Buying your first home is exciting, but there are a few things many first-time buyers don’t discover until they’re already in the process. Knowing them ahead of time can save you money, stress, and surprises. 🏡
It’s not just about the down payment. You’ll also want to budget for closing costs, legal fees, a home inspection, and adjustments for property taxes or utilities. These expenses can add up quickly, so planning ahead is key.
Another common surprise? Your monthly mortgage payment is only one part of the cost of homeownership. You’ll also need to account for property taxes, home insurance, maintenance, and unexpected repairs.
One of the biggest advantages for first-time buyers in Canada is the new First-Time Home Buyers’ GST rebate on newly built homes. If you qualify, you could save up to $50,000 in GST on a new construction home. Homes priced up to $1 million may qualify for the full rebate, while homes between $1 million and $1.5 million may receive a partial rebate.
To qualify, you generally must not have lived in a home that you—or your spouse or common-law partner—owned as your primary residence in the current calendar year or the previous four calendar years. In other words, even if you’ve owned before, you may qualify again after enough time has passed.
And remember, your first home doesn’t need to be your forever home. It’s often the first step toward building equity and long-term wealth.
Thinking about buying your first home in Calgary? Working with an experienced Calgary Realtor can help you navigate the process, uncover opportunities, and make confident decisions every step of the way.
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