Please visit our Open House at 2344 Woodburn Road in Binbrook.
Open House on Sunday, September 15, 2019 2:00 PM - 4:00 PM
Peace and tranquility reign in this immaculate 3br bungalow with main floor bath and newly finished basement. Large 1 acre+ treed country lot with gorgeous landscaped lawns just minutes from Binbrook. Step into the airy living room with tasteful décor, gas fireplace and big windows. Enjoy one floor living with separate dining room, 3 spacious bedrooms and hardwood floors throughout. Modern, huge new rec room offers wood burning stove with relined chimney and plenty of space for the whole family to enjoy. Other updates include waterproofing with OMNI basement systems, furnace (18), sump pump (18) & roof (13). Step outside to sit under the covered veranda and enjoy the serenity of this 135 x 320 feet lot. Tinker away in your 2 storey 23x15 barn with hydro and concrete floors. The quiet of this meticulously maintained home will amaze you. Property is subject to easement. Perfect for the person that wants space, yet be close to the city! Flexible closing. It doesnt get any better! Hurry come see it today! (id:2493)
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I have listed a new property at 2344 Woodburn Road in Binbrook.
Peace and tranquility reign in this immaculate 3br bungalow with main floor bath and newly finished basement. Large 1 acre+ treed country lot with gorgeous landscaped lawns just minutes from Binbrook. Step into the airy living room with tasteful décor, gas fireplace and big windows. Enjoy one floor living with separate dining room, 3 spacious bedrooms and hardwood floors throughout. Modern, huge new rec room offers wood burning stove with relined chimney and plenty of space for the whole family to enjoy. Other updates include waterproofing with OMNI basement systems, furnace (18), sump pump (18) & roof (13). Step outside to sit under the covered veranda and enjoy the serenity of this 135 x 320 feet lot. Tinker away in your 2 storey 23x15 barn with hydro and concrete floors. The quiet of this meticulously maintained home will amaze you. Property is subject to easement. Perfect for the person that wants space, yet be close to the city! Flexible closing. It doesnt get any better! Hurry come see it today! (id:2493)
Read full post

I have listed a new property at 2344 Woodburn Road in Binbrook.
Peace and tranquility reign in this immaculate 3br bungalow with main floor bath and newly finished basement. Large 1 acre+ treed country lot with gorgeous landscaped lawns just minutes from Binbrook. Step into the airy living room with tasteful décor, gas fireplace and big windows. Enjoy one floor living with separate dining room, 3 spacious bedrooms and hardwood floors throughout. Modern, new rec room offers wood burning stove with relined chimney and plenty of space for the whole family to enjoy. Other updates include waterproofing with OMNI basement systems, furnace (18), sump pump (18) & roof (13). Step outside to sit under the covered veranda and enjoy the serenity of this 135 x 320 feet lot. Tinker away in your 2 storey 23x15 barn with hydro and concrete floors. The quiet of this meticulously maintained home will amaze you. Property is subject to easement. Perfect for the person that wants space, yet be close to the city! Flexible closing. It doesnt get any better! Hurry come see it today! (id:2493)
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First-Time Home Buyer Incentive Program

The First-Time Home Buyer Incentive helps first-time homebuyers without adding to their financial burdens. Eligible first-time homebuyers who have the minimum down payment for an insured mortgage can apply to finance a portion of their home purchase through a shared equity mortgage with the Government of Canada.


First-Time Home Buyer Incentive

The First-Time Home Buyer Incentive helps qualified first-time homebuyers reduce their monthly mortgage carrying costs without adding to their financial burdens.

There are a few qualifiers to apply for this incentive:

  • you need to have the minimum down payment to be eligible
  • your maximum qualifying income is no more than $120,000
  • your total borrowing is limited to 4 times the qualifying income

If you meet these criteria, you can then apply for a 5% or 10% shared equity mortgage with the Government of Canada. A shared equity mortgage is where the government shares in the upside and downside of the property value.

The First-Time Home Buyer Incentive launches September 2, 2019*.

* The program will be ready to receive Incentive applications on September 2, 2019 (barring any unforeseen circumstances). The first closing will take effect on November 1, 2019.

Program Details

How does it work?

The Incentive enables first-time homebuyers to reduce their monthly mortgage payment without increasing their down payment. The Incentive is not interest bearing and does not require ongoing repayments.

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

5% for a first-time buyer’s purchase of a re-sale home

5% or 10% for a first-time buyer’s purchase of a new construction

How do I know how much I have to pay back?

You can repay the Incentive at any time in full without a pre-payment penalty. You have to repay the Incentive after 25 years or if the property is sold, whichever happens first. The repayment of the Incentive is based on the property’s fair market value.

