Ready to Buy or Sell a Home?

Ready to Buy or Sell a Home? Here Are 5 Key Factors in Choosing the Right Agent

Navigating the real estate market without guidance is like starting an expedition without a map. Whether you're selling your cherished family home or searching for your dream property, having the right real estate agent by your side can make all the difference.

According to a 2024 report from the National Association of Realtors, agent-represented homes sold for nearly 14.5% more than those sold by owners alone.¹

But home sellers aren’t the only ones who can benefit. A study by the Consumer Federation of America found that homebuyers can save significantly by working with an agent dedicated to their interests.²

While it’s easy to see the advantages of working with a real estate professional, it can be challenging to find the right representative whose expertise, service, and terms align with your specific needs. This comprehensive guide presents five factors to consider when choosing a real estate agent who can deliver results while streamlining the process.

Buyer’s Agent vs. Listing Agent: What’s the Difference?

A buyer’s agent represents the interests of the homebuyer. Their role includes helping you find properties that meet your criteria, coordinating viewings, negotiating offers, and guiding you through inspections and closing. They are your advocate throughout the purchasing process.

A listing agent, on the other hand, represents the seller. They are responsible for pricing the home competitively, marketing the property, managing showings, and negotiating with buyers on your behalf. Their job is to sell your home with the best possible terms.

In most cases, homeowners who are selling their current property and buying a new one can work with the same agent for both transactions. This offers convenience and consistency, as your agent will have a full understanding of your timeline, financial goals, and property preferences. However, if you’re relocating to a different city or province, you may need to work with two separate agents—one to list and sell your current home and another with local expertise in your new area to assist with your purchase.

1. Credentials & Reputation

A well-qualified agent brings more than just enthusiasm; they bring training, experience, and a proven track record.

First, ensure your agent holds a valid licence through your provincial real estate council or board. Canadian real estate agents must complete provincially mandated education, pass licensing exams, and adhere to strict ethical standards, especially if they are members of the Canadian Real Estate Association or a local real estate board.³

Next, inquire about the agent’s continuing education. Real estate designations and certifications indicate additional training and a commitment to excellence in specific areas of real estate.

When it comes to reputation, don’t hesitate to ask for references and check online reviews. Past clients can provide insight into the agent’s communication style, negotiation skills, and ability to manage complex transactions. Prioritize any feedback you receive from trusted family and friends.

Additionally, take time to visit the agent’s website and social media channels to see if they regularly share useful and relevant real estate information, such as market updates, home buying and selling tips, or neighbourhood insights. A well-maintained online presence not only reflects their commitment to staying engaged in the industry but also shows they are a resource for their clients before, during, and after a transaction.

2. Local Market Knowledge

One of the most valuable assets a real estate agent can offer is in-depth knowledge of the local market. Whether you're buying or selling, working with someone who understands the neighbourhoods, pricing trends, school districts, amenities, and zoning regulations in your target area can give you a significant edge.

A local market expert can help sellers price their home competitively, attract the right buyers, and highlight community features that add value. For buyers, a locally knowledgeable agent can identify hidden gems, alert you to upcoming developments that may impact property values, and advise on which areas offer the best long-term investment potential.

They also tend to have established relationships with local lenders, inspectors, contractors, and other professionals, which can make the entire process smoother and more efficient. When choosing your agent, ask how long they’ve worked in the area and what insights they can offer about your specific neighbourhood or region.

3. Service & Value Proposition

Not all real estate agents offer the same level of service, so it’s important to understand what sets one apart from another. Take time to evaluate an agent’s unique value proposition—what they promise to deliver that others may not. This can help you choose someone whose approach and strengths align with your specific needs.

If you're selling a home, ask for a written copy of their marketing plan. What steps will they take to reach qualified buyers? Find out how they determine pricing and how actively they will communicate with you throughout the transaction.

For buyers, consider how the agent searches for properties, how quickly they can schedule showings, and whether they can help you compete in a competitive market. Do they offer guidance on financing, local insight on neighbourhoods, or access to off-market listings?

An effective agent should be able to clearly articulate the value they bring, backed by experience, data, and a commitment to personalized service. Ask for a breakdown of their services upfront to ensure you understand what to expect from the partnership.

