Loading...
Michael Kelly

Selected

    When would you like to visit...

    Complete the form below:
    Schedule a showing (optional):
    ’

    Michael Kelly

    Sales Representative

    Sutton Group Realty Systems Inc., Brokerage

    Great News for First Time Buyers: More government incentives that can help bring home ownership dreams to reality!

    The First Time Buyer Incentive Program

    First Time Home Buyers Incentive Program Details: 


    The First Time Home Buyer Incentive helps qualified first time buyers reduce their monthly mortgage carrying costs without adding to their financial burdens. Up to 1.25 billion dollars has been set aside to help lower mortgage costs for eligible Canadians, on a First Come First Service Basis


    Buyers will need to have a minimum down payment to be eligible, which can be from your qualified R.S.P.  Just keep in mind this is a C.M.H.C. insured mortgage program. Total down payment is to be “less” than 20% downYou can then apply for the 5% Down Payment Incentive, giving you an extra 5% down on resale purchases or 10% on new construction.  Simplified, this is a shared equity mortgage program with the Government of Canada. 


    The Incentive funds will be a second mortgage on title.  There will be no regular principal payments, no interest and has a maximum repayment term of 25 years or sooner if the property is sold. You can repay the Incentive at any time without a prepayment penalty.  However, the repayment is based on the property’s fair market value.


    The Government will share in the upside and downside of the property value upon repayment.   Essentially the government is re-paid by their shared equity from the value of the property.





    How Does The First Time Home Buyer Program Work?


    The incentive enables first-time homebyers to reduce their month morgage payment without increasing their downpayment. The incentive is not interest bearing and does not require ongoing payments.


    Through the First-Time Home Buyer Incentive, the Government of Canada will offer:


    An example, you receive a 5% incentive of a resale home that you purchase for $480,000, and you receive a $24,000 incentive, then perhaps your home value increases to $600,000 your payback would be 5% for the current value which would be $30,000. 





    Eligability and Requirements: 


    Who Can Apply?


    • Canadian citizens, permanent residents, and non-permanent residents who are legally authorized to work in Canada
    • Borrowers must have a maximum qualifying income of $120,000
      • Total qualifying income must be $120,000 per year or less
      • This is subject to qualifying income requirements set out by lenders and mortgage loan insurers​
    • ​At least one borrower must be a first-time homebuyer


    More Information and Downloads: 


    For more First Time Home Buyer Incentive Program Details download more information below. 


    Download: Home Buyers Government Incentives - Down Payment Program


    A simple example would be if your combined income is 120,000 x 4 the maximum purchase price would be $480,000 plus the down payment. There is a scaling price based on your down payment and the governments incentive so we have created a spread sheet for easy reference.


    Download: Maximum Purchase Price Charts for the First Time Buyers Program


    Call us today for more details at 647-408-5226 for this and other Government Programs available to help you with Home Ownership. Funds are limited, and timing is important, so please ensure to get all the details for a well-planned home purchase.



    Listings Under $500k

    733 Listings Found
    Loading...
    You are viewing 515 out of 733 Listings. Quick Sign Up for full access.
    MLS®#:W5369967
    Status:Sale Pending 
    Type:Condominium
    Community:Downtown Brampton - Brampton
    • 1+0

    • 1

    • Area:

      700-799 Sq Ft

    This Open Concept 779Sf Condo Including Balcony Features 1 Bdrm W/Floor To Ceiling Windows + A Spacious Den W/Double Closets. The Kitchen Offers Stainless Steel Appliances & Granite Counter Top. The Living/Dining Room Offers Plenty Of Space For Entertaining With New Flooring & Floor To Ceiling Windows W/Access To The Balcony & Stunning Northern Vie....More details

    View Details
    • 1+0

    • 1

    • Area:

      700-799 Sq Ft

    MLS®#:C5368012
    Status:For Sale 
    Type:Condominium
    Community:Henry Farm - Toronto
    • 1+1

    • 1

    • Area:

      600-699 Sq Ft

    Bright, Monarch Built Condo. Huge 108 Sqft. Balcony With Walkout From Bedroom And Living Room With Breathtaking South View Of The City. 9 Ft Ceilings. Steps To Fairview Mall. Locker And Parking Spot Included. Unit Has Only Had 1 Owner.