  • You receive a 5% incentive of the home’s purchase price of $200,000, or $10,000. If your home value increases to $300,000 your payback would be 5% of the current value or $15,000.
  • You receive a 10% incentive of the home’s purchase price of $200,000, or $20,000 and your home value decreases to $150,000, your repayment value will be 10% of the current value or $15,000.

NOTE: If your property value goes down, you are still responsible for repaying the shared equity mortgage based on the current home value at time of repayment.


Incentive by Property Type

PROPERTY TYPE

INCENTIVE (%)

 

New Construction

5% or 10%

 

Existing Home

5%

 

New or re-sale mobile/manufactured home

5%

 


Funding Available

The total amount of funding will be $1.25 billion over 3 years.

NOTE: The program is expected to be ready to receive Incentive applications starting September 2, 2019. If approved for the Incentive, the purchase transaction must close on or after November 1, 2019.


Eligibility & 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, as per the definition below.

Are you a first-time homebuyer?

You are considered a first-time homebuyer if you meet one of the following qualifications:

  • you have never purchased a home before
  • you have gone through a breakdown of a marriage or common-law partnership (even if you don’t meet the other first-time home buyer requirements).
  • in the last 4 years, you did not occupy a home that you or your current spouse or common-law partner owned

IMPORTANT: It’s possible that you or your spouse or common-law partner qualifies for the First-Time Home Buyer Incentive (if you are in a married or common-law relationship) with the 4-year clause even if you’ve owned a home.

How does the 4-year period work?

The 4-year period begins on January 1 of the fourth year before the year you purchased your home. It ends 31 days before the date you purchase your new home. Here are a few examples:

  • if you purchase a home on March 31, 2016, the 4-year period begins on January 1, 2016 and ends on February 28, 2020
  • if you sold your home you lived in in 2014, you may be able to participate in 2019 or if you sold the home in 2015, you may be able to participate in 2020

Are there other mortgage details?

  • Total borrowing is limited to 4 times the qualifying income. The combined mortgage and Incentive amount cannot exceed four times the total qualifying income. The amount for the mortgage loan insurance premium is excluded from this calculation.
  • The maximum threshold for debt service ratios are GDS 39% and TDS 44%. This is only applied on the first mortgage and is subject to requirements by lenders and mortgage loan insurers.
  • The Incentive is a second mortgage on the title of the property. There are no regular principal payments. It isn’t interest bearing and has a maximum term of 25 years.
  • The Government of Canada will share in the upside and downside of the property value upon repayment.

Is Mortgage Loan Insurance required?

  • Mortgages must be eligible for mortgage loan insurance through either Canada Guaranty, CMHC or Genworth. The first mortgage must be greater than 80% of the value of the property and is subject to a mortgage loan insurance premium.
  • The premium is based on the loan-to-value ratio of the first mortgage only. That is, the first mortgage amount divided by the purchase price. The Incentive amount is included with the total down payment.
  • Mortgage loan insurance premiums may be subject to provincial taxes.

What are the down payment requirements?

  • Minimum down payment is 5% of the first $500,000 of the lending value and 10% of the lending value above $500,000.
  • The minimum down payment must come from traditional down payment sources.
  • Traditional down payment comes from the borrower’s own resources and may include:
    • savings
    • withdrawal/collapse of a registered retirement savings plan (RRSP)
    • non-repayable financial gift from a relative
  • Note: Unsecured personal loans or unsecured lines of credit used to satisfy minimum down payment requirements are not eligible for the program.

What properties are eligible?

The Incentive is to help first-time homebuyers purchase their first home. Eligible residential properties include:

  • new construction
  • re-sale home
  • new and re-sale mobile/manufactured homes

Residential properties can include 1 to 4 units.

Types of residential properties include:

  • single family homes
  • semi-detached homes
  • duplex
  • triplex
  • fourplex
  • town houses
  • condominium units

IMPORTANT: The property must be located in Canada and must be suitable and available for full-time, year-round occupancy.

What are the terms of repayment?

The first-time homebuyer will be required to repay the Incentive amount after 25 years or when the property is sold, whichever comes first.

The homebuyer can also repay the Incentive in full at any time, without a pre-payment penalty. Refinancing of the first mortgage will not trigger repayment.

How is repayment calculated?

  • If a homebuyer receives a 5% or 10% Incentive, the homebuyer will repay 5% or 10% of the home’s value at repayment.
  • Repayment is based on the property’s fair market value.


Let’s look at a specific situation*

Anita wants to buy a new home for $400,000.  She’s saved the minimum required down payment of $20,000 (5% of the purchase price). 

