreign home investors from purchasing real estate where there is no intention of living in them. Thus causing a shortage of available inventory and driving up real estate prices for Canadians. Toronto alone has approximately 5% of homes sitting vacant, Therefore, this could be significant for buyers waiting to get into the real estate market.

These measures could provide some temporary relief in a very tight market – particularly combined with measures presented by the Ontario government to dampen the market, like making blind bidding optional. 

With this in mind, more Canadians looking for homes potentially have a better opportunity to become homeowners. Sue Heddle Homes is here to help buyers get into this market and leave with their dream home. Contact me and see how Sue Heddle Homes can turn a house dream into a homeownership reality.

As part of the 2022 federal budget, the Canadian government wants to provide initiatives designed to make homeownership more affordable. One way they plan to accomplish this is with the new First Home Savings Account (FHSA).

Aimed at first time home buyers, this new program will give prospective homeowners some tax relief as well as make it easier for them to achieve their homeownership goals. The FHSA does not replace the RRSP Home Buyer's Plan that already exists, however, it’s important to note that the two programs cannot be used in tandem. While the RRSP Home Buyer's Plan requires withdrawals from the account to be repaid, the FHSA does not.

Learn More About First Home Savings Accounts

First Home Savings Accounts are expected to be available in 2023. There will be eligibility requirements, as well as rules and conditions, so it’s best to consult with a mortgage broker or financial institution to determine if and how you can make this new option work for you.

In the meantime, here are some top things to know about this new savings option:

• You’ll be able to contribute up to $8,000 annually, up to a lifetime maximum of $40,000.
• Contributions made to an FHSA are tax deductible.
• Funds can be withdrawn from an FHSA tax-free, as long as the funds will be used for a first-time home purchase.
• It is likely that funds in an FHSA will be able to be invested to support growth in limited ways such as stocks, bonds, mutual funds, but these specifics have not been confirmed by the government.
• Any income made from investing FHSA funds will also be tax free. 
• Transfers can be made from an RRSP to an FHSA but are subject to the FHSA annual contribution limit.
• Transfers can be made from an FHSA to an RRSP or RRIF if no home is purchased and this will not affect RRSP contribution room. This provides great flexibility for first time buyers who may end up buying a home with someone else who also has an FHSA.

All in all, there is no downside to the new FHSA as a savings vehicle and this very well could be a big step in the right direction when it comes to making buying a first home easier.

Let Sue Heddle Homes Help You Purchase Your First Home

Buying your first home is a very exciting time, but it can also be overwhelming. With an experienced Oakville realtor like Sue Heddle, you’ll get local expertise, excellent negotiation skills and more than a decade of proven success helping clients find a home they love. If you have any questions about the current real estate market or about the home buying process, contact us. We’d love to help you find your first home.

When you’re searching for a home, making appointments to view listings can feel really exciting. You start to imagine yourself in these new spaces and it’s hard not to personalize things as soon as you set foot in a home that caught your eye.

As a top Oakville realtor for over a decade, I’ve certainly seen potential buyer’s excitement turn to disappointment when they finally get the chance to tour a listing that they were interested in. When you’re touring homes for sale, it really is important to keep an open mind, which can sometimes be easier said than done.

What’s Okay to Ignore When Looking for A Home?

Not to worry, as a trusted and experienced Oakville realtor, I’ll always make sure that important concerns are never overlooked. Things like electrical or structural issues, disrepair, or evidence of leaks certainly require attention and may be a reason to forgo putting in an offer on a home. 

However, there are three things that shouldn’t dissuade you moving forward in the home buying process.

1. The seller’s style.

As hard as it may be to think about, someone else does currently live in your dream home. As such, never let a terrible paint colour put you off of a home you like. You can always repaint, which is actually something most people do within a year or so of moving anyway. Same thing goes with any other décor that doesn’t suit your style. Decor can be easily changed and you’ll have plenty of time to tailor things to your own tastes.

2. Mess and clutter.

Sometimes a seller doesn’t do a great job of cleaning up before a showing. Try to overlook the mess and clutter. If their house has been on the market for a while, it really is a lot of work to always make sure it’s buyer ready. Try your best to focus on the overall condition of the house and not the mess. 

3. Unsolicited opinions.

If you’re bring family or friends to showings, know that everyone will have their own opinion. From the location to the exterior brick or the layout of the kitchen, not everyone will see eye to eye. Remember that you’ll be the one living in the home so ignore any advice that feels unhelpful. The only people that need to love the home are the people that are going to live in it!

