Canadian real estate expert Dina Al-Ghandour has sent a message of reassurance and encouragement to those wishing to enter the Canadian real estate market for the first time, in light of the challenges facing the global real estate market.
Al-Ghandour stressed that owning a home in Canada is not impossible, but rather a “strategic step” that requires a combination of financial awareness and taking advantage of available government initiatives.
Al-Ghandour explained that the concept of “first buyer” in Canadian law has a flexibility that many may overlook; it is not limited to those who are buying for the first time in their lives, but also includes everyone who has not owned a property during the past four years, which opens the door for broad categories to regain the financial and tax privileges that the state grants to this category.
Dina Al-Ghandour reviewed the most important financial tools that make owning property easier at the present time, most notably the possibility of starting the ownership journey with a down payment starting from only 5% of the property value, in addition to benefiting from the (HBP) program that allows withdrawal of up to $35,000 from the retirement account (RRSP) without taxes, and the new account (FHSA) that provides strong tax advantages for savers.
To ensure a safe and convenient buying experience, expert Dina Al-Ghandour identified a list of essential requirements that the buyer must prepare, most importantly maintaining a good credit score to ensure the best financing terms, and obtaining pre-approval from the bank to determine a realistic budget for the search before starting.
Al-Ghandour gave essential advice to buyers, stressing the need not to buy “with maximum financial capacity,” but rather to leave room for financial security to cover maintenance costs, taxes, and insurance, while also emphasizing the importance of choosing a location that meets the family’s needs in terms of school quality and transportation availability.
Dina Al-Ghandour concluded her remarks by emphasizing the pivotal role of the real estate agent as a guide who accompanies the buyer every step of the way, from choosing the right property to negotiation skills and completing the deal safely, saying: “The path to owning your first home in Canada is perfectly clear, and with the right guidance, the dream becomes a tangible reality easily and confidently.”