Under the First-Time Home Buyer Incentive, Anita can apply to receive $40,000 in a shared equity mortgage (10% of the cost of a new home) through the program.

This lowers the amount Anita needs to borrow and reduces the monthly expenses.  

As a result, Anita’s mortgage is $228 less a month or $2,736 a year. 

Ten years later, Anita sells her home for $420,000. The Incentive will need to be repaid as a percentage of the home’s current value.

This would result in Anita repaying 10%, or $42,000 at the time of selling the house.


Here’s another situation*

John has an annual qualifying income of $83,125.

To be eligible for Canada’s First-Time Home Buyer Incentive, John can purchase condominium unit up to $350,000. John has the required minimum down payment of 5% of the purchase price, $17,500 from savings.

John can receive $35,000 in a shared equity mortgage – 10% of a newly constructed home.

This would reduce John’s mortgage payments by $200 a month or $2,401 a year.

Years later, John has decided to sell the condominium unit, but it is now worth $320,000. When the condominium unit is sold at the price of $320,000, John will have to repay the incentive as a percentage of the home’s current value. This would result in John repaying 10%, or $32,000 at the time of selling the house.


These examples are for illustrative purposes only. Anita/John will need to repay the incentive at 10% of the fair market value when they sell the property or after 25 years, whichever comes first. All property values and home prices used in this example are not an indicator on how property values are forecasted

