The Ultimate Guide for First-Time Home Buyers

Buying Your First Home Is A Major Milestone

With the recent interest rate cut, now is the perfect opportunity to explore options at The Docks at Mooney's Bay. On October 23, 2024, the Bank of Canada reduced the key interest rate by 50 basis points to 3.75%, making the dream of owning a new condo or townhouse by the water in Mooney’s Bay more affordable than ever for first-time buyers.  We speak with first-time home buyers daily, and we want to share with you some potential benefits, government programs, and the opportunity have RBC as your mortgage partner.  
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Benefits for First-Time Buyers
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With the Bank of Canada's interest rate cut, first-time home buyers may be able to take advantage of:

• Increased Buying Power: You may qualify for a larger mortgage with the same monthly payment, giving you the ability to explore more home options at The Docks.
• Lower Monthly Payments: With decreased borrowing costs, your monthly mortgage payments will likely be lower, allowing you to manage your finances more comfortably.
• Improved Mortgage Approval Chances: The interest rate drop might be your opportunity to qualify for a mortgage if you had difficulty before. Lower rates can improve your chances of securing mortgage approval.
  

Government Programs for First-Time Home Buyers
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There are several programs available to help first-time home buyers in Canada. Here are a few key ones to consider when purchasing a home at The Docks at Mooney’s Bay:

• Home Buyers' Plan (HBP): This program allows first-time home buyers to withdraw up to $35,000 from their RRSPs tax-free to use towards the purchase of their first home. To learn more, please visit the Government of Canada website.
• First-Time Home Buyers’ Tax Credit (HBTC): With the HBTC, you can claim up to $10,000 in your first year of home ownership. This results in a non-refundable tax credit of up to $1,500, which can help with the costs associated with purchasing your home. To learn more, please visit the Government of Canada website.
• First Home Savings Account (FHSA): This tax-free savings account allows eligible individuals to save up to $40,000 toward the purchase of a home, with an annual contribution limit of $8,000. The contributions to this account are tax-deductible, making it a beneficial tool to help first-time buyers save for a down payment while enjoying tax advantages. To learn more, please visit the Government of Canada website.
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Exclusive Partnership with RBC: Preferred Mortgage Solutions
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To make your home-buying experience even smoother, we have partnered with RBC to offer buyers preferred mortgage financing solutions.  

Here’s what you can take advantage of through our partnership:

• Guaranteed mortgage approval for 36 months from the time of application, with no need for re-qualification or re-appraisal during the construction period.
• Up to $3,000 cash back on an eligible mortgage, with access to a lower interest rate (if available) 120 days prior to closing.
• No application or appraisal fees and fast-track approval using a blanket assessment property valuation process for eligible homes.

With the expertise of Philip Leger, our RBC Mortgage Specialist, you’ll receive professional advice tailored to your financial needs. If you’re ready to explore these incredible offers, contact Philip Leger directly at 613-404-5186 or via email at philip.leger@rbc.com.

Now may be the perfect time to buy your first home at The Docks at Mooney’s Bay, especially with the recent interest rate cut.  

Whether you're looking for a sleek condo or a spacious townhouse, The Docks provides a variety of options to fit your lifestyle and needs. With favourable market conditions and exceptional living opportunities, there’s no better time to begin your homeownership journey.  

Contact our sales team today to learn more and start your path toward owning a home in one of Ottawa’s most desirable waterfront communities!