HOW CAN YOU ACQUIRE A HOME WITH AS LITTLE AS 5% DOWN? OR IS THIS EVEN A GOOD IDEA?

/ November 19, 2013

How can you acquire a home with as little as 5% down? Or is this even a good idea?

 

 

Q….. How can you acquire a home with as little as 5% down? Or is this even a good idea?

from Zoocasa ASK the Pros

A…….If you can be approved for a 95% loan and you are confident prices will be higher for that property in 1-2-3 yrs (whenever the bottom is) then go ahead.

After the “dip” we’re going to see rapid inflation/currency devaluation and home prices will soar

You gotta live somewhere and if you rent in the meantime, you’ll get no return on your monthly investment.

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3. Only those who were residents of Canada during the year that includes the acquisition date will get the additional year of coverage of the principal residence exemption. If you are a Canadian resident throughout the period you owned your principal residence, then this will not impact you. You will still be able to claim the principal residence exemption for one plus the number of taxation years that end after the acquisition date for which the property is your principal residence and during which you were a resident in Canada. However, on dispositions after October 2, 2016, the Government has changed that Act so if you acquired the property in a year you were not a resident of Canada you will no longer get the additional year.

2 thoughts on “HOW CAN YOU ACQUIRE A HOME WITH AS LITTLE AS 5% DOWN? OR IS THIS EVEN A GOOD IDEA?”

  1. Pingback: 40+ “nobody ever explained it like that” Answers to Realty Questions (from my Nov 19/13 Post) —a revived tradition #UncleBobExplains | unclebobexplains

  2. Pingback: 40+ “nobody ever explained it like that” Answers to Realty Questions (from my Nov 19/13 Post) —a revived tradition #UncleBobExplains | unclebobexplains

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