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I have sold a property at 228 BAY Street N in Hamilton.
Beautiful One Floor Detached Charmer. Bright and sunny open floor plan features 2 bedrooms, spacious living room & spectacular eat in kitchen w/quartz counters & new appl! Walnut floors throughout. Modern bath. Laundry on main lvl. Walk out to your sun drenched, enclosed yard with deck. Stroll to everything in growing & vibrant community. Amazing walk score =92 with bike lanes just outside. Close to Jamesville, 5 min walk to West Harbour GO stop, Bayfront, dining and shopping. Windows (2019), Roof (2016), Furnace & A/C (2010). Parking available with fee. A possible dream home! Set up your viewing today. (id:2493)
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Please visit our Open House at 228 BAY Street N in Hamilton.
Open House on Sunday, June 2, 2019 2:00 PM - 4:00 PM
Beautiful One Floor Detached Charmer. Bright and sunny open floor plan features 2 bedrooms, spacious living room & spectacular eat in kitchen w/quartz counters & new appl! Walnut floors throughout. Modern bath. Laundry on main lvl. Walk out to your sun drenched, enclosed yard with deck. Stroll to everything in growing & vibrant community. Amazing walk score =92 with bike lanes just outside. Close to Jamesville, 5 min walk to West Harbour GO stop, Bayfront, dining and shopping. Windows (2019), Roof (2016), Furnace & A/C (2010). Parking available with fee. A possible dream home! Set up your viewing today. (id:2493)
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I have sold a property at 146 ABERFOYLE Avenue in Hamilton.
City Hideaway! Amazing Rosedale 2+1 bed, brick home nestled on quiet street. Beautifully updated kitchen! Bright and open living room with bay window. Dining room used to be main floor bedroom, can be converted back. Main floor bath. Upstairs two spacious bedrooms. Finished basement with family room and extra bedroom. Enclosed yard and back deck with gazebo. New concrete driveway, updated windows & doors, bsmt w/ new water line, backflow & sump pump. Family neighbourhood, close to fabulous hiking on nature trails, schools, Red Hill Expwy, golf course and pool. Your summer fun awaits! Start packing now! Call for your viewing today! (id:2493)
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I have sold a property at 198 BALMORAL Avenue S in Hamilton.
Best of the Past & Present! This 3 bed 1922 home blends everything youd want in a modern home with the best original features! Lavish oak wood trim, spectacular stained glass windows, painstakingly restored generous front porch, oak hardwood floors lyrically inlaid w/ walnut, original doors with crystal doorknobs and more. All this seamlessly combined with what MAKES modern life! The bright & fully equipped new kitchen w/ gas stove, granite island, SS appl. is directly accessible to professionally designed 3-season outdoor living & entertainment area. Enclosed with a new privacy fence this space is so well planned that it has 3 distinct parts AND there is still garden for you to grow your heirloom tomatoes. Gracious living at its best. Large thermal windows allow brightness into the whole house. Ductless a/c means 2nd floor summer comfort, where you can relax in the huge master bdrm. Lovely full bath w/ restored tub. An oasis loft is insulated for sound, perfect for guest bdrm, office or meditation room. Tree lined streets, walking distance to Gage Park, 3-car driveway, public transit. Curious? Sound like you? Call today to view! (id:2493)
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I have listed a new property at 146 ABERFOYLE Avenue in Hamilton.
City Hideaway! Amazing Rosedale 2+1 bed, brick home nestled on quiet street. Beautifully updated kitchen! Bright and open living room with bay window. Dining room used to be main floor bedroom, can be converted back. Main floor bath. Upstairs two spacious bedrooms. Finished basement with family room and extra bedroom. Enclosed yard and back deck with gazebo. New concrete driveway, updated windows & doors, bsmt w/ new water line, backflow & sump pump. Family neighbourhood, close to fabulous hiking on nature trails, schools, Red Hill Expwy, golf course and pool. Your summer fun awaits! Start packing now! Call for your viewing today! (id:2493)
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I have sold a property at 49 Garfield Avenue South in Hamilton.
Want a Challenge? This 1717sf, 4 bed, 2 bath brick home is in need of renovations.  Double front drive. Large foyer with open concept living and dining room. Newer kitchen with gas stove leads to oversized covered deck and enclosed yard. Upstairs 3 bedrooms with an extra large bath. Finished loft. Basement has 3pc bath and separate entrance, possible in-law suite. Some newer windows. Roof 2019. Furnace 2007. Updated electrical, sold as-is. Excellent location, conveniently close to the new Rec Center, schools, transit and Tim Hortons Field. Be your own decorator! Call to view today.  (id:2493)
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I have sold a property at 173 Glencarry Avenue in Hamilton.
City Hideaway! Amazing mint condition 3+1 bed, 1.5 bath home nestled on quiet street and conveniently close to Red Hill Valley Pkwy and shopping. Walking dist to schools, transit, and steps from fabulous hiking on nature trail. Possibility for one floor living, with main floor bdrm + high end bath with deep tub and gorgeous vanity. Beautiful new oak floors. Large, open eat-in kitchen with stainless steel appls and walk out to covered deck. Upstairs two addl, spacious bedrooms and bath. Awesome basement bedroom. New furnace (19), Roof (18), Plenty of parking. Flexible closing. It doesnt get any better! Hurry come see it today! (id:2493)
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I have sold a property at 347 LIMERIDGE Road E in Hamilton.
Size will surprise you! Large 4 bedroom home with 3 full baths. Unique open design with spacious kitchen and dining room overlooking the family room w/wood burning fireplace. Main floor 4th bedroom and full bath. Upstairs master bedroom with ensuite plus additional 2 bdrms & bath. High basement. Central vacuum. Roof replaced in 2012. Perfect for families, commuters, downsizers and retirees. So-o-o Convenient! Close to schools, park, fast highway access, shopping, restaurants, and public transit! Rare opportunity, same owner for over 31 years. Clean up and Enjoy! Call today to view! (id:2493)
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I have listed a new property at 228 BAY Street N in Hamilton.
Beautiful One Floor Detached Charmer. Bright and sunny open floor plan features 2 bedrooms, spacious living room & spectacular eat in kitchen w/quartz counters & new appl! Walnut floors throughout. Modern bath. Laundry on main lvl. Walk out to your sun drenched, enclosed yard with deck. Stroll to everything in growing & vibrant community. Amazing walk score =92 with bike lanes just outside. Close to Jamesville, 5 min walk to West Harbour GO stop, Bayfront, dining and shopping. Windows (2019), Roof (2016), Furnace & A/C (2010). Parking available with fee. A possible dream home! Set up your viewing today. (id:2493)
Read full post

