In case you’re hoping to purchase a Toronto condo soon, you should start saving. As indicated by a new report, the median price for a townhouse in the Toronto is around $565,000.
While the exorbitant prices may appear to be overwhelming, one Ontario realtor uncovers his top tips on the most proficient method to start saving for your very own space.
Tip number one is, begin adding to your RRSP: on the off chance that you haven’t effectively begun adding to your RRSP (Registered Retirement Savings Plan) you should begin doing so right away.
These contributions will save you on income tax. Additionally, you can borrow from your RRSP for a down payment. Also, this borrowed money will not be subject to income tax.
On top of this, you additionally shouldn’t carry a balance on your credit cards, as that interest could be going directly into savings.
Build your credit by paying your balance on time, so you have access to better loans and interest rates.
Make a savings plan and see what expenses you can leave behind
When hoping to purchase your first condo, you should begin making a saving arrangement and stick to it, and see where your money is going. What normal costs would you be able to remove? A few models would downsize on eating out and delivery services.
You can still travel, eat well and live a satisfying lifestyle, within an arranged financial plan. In case you’re anticipating a raise, budget that additional income into your savings.
It’s also significant that relying upon the cost of the property, you can purchase your new home with as little as a 5% down payment.
If you are looking to refinance or purchase a home over the next few months, contact us today at 877-296-2696 or email us at info@homemortgageadvice.ca.