Sue Heddle Homes Brings Helpful Insight to Home Buying

There are so many things to consider when buying a home. That’s why it’s so important to work with an Oakville realtor that has experience and that you can trust. At Sue Heddle Homes, our commitment to our clients is unparallel. We are dedicated to helping you find the best home for your needs, for the best price. Ready to get started? Give us a call at 416-906-7998.

As a busy Oakville realtor, I hear from people all the time that they’re worried their children will never be able to afford to buy a home. It seems to be a common topic of discussion with home prices continually rising while requirements for down payments remain out of reach for many.

Whether you think your children will be interested in living in Oakville or another part of the GTA or would prefer to settle down in a smaller town like Guelph, the thought of buying a home as a young person just starting out can certainly seem overwhelming.

How Parents & Grandparents Can Help the Next Generation

Having the means to help your grown children or grandchildren buy real estate is a blessing and a luxury. However, before you hand over cash or sign on the dotted line, it’s important to take time to explore the best options for everyone involved. 

Based on current home prices it shouldn’t be surprising to hear that most young people receive some kind of homebuying assistance from their families.

More specifically:

• Receiving a cash gift. Families are providing first time home buyers with a cash gift substantial enough to serve as a down payment.
• Receiving a gifted down payment. This can help home buyers secure the financing they need in order to make an offer on a home. Parents or grandparents sign a gift letter for the financial lender that says the funds are gifted and repayment is not required.
• Getting a co-signer. This means that parents or grandparents assume a shared legal responsibility and would be held accountable for the mortgage if their child/grandchild is unable to uphold payments.

What To Consider Before Offering Financial Assistance

As with any real estate or financial transaction, do your due diligence. Being able to help your adult child can be a positive experience, but that doesn’t mean practicality and a risk analysis shouldn’t be part of the equation. 

Here are some things you’ll need to consider:

• What will this do to your own financial security? 
• Are you setting a precedent? Depending on how many children or grandchildren you have, can you help each of them equally? 
• Even if you can help with a down payment, will your child or grandchild reasonably be able to handle everything else that comes with homeownership? 
• Is anyone else involved? If your child is going to be living with a partner, be aware that this person will have rights to the property in the event that the relationship ends. Additionally, if you provide a down payment, are your child’s in-laws co-signing the mortgage? While it may feel impersonal, getting the support of a real estate lawyer can help avoid future complications.

First Time Home Buyers Need Sue Heddle Homes

There is so much that goes into finding your first home. From getting your finances in order to knowing what type of space you’re after, it can feel overwhelming at best. Sue Heddle Homes has over 10 years of experience helping first time home buyers navigate the real estate market and find a home that works for them. With expert market knowledge, top notch negotiating skills and a dedication to each and every client, you can count on Sue Heddle and her team to make the experience as positive as possible. Ready to start house hunting? Call Sue at 416-906-7998 and let’s get started!

Every potential home buyer has a wish list when it comes to what they want in their ideal home. As a seasoned Oakville realtor, Sue Heddle Homes has helped hundreds of clients find homes that meets their needs. While tastes and preferences do differ, there are often similarities when it comes to groups of home buyers.

For example, empty nesters are often looking for a smaller home that has a layout that supports ageing in place. For larger families, storage and multiple bathrooms may top the list. When it comes to first time home buyers, this group also tends to have a common wish list in mind when they begin the search for their first property purchase.

6 Features That Appeal to First Time Buyers

Before you begin any home search, make sure you have a trusted and experienced Oakville realtor that can guide you through the process. You want a realtor that is familiar with the area, knows how to negotiate on your behalf and has the knowledge to make your real estate transaction as stress free as possible. 

Here are some of the most common things first time home buyers are looking for in a home:

1. The kitchen and the family room to be completely or partially open concept.
2. Laundry room on the main floor.
3. Stainless steel kitchen appliances.
4. Hardwood flooring on the main floor.
5. New windows.
6. Outdoor patio or deck.

Are you looking for your first home in the Oakville area? What other features would you add to the list above?  

First Time Home Buyers Need Sue Heddle Homes

With more than a decade of experience in the Oakville area, Sue Heddle Homes has what it takes to help you find your first home. From sharing key information about specific areas, to knowing how to negotiate the best price, Sue is the only experienced realtor you need. If you’re thinking of starting your home search, give us a call at 416-906-7998 and let’s talk.