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Old 12-18-2016, 02:05 PM   #1
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Join Date: Aug 2005
Location: Calgary Alberta
Default So I want to buy in 2 years or so...what do I need to know.

As the title says, my wife and myself are putting $ away like mad to save up for a down payment on a house.
Our goal is to aim for 2 years from now, at the rate we are going we have about 9K set away in RRSP's since July of this year.

Can some one explain how this all works? I know you can only use max 25K from RRSP for first time home buyers and such (we are) So how do you calculate how much of a home can you afford etc?

Or is 2 years such a far away time that the rules will change so much by then and I should just keep saving money and wait...?

Thanks guys.
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Old 12-18-2016, 02:33 PM   #2
Scoring Winger
Join Date: Aug 2005
Location: Calgary Alberta

Also I see ALOT of rent to own stuff going on, whats the deal with that?

worth it or stay the F a way from it?
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Old 12-19-2016, 01:52 PM   #3
Realtor 1
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Location: Calgary

Rules very well could change but if we are planning based on today's rules
- You will need a minimum of 5% down (up to 500k) and 10% on any portion over 500k and 20% if you are over 1m
- Rent to own.... there are a million ways to structure but more times than not it is something you should stay away from. A landlord on a rent to own is hoping you miss a payment or can't close when the time comes. Wait until you have your down payment and are ready to go at your own pace.
- When you think you are getting close, set up an appointment with a mortgage broker or your bank to be pre qualified and get the current interest rate held (up to 120 days). If rates go down, you can get the lower rate and if they go up you will get the locked rate.
- Once you have been pre qualified it is time to get out and start looking.

There is much more to the process but this is the basics... if you have any specific questions about the process, feel free to ask.
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Old 12-19-2016, 06:05 PM   #4
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Property tax is expensive!
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