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THE
NAKED HOMEOWNER
Real Estate Guide for Buying or Selling Houses in Canada
A FEW TIPS FROM THE NAKED HOMEOWNER
- FOR THE FIRST-TIME BUYER -

  1. A person OR couple may borrow up to $25,000 EACH from their RRSP, to be used toward the down payment on their first home. The borrowed amount must be repaid over 15 years (at least 1/15 annually) beginning in the second year after the withdrawal was made.

    Note that the definition of a first-time buyer is any person or spouse or common-law partner who has not owned a home in the period beginning January 1 of the fourth calendar year preceding the year of withdrawal from an RRSP.

    The effect of the above definition is that, as long as you have repaid the previous borrowing from your RRSP, you may qualify more than once as a first-time buyer, and can again borrow from your RRSP for a down payment!



  1. Some provinces like British Columbia impose a property transfer tax on every real estate purchase. This can be by far the most significant closing cost in a real estate purchase transaction.

    Fortunately, the first-time buyer MAY be eligible for a one-time exemption.

    For example, in British Columbia, as of 2007, any first-time purchaser buying a home in Greater Vancouver, the Fraser Valley, or Victoria areas of the province, may be exempt from this transfer tax, if the value of his purchase does not exceed $375,000. In other areas of the province the exemption threshold falls to $265,000.





THE NAKED HOMEOWNER is full of helpful tips for every home buyer or home seller in Canada.

BUY AND READ THE NAKED HOMEOWNER BEFORE BUYING OR SELLING and take the mystery out of the process!

Real Estate Guide
The Naked Homeowner
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Concise step-by-step understanding of the residential real estate market.
Author Peter Dolezal paperback (softcover)
ISBN 978 1 4251-2521-9
Published by:
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Trafford publishing

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