Every situation is unique, so you will have to consider a few factors before you decide which is best for you. For example, what are the current market conditions? Are you financially capable of carrying 2 properties without feeling stressed?

Overall, buying first may work best when

• There is a lot of competition in the market and property prices are rising
• You're confident there will be a high level of demand for your property
• Inventory is low and you're not confident in how long it will take you to find a suitable home
• You're prepared to accept an offer on your home that lets you move on

Selling first may work best when

• Property prices are flat or declining
• We are in a balance market or buyers market and inventory is high
• If you want greater certainty about how much you will have to spend
• If you're moving locations and buying in a different and slower market
• If you can negotiate a long closing or know you will be able to find something that meets your requirements

In Ontario, when you purchase real estate, you must pay Land Transfer Tax to the province when the transaction closes. Land Transfer Tax is based on the purchase price of the property (Note: If you are purchasing a home in Toronto, an additional Toronto Land Transfer Tax applies). While paying Land Transfer Tax is generally unavoidable, if you are a First-Time Homebuyer, you may be eligible for a full or partial refund of the Land Transfer Tax associated with your purchase. To qualify for the First-Time

Home Buyers rebate, you must meet the following criteria:

1. You must be at least 18 years old;
2. You must be a Canadian citizen or permanent resident of Canada;
3. You must occupy the home you are purchasing as your principal residence within nine (9) months of the closing date;
4. You must not have ever owned another property anywhere in the world;
5. If you are married, your spouse must not have ever owned another property anywhere in the world during your marriage; and
6. If you are in a common law relationship, your spouse must not have owned another property anywhere in the world after living together for more than three (3) years.

To learn more and speak with a licensed professional, reach out to our team and we will connect you with the appropriate parties.

A down payment is the amount of money you put towards the purchase of a home. Your lender will deduct the down payment from the purchase price of your home and your mortgage covers the rest of the price of the home. The minimum amount you need for your down payment depends on the purchase price of the home. It is also important to note that If your down payment is less than 20% of the price of your home, you must purchase mortgage loan insurance.

Purchase price of your home Minimum amount of down payment

$500,000 or less
* 5% of the purchase price

$500,000 to $999,999
* 5% of the first $500,000 of the purchase price
* 10% for the portion of the purchase price above $500,000

$1 million or more
* 20% of the purchase price

Coming prepared for the rental market will greatly benefit you and your time in the long run. First, we would suggest understanding what you can actually afford. Be mindful of your expenses and what budget you have to work with. Secondly, prepare all necessary documents. This includes; identification such as a driver's license, verification of your income such as pay stubs or tax returns, a credit check (which can be done through Equifax online), any rental history, and references. Your local realtor should provide you with a rental application form where all of this information can be put. Lastly, start working with a local real estate expert to help find the right property for you!