I have listed a new property at 49 Garfield Avenue S in Hamilton.
Want a Challenge? This 1717sf, 4 bed, 2 bath brick home is in need of some remodelling. Double front drive. Large foyer with open concept living and dining room. Newer kitchen with gas stove leads to oversized covered deck and enclosed yard. Upstairs 3 bedrooms with an extra large bath. Finished loft. Basement has 3pc bath and separate entrance, possible in-law suite. Some newer windows. Roof 2019. Furnace 2007. Updated electrical. Excellent location, conveniently close to the new Rec Center, schools, transit and Tim Hortons Field. Be your own decorator! Call to view today. Offers welcome Monday, April 15th at 7:00pm (id:2493)
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I have listed a new property at 173 Glencarry Avenue in Hamilton.
City Hideaway! Amazing mint condition 3+1 bed, 1.5 bath home nestled on quiet street and conveniently close to Red Hill Valley Pkwy and shopping. Walking dist to schools, transit, and steps from fabulous hiking on nature trail. Possibility for one floor living, with main floor bdrm + high end bath with deep tub and gorgeous vanity. Beautiful new oak floors. Large, open eat-in kitchen with stainless steel appls and walk out to covered deck. Upstairs two addl, spacious bedrooms and bath. Awesome basement bedroom. New furnace (19), Roof (18), Plenty of parking. Flexible closing. It doesnt get any better! Hurry come see it today! (id:2493)
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I have listed a new property at 347 LIMERIDGE Road E in Hamilton.
Size will surprise you! Large 4 bedroom home with 3 full baths. Unique open design with spacious kitchen and dining room overlooking the family room w/wood burning fireplace. Main floor 4th bedroom and full bath. Upstairs master bedroom with ensuite plus additional 2 bdrms & bath. High basement. Central vacuum. Roof replaced in 2012. Perfect for families, commuters, downsizers and retirees. So-o-o Convenient! Close to schools, park, fast highway access, shopping, restaurants, and public transit! Rare opportunity, same owner for over 31 years. Clean up and Enjoy! Call today to view! (id:2493)
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Please visit our Open House at 228 BAY Street N in Hamilton.
Open House on Sunday, November 18, 2018 2:00 PM - 4:00 PM
Lovely 1 bed, 1 bath detached bungalow with low taxes! Bright and sunny open floor plan. Spacious living room with large eat in kitchen, granite counters and slate flooring. Big, beautiful bedroom (used to be 2). Sun drenched enclosed yard in growing & vibrant community. Amazing walk score =92 with bike lanes just outside. Close to Jamesville, 5 min walk to West Harbour GO stop, Bayfront, dining and shopping. Needs a bit of TLC, roof (2016), furnace & a/c (2010). Be close to all the action. Affordable condo alternative with NO condo fees. Set up your viewing today. Parking available with fee. (id:2493)
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Please visit our Open House at 198 BALMORAL Avenue S in Hamilton.
Open House on Sunday, November 4, 2018 2:00 PM - 4:00 PM
Best of the Past & Present! This 3 bed 1922 home blends everything youd want in a modern home with the best original features! Lavish oak wood trim, spectacular stained glass windows, painstakingly restored generous front porch, oak hardwood floors lyrically inlaid w/ walnut, original doors with crystal doorknobs and more. All this seamlessly combined with what MAKES modern life! The bright & fully equipped new kitchen w/ gas stove, granite island, SS appl. is directly accessible to professionally designed 3-season outdoor living & entertainment area. Enclosed with a new privacy fence this space is so well planned that it has 3 distinct parts AND there is still garden for you to grow your heirloom tomatoes. Gracious living at its best. Large thermal windows allow brightness into the whole house. Ductless a/c means 2nd floor summer comfort, where you can relax in the huge master bdrm. Lovely full bath w/ restored tub. An oasis loft is insulated for sound, perfect for guest bdrm, office or meditation room. Tree lined streets, walking distance to Gage Park, 3-car driveway, public transit. Curious? Sound like you? Call today to view! (id:2493)
Read full post

I have listed a new property at 198 BALMORAL Avenue S in Hamilton.
Best of the Past & Present! This 3 bed 1922 home blends everything youd want in a modern home with the best original features! Lavish oak wood trim, spectacular stained glass windows, painstakingly restored generous front porch, oak hardwood floors lyrically inlaid w/ walnut, original doors with crystal doorknobs and more. All this seamlessly combined with what MAKES modern life! The bright & fully equipped new kitchen w/ gas stove, granite island, SS appl. is directly accessible to professionally designed 3-season outdoor living & entertainment area. Enclosed with a new privacy fence this space is so well planned that it has 3 distinct parts AND there is still garden for you to grow your heirloom tomatoes. Gracious living at its best. Large thermal windows allow brightness into the whole house. Ductless a/c means 2nd floor summer comfort, where you can relax in the huge master bdrm. Lovely full bath w/ restored tub. An oasis loft is insulated for sound, perfect for guest bdrm, office or meditation room. Tree lined streets, walking distance to Gage Park, 3-car driveway, public transit. Curious? Sound like you? Call today to view! (id:2493)
Read full post

I have listed a new property at 228 BAY Street N in Hamilton.
Lovely 1 bed, 1 bath detached bungalow with low taxes! Bright and sunny open floor plan. Spacious living room with large eat in kitchen, granite counters and slate flooring. Big, beautiful bedroom (used to be 2). Sun drenched enclosed yard in growing & vibrant community. Amazing walk score =92 with bike lanes just outside. Close to Jamesville, 5 min walk to West Harbour GO stop, Bayfront, dining and shopping. Needs a bit of TLC, roof (2016), furnace & a/c (2010). Be close to all the action. Affordable condo alternative with NO condo fees. Set up your viewing today. Parking available with fee. (id:2493)
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