This article is dedicated to help every first time home buyer considering to purchase their home in Calgary.
Why Calgary is the Best City for First Time Home Buyers?
Why Calgary Is The Best Place For First Time Home Owners:
- Calgary’s houses are affordable, a typical house is worth $441,000 with a national average of $716,000
- Calgary is ranked number 5 in the Top 10 Most Liveable Cities.
- Calgary is ranked number 8 in the best cities in the world for families.
- There is no provincial sales tax in Calgary. Only a 5% federal GST.
- Calgary is close to the mountains, hiking areas and world class tourist attractions.
- Calgary is the highest paid cities in Canada.
- Driving to work would usually not take you more than 30 minutes, most of the times you would be able to get around in 15 minutes driving time.
First Time Home Buyers Advantages:
- Home Buyers’ Tax Credit (HBTC) – This program allows qualifying first time home buyers be eligible for a tax credit and will provide up to $750 in tax relief for individuals.
- Home Buyers’ Plan (HBP) – This program you can withdraw funds from you RRSP account to buy or build a qualifying home.
- 5% Down Payment: One of the biggest advantages is the fact that you can put only 5% down. Let’s say you are planning to buy a $450,000 house, it would be $22,500 down payment.
For all the above financial’s, please consult a mortgage specialist for more details.
Disadvantages of being a First Time Home Buyer in Calgary:
- Oil & Gas dependant economy.
- Higher unemployment rates when oil is down.
- Less diversity compared to Toronto.
- Dry Climate.