4. Terms of Representation

Before committing to an agent, it’s essential to understand the terms of your working relationship. Clarify who will be your primary contact and how and when they will communicate with you throughout the process. The best real estate agents establish clear communication protocols and consistently meet or exceed expectations throughout the relationship.

Most agents will ask you to sign a contract that outlines their duties, your obligations, and the scope of services provided. Take time to review the terms carefully and ask questions.

For sellers, the agreement may include the listing price, compensation terms, and the duration of the contract.⁴ Buyers typically sign a representation agreement, which confirms the agent is working in their best interest during the home search and purchase process.⁵

Always thoroughly review any buyer or seller agency agreement for termination clauses and commission obligations before signing. Trustworthy agents are transparent about their compensation structure and willing to explain how it aligns with your goals.

5. Ongoing Support

Exceptional agents continue to provide support long after closing. A top-tier real estate professional offers ongoing support, ensuring you have a trusted resource long after the transaction is complete.

Some agents are willing to provide post-purchase assistance, such as recommending reliable contractors, helping you understand your property tax assessments, or offering periodic home value analyses. For sellers, they may provide advice on reinvestment options or an agent referral if you’re planning to move to a new area.

This continued relationship can be especially valuable if you’re new to the area or plan to buy or sell again in the future. Ask potential agents how they stay in touch with past clients and whether they offer any resources or services to support you after closing. An agent who sees the relationship as long-term is one who genuinely values your trust and satisfaction.

READY TO MAKE YOUR MOVE? LET’S TALK.

Choosing a real estate agent is one of the most important decisions you'll make when buying or selling a home. The right partner can make the process easier to navigate and more rewarding, both financially and emotionally.

If you're looking for an experienced, locally knowledgeable agent who prioritizes clear communication, personalized service, and proven results, we’d love the opportunity to earn your trust.

Schedule a free, no-obligation consultation today to discuss your goals, ask questions, and find out how we can help you navigate your next move with confidence. Let’s turn your real estate goals into a successful reality—together.

The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

Sources:

National Association of Realtors -
https://www.nar.realtor/magazine/real-estate-news/fsbos-reach-all-time-low-more-sellers-rely-on-agents
Forbes -
https://www.forbes.com/sites/tedknutson/2019/01/14/home-buyer-could-lose-big-by-not-working-with-agent-serving-them-solely-warns-consumer-federation/
Canadian Real Estate Association -
https://www.crea.ca/who-we-are/the-realtor-difference/become-a-realtor/
Canadian Real Estate Magazine -
https://www.canadianrealestatemagazine.ca/expert-advice/listing-agreement-tips/
Canadian Real Estate Magazine -
https://www.canadianrealestatemagazine.ca/expert-advice/what-is-the-buyer-representation-agreement-bra/

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Selling Your Home in 2025?

Thinking about listing your home in 2025? If so, you're smart to start planning ahead. With housing inventory rising in many market segments, today’s sellers need more than just a “for sale” sign to stand out.¹

The good news? You can still make a strong impression and command top dollar—if you know what today’s buyers are really looking for.

We’ve outlined five of the top homebuyer priorities in 2025, along with a clear action plan to help you position your property for success. Whether you're weeks or months away from listing, these insights will help you attract serious offers and maximize your return.

BUYER PRIORITY #1: Move-In-Ready Condition

Buyers want homes that are ready to enjoy from day one. A recent survey found that 64% of Canadians would prefer to buy a renovated property.² Homes that feel fresh and well-maintained are far more likely to attract competitive offers.

Seller Action Plan:

Refresh your interior.
This might include painting rooms in neutral, contemporary colours and swapping outdated fixtures for more modern alternatives. We may also recommend that you take down heavy drapery or dated blinds to brighten your space and clean or replace flooring to create a clean and cohesive look.
Fix anything that’s broken.
If something isn’t working quite right, repair it now. Provide maintenance records, if you have them, and consider a pre-listing inspection to identify potential issues early—helping avoid delays or negotiations later^.3 We can advise you on the best course of action given your circumstances and your home’s condition.
Strategically enhance your kitchen.
A modern kitchen is a major selling point for many buyers. According to the Canadian Home Builders’ Association, buyers rank a kitchen island and hardwood/wood-look kitchen flooring among their top 10 most-desired features.⁴ We can help you decide if an investment in your kitchen is worthwhile.

Our team can help you identify and prioritize strategic improvements that will maximize your home's appeal and market value. Contact us for a free evaluation!

