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    Eden Mesganaw

    Sales Representative

    RE/MAX Premier Inc., Brokerage

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    AWARD WINNING RESULTS

    WHETHER YOU'RE LOOKING TO BUY, SELL, OR INVEST - BRING 27 YEARS OF PROVEN EXPERIENCE ON YOUR SIDE


    Eden Mesganaw is an incredibly motivated and moral individual- for she takes great accountability to her God, her family, and her clients. This admirable quality of setting high standards for herself shines through to her clients in the world of GTA real estate, which her experience can attest to. When you combine 27 years of full-time experience as a real estate salesperson, with integrity in servicing every client, her success is no surprise. Eden has also been coached by the best in the industry, allowing her to bring the most up to date techniques to her buyers and sellers in the purchase and selling of their homes. Eden has been promoted as a “High Octane Christian Realtor,” and proudly serves the Greater Toronto Area. Overall, Eden’s devotion is to helping her friends, family, and clients make the best real estate decisions possible.

    FEATURED LISTING

    The 4 First-Time Home Buyer Incentives by the Federal Government 2019

    1. The First-Time Home Buyer Tax Credit

    The First-Time Home Buyer Tax Credit amount is valued at $750 for all first-time home buyers.

    How do you get it, and what are the eligibility requirements?

    First Time home buyer tax credit must be claimed on your personal tax return for the year affiliated with your home purchase.

    Any qualification necessary aside from being a first-time home buyer?

    To be eligible for this First-Time Home Buyer Tax Credit rebate, the purchaser:

           • Must be buying a home within Canada
           • Must intend to occupy the home within one year of purchase
           • Cannot have lived in a home owned by you or your spouse within the previous 4 years

    2. FIRST-TIME HOME BUYER LAND TRANSFER TAX REBATE 2019

    The First Time Home Buyers Land Transfer Tax Rebate – I would say is the best of all the other offers by government

    First time home buyers may be able to save up to $8,475 with the Land Transfer Tax Rebate. Eligible first-time home buyers can receive a maximum land transfer tax rebate amount of $4,475 on their Municipal Land Transfer Tax and up to $4,000 on their Provincial Land Transfer Tax.

    How Much is Land Transfer Tax on a home? How do you calculate land transfer tax on your purchase?

    Ontario Land Transfer Tax Rate 2019:

    Up to and including $55,000: 0.5%

    $55,000 up to and including $250,000: 1.0%

    $250,000 up to and including $400,000: 1.5%

    $400,000 to $2,000,000: 2.0%

    Over $2,000,000: 2.5%

    So how do you get the Land Transfer Tax Rebate?

    We have a form or link for them to fill out and I’ll be happy to email or fax, or their Real Estate lawyer can submit.

    When can they apply for the Land Transfer Tax Rebate?

    Purchasers must apply within 18 months of purchase to obtain their First-Time Home Buyer Land Transfer Tax rebate.

    3. The 3rd HOME BUYER INCENTIVE

    In regards to RRSP, using RRSP investment as downpayment for a home, right?

    Eligible home buyers can now withdraw up to $35,000 from their RRSPs as an interest-free loan (up from $25,000) to assist with the down payment on a property. The loan needs to start being repaid two years after the year of withdrawal, with a total of 15 years to repay the amount that was withdrawn.

    So what’s the fourth incentive?

    4. CMHC Shared Equity Mortgage is the final one

    The government also announced they will dedicate $1.25 billion dollars over the next three years through the introduction of the CMHC Shared Equity Mortgage.

    What this means is that home buyers earning $120,000 or less per year who are applying for an uninsured mortgage (anything less than a 20% down payment) may be eligible for an interest-free loan from the Canadian Mortgage Housing Corporation (CMHC) of up to 10% of the purchase price for newly built and 5% to resale homes.

    So what are the rules required by the government to qualify for shared equity mortgage?

    In a nutshell, the details of the incentive are:

    1. Buyers must have a minimum down payment of 5%
    2. Uninsured mortgages on resale properties can get a loan of 5% of the purchase price
    3. Uninsured mortgages on new build properties can get a loan of 10% of the purchase price
    4. The total mortgage amount can’t exceed four times the household income which is capped at $480,000

    Do you have to payback this money? When and how?

    REPAYING THE CMHC FIRST TIME HOME BUYER INCENTIVE

    What’s still unclear regarding the CMHC loan is how and when it gets repaid. The loan is being called a “shared equity mortgage”, which could yield some interesting rules around repayment.

    It seems unlikely that CMHC would simply want the five or ten percent loan back with no financial benefit to them. If it’s an “equitable loan”, it could mean that they would be owed five or ten percent of the profits earned when the buyer sells their property.

     

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