    View Details
    • 1+1

    • 1

    • Area:

      600-699 Sq Ft

    MLS®#:W5375604
    Status:For Sale 
    Type:Condominium
    Community:Humberlea-Pelmo Park W5 - Toronto
    • 1+0

    • 1

    • Area:

      500-599 Sq Ft

    Fantastic Stacked Townhome Unit In The City W/Desirable Amenities Nearby! Located In The Sought-After 'Brownstones @ Westown' Enclave & Just Steps Away From Joseph Bannon Park. 568 Sq.Ft Of Flowing Living Space In Addition To An Ample Patio! Suite Boasts: Brick+Stone Exterior, 1 Bedroom W/Sliding Glass Door, 1 Bath, Kitchen Island W/Breakfast Bar, ....More details

    View Details
    • 1+0

    • 1

    • Area:

      500-599 Sq Ft

    MLS®#:W5332892
    Status:For Sale 
    Type:Condominium
    Community:Fletcher's Creek South - Brampton
    • 2+1

    • 2

    • Area:

      1200-1399 Sq Ft

    Bright And Spacious 2 Bedroom Condo In The Heart Of Brampton. This Unit Features A Large Solarium That Can Make Working From Home Very Comfortable! Also Features An Eat In Kitchen, Ensuite Laundry, And Plenty Of Closet Space. Prestigious Building And Close To Many Amenities Including Highways, Shopping, And Restaurants.

    View Details
    • 2+1

    • 2

    • Area:

      1200-1399 Sq Ft

    SHOW ALL LISTINGS

    Sign-up for full access to all listings

    MLS®#:C5322434
    Status:For Sale 
    Type:Condominium
    Community:Mount Pleasant West - Toronto
    • 1+0

    • 1

    • Area:

      0-499 Sq Ft

    New Assignment In Citylights On Broadway North Tower. Architecturally Stunning, Professionally Designed Amenities, Craftsmanship & Breathtaking Interior Designs - Y&E's Best Value! Walking Distance To Subway W/ Endless Restaurants & Shops! The Broadway Club Offers Over 18,000Sf Indoor & Over 10,000Sf Outdoor Amenities Including 2 Pools, Amphitheate....More details

    View Details
    • 1+0

    • 1

    • Area:

      0-499 Sq Ft

    SHOW ALL LISTINGS

    Sign-up for full access to all listings

    MLS®#:C5230172
    Status:For Sale 
    Type:Condominium
    Community:Mount Pleasant West - Toronto
    • 1+0

    • 1

    • Area:

      0-499 Sq Ft

    Designed Amenities, Craftsmanship & Breathtaking Interior Designs - Y&E's Best Value! Walking Distance To Subway W/ Endless Restaurants & Shops! The Broadway Club Offers Over 18,000Sf Indoor & Over 10,000Sf Outdoor Amenities Including 2 Pools, Amphitheater, Party Room W/ Chef's Kitchen, Fitness Centre +More! 1 Bed, 1 Bath W/ Balcony. North Exposure....More details

    View Details
    • 1+0

    • 1

    • Area:

      0-499 Sq Ft

    MLS®#:W5348311
    Status:For Sale 
    Type:Condominium
    Community:Queen Street Corridor - Brampton
    • 2+0

    • 2

    • Area:

      900-999 Sq Ft

    Well Maintained And Gorgeous Penthouse! End Unit, Recently Upgraded Kitchen, Floors, Bathrooms And New Paint. Good Size Master Bedroom With 2Pc Ensuite, Covered Balcony With Beautiful City View. Close To Public Transit, Parks And Schools. Condo Fee Includes Heat, Hydro, Water, Central Air Condition, Common Elements, Ensuite Locker And One Undergro....More details

    View Details
    • 2+0

    • 2

    • Area:

      900-999 Sq Ft

    MLS®#:C5346077
    Status:For Sale 
    Type:Condominium
    Community:Don Valley Village - Toronto
    • 1+0

    • 1

    • Area:

      0-499 Sq Ft

    Prime North York Location Steps To Fairview Mall, Cineplex Theatre, Seneca College, Subway, Ttc, 401, 404, Entertainment. Great Layout One Bedroom. Best View Among All Units. Modern Kitchen & Ss Appliances & Wooden Flooring.

    View Details
    • 1+0

    • 1

    • Area:

      0-499 Sq Ft

    733 Listings Found
    Loading...

    Load More

    Loading...