BUYER PRIORITY #2: Flexible Closing Timelines

Many of today’s buyers are juggling complicated schedules and circumstances, especially if they need to time the sale of their current home with the purchase of their new one. If you are able to offer a flexible closing timeline, it can deliver an advantage.

Seller Action Plan:

Define your ideal timeline and explore your level of flexibility.
We can discuss your goals and expectations for a closing timeline and consider how much flexibility you might be able to offer buyers. This will depend on your specific circumstances, but additional leeway can be helpful.
Make a plan to get out of your home quickly, if needed.
Some buyers need to move out of their current home quickly or relocate by a certain date to start school or a new job. Therefore, they may require an accelerated closing timeline. These buyers will be particularly interested in finding sellers who are willing and able to accommodate a fast closing.

Leverage your real estate agent’s negotiation expertise.
Closing dates can be tricky to navigate. As experienced professionals, we can help you work through the details to arrive at a mutually beneficial arrangement for you and the buyer.

Trying to figure out a plan for your move? Schedule a free consultation to discuss your specific selling timeline and explore flexible closing options.

BUYER PRIORITY #3: Curb Appeal

A well-maintained and visually appealing exterior, often referred to as “curb appeal,” is essential for generating interest and bringing buyers in the door. According to a 2020 study by the Journal of Real Estate Finance, curb appeal can account for as much as 7% of a home’s sale price.⁵

Seller Action Plan:

Maintain an immaculate exterior.
Ensure your landscaping is well maintained while it’s on the market, with your lawn mowed, hedges trimmed, and flower beds weed-free. If this isn’t your strong suit, invest in a professional service. When it comes to your home itself, a welcoming entrance with a clean, freshly painted front door and updated hardware can make a big difference.
Address visible exterior elements.
Inspect and touch up any peeling or faded paint on the siding or trim, and repair or replace any damaged siding or roofing. Check that your walkways and driveway are in good condition and that your outdoor lighting is sufficient and in working order.
Keep things clean.
Thoroughly power wash the siding, walkways, driveway, and any other exterior surfaces to remove dirt, grime, and mildew. Clean all windows and screens, both inside and out, to maximize natural light and improve the overall appearance of your home.

We’re happy to offer specific recommendations to enhance your property's curb appeal and to refer you to landscapers, painters, and other professionals for help.

BUYER PRIORITY #4: Functional Spaces

Today's buyers often prioritize properties that offer flexibility and function to meet their evolving needs, ranging from entertaining to storage space to convenient parking.

Seller Action Plan:

Showcase outdoor spaces.
According to a recent survey, 81% of Canadians consider a backyard to be either “important” or “very important” when choosing a home.² Be sure to highlight outdoor spaces in your listing and prep and stage them to look their best.

Highlight finished basements and storage solutions.
Functional living isn’t just about primary spaces—it’s also about smart storage. Showcase your finished basement, walk-in closets, and other storage solutions that help keep the home organized and clutter-free.^2,4 This gives buyers a sense of ease and livability.
Keep parking in mind.
Convenient parking is a top priority for many buyers. A garage is on the list of “must-haves” for many single-family home buyers, while parking garages and access to visitor parking rank high amongst condo purchasers.^2,4

Our team can help you stage your home to attract more potential buyers. Reach out for our recommendations!

BUYER PRIORITY #5: Energy Efficiency & Sustainability

With rising utility costs and a focus on environmental responsibility and clean living, buyers are looking for homes with eco-friendly features.⁴ A few small changes can help you make the most of that desire and draw in conscious buyers.

Seller Action Plan:

Incorporate and highlight sustainable materials.
Buyers are increasingly drawn to homes that feature eco-conscious design choices. If you’ve used sustainable materials—like bamboo flooring, recycled glass countertops, low-VOC paints, or reclaimed wood accents—make sure to highlight these details. They not only enhance your home’s aesthetic but also signal a thoughtful, environmentally responsible approach to design.

Install energy-efficient features.
While it isn’t always cost-effective to add these features solely to sell your home, if you plan on making any upgrades to windows, systems, or appliances, keep energy efficiency in mind. You may also want to consider upgrades like a smart thermostat that can both help cut utility bills and show potential buyers that your home is loaded with the latest technology.

Take steps to reduce energy loss throughout the home.
Simple upgrades like sealing gaps around doors and windows, adding weather stripping, or insulating the attic can significantly improve a home’s energy efficiency. These improvements may seem small, but they can lower utility bills and demonstrate to buyers that the home has been well maintained with long-term savings in mind.

We can help you identify the most impactful energy-efficient upgrades and highlight your home’s sustainable features to attract today’s eco-conscious buyers.

Partnering for Success: Your Strategic Advantage in Today's Market

Successfully selling your home in today’s competitive and ever-evolving market requires more than luck—it demands insight, preparation, and expert strategy. By aligning your listing with the priorities of today’s buyers, you’ll position your property to stand out and sell faster, for top dollar.

Our team is here to guide you every step of the way. From personalized recommendations and trusted vendor referrals to strategic pricing and marketing, we’re committed to helping you achieve a smooth and profitable sale.

Ready to take the next step? Contact us today for a complimentary home value assessment and customized sales plan designed to make your property shine. Let’s work together to turn your real estate goals into reality!

Sources:

Better Dwelling -
https://betterdwelling.com/canadian-real-estate-prices-rise-sales-make-the-sharpest-drop-in-years/
Real Estate Magazine -
https://realestatemagazine.ca/what-canadians-really-want-in-their-homes-in-2025-according-to-a-new-survey/
Global News -
https://globalnews.ca/news/10502859/home-inspections-cost-condition-housing-market/
Canadian Home Builders’ Association -
https://www.chba.ca/home-buyer-preferences/
Spruce -
https://www.sprucemagazine.ca/the-real-deal-on-curb-appeal/

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5 Roadblocks to Affordable Homeownership (and ways to move past them)

5 ROADBLOCKS TO AFFORDABLE HOMEOWNERSHIP
(AND WAYS TO MOVE PAST THEM)

Dreaming of a new home but feeling priced out? You’re not alone! A 2024 survey by Royal LePage found that 46% of Gen-Z and millennial Canadians who don't already own a home have doubts as to whether they’ll ever be able to afford one.¹

According to data from Canada Mortgage and Housing Corporation (CMHC) and Equifax, average monthly payments for new mortgage loans have risen 47% since the second quarter of 2020.²

Nevertheless, homeownership remains a significant value for Canadians, with 84% of 18 to 34-year-olds agreeing that buying a home is a worthwhile investment.¹ And if you’re among that number, there are plenty of ways to make your homeownership dreams a reality.

In this guide, we’ll explore five common roadblocks to affordable homeownership and actionable solutions to help you overcome them. Let’s break down those barriers so you can finally get the home of your dreams!

ROADBLOCK #1: I Don't Have Enough Saved For A Down Payment

Many prospective buyers believe they need a 20% down payment to buy a home. But in reality, there are ways to purchase a home in Canada with as little as 5% down.³ For buyers who qualify, there are a number of programs that can help make a home purchase more accessible.

Government-Backed Mortgage Insurance
CMHC mortgage insurance is a great option for buyers who are short on cash. This insurance allows for down payments as low as 5% for homes that cost $500,000 or less. If the home costs between $500,000 and $1.5 million, you’ll need a minimum of 5% down on the first $500,000 and 10% on the remainder.³ This can make homeownership more affordable for those who haven't saved up enough for a large down payment.

Utilize a Tax-Free First Home Savings Account (FHSA)
If you open an FHSA, you can reduce your taxable income while you save for a down payment. This type of account, which is only available to first-time homebuyers, allows you to save up to $8,000 tax-free the first year, with contribution limits in subsequent years depending on your individual situation. You can save up to $40,000 in an FHSA in total.⁴

Maximize the Home Buyers' Plan (HBP)
The HBP is a government program that allows first-time homebuyers to withdraw up to $60,000 from their registered retirement savings plans (RRSPs) to buy or build a qualifying home.⁵ This can be a significant boost to your down payment savings. Be sure you understand the repayment rules and deadlines to avoid any tax penalties.

Explore Provincial Programs
In addition to the HBP, some areas offer programs to assist with down payments, ranging from cash assistance to interest-free loans.⁶ We can help you research the programs available to see if you qualify.

Family Gifts

Parental support has become increasingly common in Canada. A recent study found that 31% of first-time buyers receive financial help from a family member.⁷ If you're fortunate to have family support, be sure to follow the proper procedures to document the gift and ensure it complies with Canada Revenue Agency guidelines.

Existing Home Equity

If you already own a home, you may have more equity than you realize. This equity (or difference between your home’s current value and what you owe on your mortgage) could go toward a down payment on a new property. Wondering how much equity you have in your current home? Reach out for a free home value assessment.

ROADBLOCK #2: I Can't Afford the Monthly Payment

Worried about those monthly mortgage payments? High interest rates and rising costs can make mortgage payments feel daunting. But there are strategies to reduce your monthly burden.

Choose an Extended Amortization Period
The traditional 25-year amortization period for a mortgage isn’t your only option. First-time homebuyers and buyers of new builds qualify for 30-year mortgage amortization, which can help lower your monthly payments, though it also means you’ll be paying off your home longer and will pay more in interest.⁸

Co-Buy with Family or Friends

A growing number of homebuyers are returning to multigenerational living or are even buying a home with friends.⁹ This arrangement enables you to cut costs significantly while sharing both the time and financial responsibilities of homeownership. We can help you search for homes that are well suited for your group.

Purchase a Home with Income Potential

You can generate extra income to offset your mortgage payments by purchasing a duplex, renting out a room or an accessory dwelling unit (like a garage apartment), or even listing your property on Airbnb. We work with investors and can help you find a property to meet your goals.

ROADBLOCK #3: I Can't Qualify for a Mortgage

Qualifying for a mortgage can be a stressful process, especially if you have previously faced financial challenges. But you might be pleasantly surprised—there’s a lot you can do to improve your chances of success.

Boost Your Credit Score
Your credit score is foundational when it comes to getting a mortgage.A higher score typically means a lower interest rate and more options. Take steps to improve your credit by paying bills on time, reducing debt, and checking your credit report for errors.¹⁰ Even a small improvement in your score can make a big difference.Pro tip: Avoid opening or closing credit cards or taking out other loans (like car or personal loans) if you plan to start home shopping in the near future.

Lower Your Debt Service Ratios
Lenders want to be sure that you can afford your monthly mortgage payment alongside any other debts. That’s why they calculate both your gross debt service ratio, or GDS (the percentage of your income that will go towards the cost of a particular property), as well as your total debt service ratio, or TDS (the percentage of your income that goes to all loan payments, including mortgage, car loans, credit cards, etc.)¹¹ Paying down other types of debt, like your car loan, will leave more space in your budget for a monthly mortgage payment.

Consider Getting a Co-Signer
Having a co-signer with a stronger credit history or more income can strengthen your application, but make sure you (and they) understand the risks and responsibilities involved.¹²

ROADBLOCK #4: I Can't Find a Home in My Price Range

Feeling frustrated by the lack of affordable homes on the market? Unfortunately, this is a common problem. But with a little flexibility and guidance, it’s possible to find a great property to fit most budgets.

Expand Your Home Search

You may need to search outside your target area. In many markets, home prices vary drastically within the span of miles.Being open to exploring alternative neighbourhoods or those farther from the city centre can open up surprising possibilities. As local market experts, we can help you discover hidden gems and up-and-coming neighbourhoods. Reach out for a complimentary consultation.

Revisit Your Must-Haves

Take a close look at your “must-have” list. Are there any features you can compromise on to expand your options and find a more affordable property? For example, do you really need two bathrooms, or could you settle for a single bathroom with space to add a second one in the future? These types of compromises can sometimes shave tens of thousands off your purchase price.We’re happy to offer our thoughts on the features that you’re likely to find within your budget.

Consider Fixer-Uppers

Looking to cut purchase costs? Don't shy away from homes that need a little TLC. Fixer-uppers usually come with a lower price tag, and you can personalize the renovations to your taste.¹³ Just be sure to factor in the cost of repairs and renovations when determining your budget—and to be realistic about your own home repair skills!If you’re interested in exploring fixer-upper opportunities, we can help you identify properties with potential and connect you with reliable contractors.

ROADBLOCK #5: I'm Overwhelmed by the Process

Buying a home can feel like navigating a maze. Between searching for properties, securing financing, negotiating contracts, and handling paperwork, the process can quickly become overwhelming. But you don’t have to do it alone! We can simplify every step, helping you stay organized, informed, and confident in your decisions.

Find the Right Home Faster

The sheer number of listings on the market can be daunting, and homes that meet your criteria may not always be easy to find. Our team can:

Save you time by narrowing down homes that fit your budget, needs, and lifestyle.
Get you access to off-market and pre-listing properties that aren’t widely advertised.
Provide insights on local market trends to help you make a competitive offer.

Navigate Financing & Paperwork With Ease

Real estate transactions involve complex contracts, legal documents, and lender requirements. One misstep could delay your purchase—or even cost you your dream home. We will:

Help you find down payment assistance that you may not be aware of.
Explain mortgage options and connect you with reputable lenders.
Ensure all purchase documents are accurate and deadlines are met.

Score the Best Deal

Many buyers worry about overpaying for a home or getting stuck with costly repairs, but we know how to:

Use expert negotiation tactics to secure the best possible price.
Identify hidden costs so you aren’t caught off guard at closing.
Negotiate repairs or seller concessions to save you money.

Streamline Inspections & Closing

The home inspection and closing process can bring last-minute surprises. We avoid these by:

Helping you interpret inspection reports and advising on necessary repairs.
Coordinating with your lender and other parties to keep everything on track.
Preparing you for closing day so you know exactly what to expect.

Benefit From Ongoing Support

Our relationship doesn’t end once you get the keys. We always go the extra mile to:

Recommend trusted contractors for renovations and repairs.
Help you make strategic upgrades through complimentary real estate consultations.
Provide market updates in case you want to refinance or sell later.

The bottom line? You don’t have to navigate this process alone. When you work with us, you’ll have a trusted partner to handle the complexities, answer your questions, and ensure everything goes smoothly from start to finish.

LET’S TURN ROADBLOCKS INTO STEPPING STONES TOWARD YOUR DREAM HOME

Buying a home may come with challenges, but none of them are impossible to overcome. With the right strategies, resources, and expert guidance, you can navigate these obstacles with ease.

Whether you're worried about saving for a down payment, qualifying for a mortgage, or finding the right home in your price range, there are solutions available to help you move forward. The key is to stay informed, explore all your options, and work with professionals who can guide you every step of the way.

Our team is here to help you find the right home, secure the best financing, and negotiate the best deal—without the stress and uncertainty of doing it all yourself. Let’s turn your homeownership dreams into reality. Contact us today to get started!

SOURCES:

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Home-Related Tax Deductions (Canada)

Owning a home is a significant milestone — and one bonus is that it can come with significant tax savings! However, making the most of offerings like the Principal Residence Exemption can be tricky, and you may not be aware of all available tax-saving strategies. This guide rounds up the information you need about common Canadian home-related tax savings options and requirements for eligibility.

Buying a Home: Tax Benefits and Programs

The Canadian government offers several programs to make a home purchase more affordable. These include:

Home Buyers' Amount (HBA)

The HBA is a non-refundable tax credit for first-time home buyers and individuals with disabilities purchasing a home. You can claim up to $10,000 in expenses to get a federal tax credit of up to $1,500 (15% of $10,000). This credit can help offset some costs associated with buying a home, such as legal fees and land transfer taxes. To be eligible, you must be considered a first-time home buyer (generally, someone who hasn't owned a home in the past four years) or meet specific criteria related to disabilities. The home must be your primary residence. If you purchase a home with a spouse or partner, only one of you may claim the credit.

GST/HST New Housing Rebate

If you purchase a newly built home or substantially renovate your existing home, you might be eligible for a GST/HST new housing rebate. The maximum federal rebate is $6,300, and the amount you qualify for varies depending on the home’s purchase price or fair market value (for substantial renovations) and other factors. Eligibility criteria and rebate amounts vary by province/territory, and some provinces offer substantial additional rebates. For example, Ontario offers rebates of up to $24,000, and does not require the home’s value to be under $425,000 (as is the case for federal rebates).

Home Buyers' Plan (HBP)

The HBP isn't a tax deduction or credit, but it allows you to withdraw up to $60,000 (increased significantly in recent years) from your Registered Retirement Savings Plans (RRSPs) to buy or build a qualifying home without immediate tax penalties. If you are buying a home as a couple, you can each withdraw up to $60,000 for a total of $120,000. However, you must repay the withdrawn amount to your RRSP over a 15-year period.
Note that this program is only available to first-time homebuyers or homebuyers with disabilities, and you must already have a written agreement to buy or build a qualifying home at the time of withdrawal.

Homeownership and Taxes

Once you own your home, you may be eligible for specific deductions and credits based on your personal situation. These include:

Home Accessibility Expenses

If you make renovations to your home to improve accessibility for a resident family member who is eligible for the Disability Tax Credit or is over the age of 65, you may be able to claim the Home Accessibility Tax Credit. This is a non-refundable tax credit on eligible expenses up to $20,000. The maximum credit you can claim is 15% of eligible expenses, up to a maximum of $20,000. Qualifying expenses can include wheelchair ramps, stair lifts, grab bars, and other modifications that improve mobility or reduce the risk of injury.

Rental-Related Expenses

If you rent out a portion of your home, you must report the rental income on your tax return. However, you can also deduct eligible expenses related to the rental property. While you can’t generally deduct mortgage interest payments from your taxes in Canada for your primary residence, if you rent out part of your home, you can deduct a proportional part of your mortgage interest related to the rental portion. You can also deduct a proportionate amount of other eligible expenses, such as repairs, utilities, property taxes, and home insurance, again, only related to the rental portion. It's critical to keep accurate records of rental income and expenses.

Deductible expenses can include:

Mortgage Interest: Proportionate mortgage interest for the rented area
Property Taxes: Proportionate property taxes for the rented area
Home Insurance: Proportionate home insurance premiums for the rented area
Utilities: Proportionate costs for electricity, heating fuel, and water used by the tenant
Repairs: Cost of repairs to the rented area (e.g., fixing a leaky faucet, repairing a broken window)
Maintenance: Regular maintenance costs for the rented area (e.g., cleaning, snow removal)

Non-deductible expenses can include:

Mortgage Principal: Mortgage principal payments are not deductible
Personal Expenses: Expenses not directly related to the rental activity (e.g., personal use of utilities)
Capital Improvements: Expenses that improve or add value to the property (e.g., adding a new deck, renovating the kitchen)
Land Transfer Tax: Land transfer tax paid when you purchased the property
Depreciation (CCA):While you can claim Capital Cost Allowance (CCA) to deduct a portion of the cost of the building over time, it is not a direct deduction from rental income and and requires complex calculations

Home Office Expenses

If you work from home, you may deduct the proportion of eligible expenses that relate to your workspace, such as electricity, heating, maintenance, and repairs. Note that you can deduct repairs to your home office (and a portion of other eligible home expenses), but you cannot deduct improvements to your home office that increase the value of your property (those would be capital expenses and impact your cost base).

You must meet specific criteria for your workspace to be considered a home office, such as being required to work from home by your employer (which can include voluntarily entering into a formal telework arrangement with your employer), working more than 50% of the time from the work space for at least 4 consecutive weeks, among other requirements. https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-22900-other-employment-expenses/work-space-home-expenses/who-claim/detailed-method.html

Selling Your Home and the Principal Residence Exemption (PRE)

In Canada, capital gains from the sale of your principal residence are generally protected thanks to the principal residence exemption (PRE). If you buy a home for $300,000 and sell it for $500,000, the $200,000 gain is generally tax-free. However, the gains are only fully tax-free if the home was your primary residence for every year that you owned it. If you rented it out for some years, or if you have designated a different property as your principal residence for certain years, you will likely owe some capital gains tax on the portion of time it was not your principal residence. Designating a property as your principal residence can have complex implications, especially if you have owned multiple properties. It's crucial to understand the rules and seek professional advice if needed.

Provincial/Territorial Tax Credits and Grants

Many provinces and territories offer their own tax credits and grants for homeowners. These can include incentives for energy-efficient renovations, property tax rebates, or assistance for first-time home buyers. Check your province or territory's government website for specific programs.

Record-Keeping Tips for Homeowners

Organized records are essential. Keep documents like mortgage statements, property tax bills, and receipts for home improvements readily accessible. Keep both physical and digital copies (scan and save!). Keep all home-related records for as long as you own the home — and it’s always safest to keep digital copies indefinitely. This is especially important for capital improvements as these records are essential for calculating your adjusted cost base when you sell.

Conclusion

Understanding the tax aspects of homeownership is crucial. This guide provides a starting point, but consulting with a tax professional is strongly recommended for personalized advice to ensure you are maximizing your benefits and complying with all tax requirements.

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Note: This information is intended for general guidance only. Tax regulations are subject to change.

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