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Dec 30, 2023 · Get Started. Exploring different law schools: Research and consider various law schools based on their reputation, faculty, areas of specialization, and location. Completing the application: Submit all required documents, such as transcripts, personal statements, recommendation letters, and application fees.
Jul 23, 2024 · In this article, find out how to become a lawyer in Canada: what courses you need to complete, how to apply to a law school, and what to do to get licensed.
- Get a high school diploma. Canada is known for offering high-quality education, and that begins with a high school diploma. As with many professions, in order to become a lawyer in Canada, you must first earn a high school diploma.
- Earn an undergraduate degree. The next step to becoming a lawyer in Canada is to complete an undergraduate program at a university in Canada. Typically, your program must be at least three years in length.
- Take the Law School Admission Test (LSAT) Step number three is to take the Law School Admission Test, most commonly referred to as the LSAT. The LSAT is an exam that all prospective law students are required to take.
- Attend and graduate from law school. After completing the LSAT and applying to law schools in Canada, the next step is to attend and graduate from a law school.
- What You Should Know as A First-Time Homebuyer
- Mortgage
- Incentive Programs For First-Time Homebuyers
- Extra Costs
- Down Payment
- Home Insurance
- House Hunting
- Renovations and You
- Additional Information For First-Time Home Buyers
First off, we at LowestRates.ca would like to congratulate you. Becoming a homeowner, whether you’re looking for a house, condo, or townhouse, is one of the biggest decisions you’ll ever make — and we’re excited to help you through it. While it’s exciting, it can also be a little scary. So, we created a first-time homeowners guide to walk you throu...
Key takeaways
1. Choosing a fixed- or variable-rate mortgage is often the biggest decision you’ll make when getting a mortgage. A fixed mortgage will keep your interest rate unchanged during your term, while a variable will fluctuate, meaning it has the potential to go down and save you money — although the opposite is also true. 2. Accelerating your mortgage payments can help you pay off your mortgage faster and lead to you paying less interest over the life of your mortgage. 3. You’ll have to choose betw...
What is a mortgage?
In simplest terms, a mortgage is a loan given to you by a lender (a bank or broker, for example), secured by property (which acts as collateral). Getting a mortgage means making monthly payments that go toward the interest and principal of your mortgage, and you’re required to make a down payment on your property to qualify for a mortgage in Canada. (Jump ahead to the down payment section using the menu on the left for more details). Most homebuyers need a mortgage to be able to afford a prop...
How to get a mortgage
You have to apply to a lender to get a mortgage. That lender will assess whether you qualify for a mortgage, how big the mortgage will be, and the loan’s interest rate. The lender will evaluate you based on your credit score, employment status, income and several other factors. When you compare mortgage rates on LowestRates.ca, you can save up to $11,944 over five years.* You can get a mortgage from either a bank or broker. A rate comparison website like LowestRates.ca allows you to quickly c...
One of the biggest benefits of being a first-time home buyer is that you have access to unique government incentives. These programs are designed to provide financial relief to first-time buyers in the form of tax credits, rebates, and equity sharing. Some of these incentives include:
Key takeaways
1. Homebuyers have historically been able to save more money by choosing a variable-rate mortgage over a fixed-rate one. 2. If you’re not from Canada and want to buy a home here, you’re going to be subject to a foreign buyer’s tax, also known as a “non-resident speculation tax” (NRST). 3. Check to see if where you’re moving is subject to provincial and city taxes. Toronto homeowners pay both a provincial land transfer tax and a municipal transfer tax. 4. Make sure your home-buying budget incl...
Variable interest rates
With a variable-rate mortgage: 1. Payments are the same for the duration of the mortgage term. 2. The amount that goes towards the principal and interest, respectively, will change as the bank’s prime rate changes (this is the benchmark rate banks provide their most credit-worthy clients). 3. If the prime rate goes down, more of your regular payment is applied to your principal. When the prime rate goes up, more of your payment goes towards interest. The overnight rate set by the Bank of Cana...
Land transfer taxes
In every province except for Alberta and Saskatchewan, you have to pay land transfer tax (LTT) once you close the sale on your new home. The way land transfer tax is calculated varies by province. For instance, in Nova Scotia, individual municipalities decide on the tax rate. In Prince Edward Island, the land transfer tax is 1% on either the purchase price or assessed value (whichever is greater), but in Alberta, where there’s no land transfer tax, there’s instead a land transfer registration...
Key takeaways
1. A down payment is the amount of money you’ll pay up front to get a mortgage. 2. This amount will be deducted from the overall purchase price of your home. 3. The minimum down payment in Canada is at least 5%, but can be more depending on the price of your home. 4. Homebuyers have the option to use $35,000 of their RRSP savings for their down payment as part of the HBP.
What is a down payment?
“The down payment is a fundamental expense on a first-time homebuyer’s checklist. A down payment refers to the amount of money you’ll pay up front to get a mortgage. This lump sum is deducted from the overall purchase price of your home. Your mortgage will cover the rest of your home’s price, which is also referred to as your mortgage principal. In addition, a down payment can also function as a bargaining tool. The larger your down payment, the more leverage you’ll have when you negotiate wi...
What is the minimum amount for a down payment in Canada?
Unfortunately, the amount you put down isn’t entirely up to you. In Canada, you’re legally required to put down a specific amount (or more) of your home’s total purchase price. These percentages vary depending on the price of your home. The rules, outlined by the federal government, specify the following amounts: 1. This means that the minimum down payment on a home worth $500,000 would be $25,000. 2. On a home worth $800,000, the minimum down payment would be 25,000 (5% of 500,000) + $30,000...
Key takeaways:
1. Most mortgage lenders require you to buy home insurance before they’ll lend you money. 2. Home insurance pays for the cost to rebuild your house (price of material and labour) — not its market value. In insurance terms this is referred to as “actual cost” versus “replacement cost.” 3. One of the most important things for first-time home buyers to know is that not all forms of water damage are covered. Protection from sewer back-up and flooding needs to be purchased separately. However, und...
What does home insurance cover?
Home insuranceprovides compensation to repair or rebuild your home if it’s damaged by fire, flooding, or other unexpected events. For example, if a tree falls on it, you’ll be covered. Canadian first-time home buyers aren’t required to purchase home insurance, but good luck trying to get a mortgage without it. Most lenders require all prospective home buyers to buy home insurance (not to be confused with mortgage insurance, which protects the lender in case you default on your mortgage). This...
What doesn’t home insurance cover?
Home insurance doesn’t cover every little misfortune that may befall your house. A common complaint is that home insurance costs a lot but it doesn’t kick in when you need it. Home insurance only exists for real emergencies that you didn’t cause. It will not pay for things that the insurance company has determined were caused by neglect. For example, you need to prove that you took every possible action to prevent your roof caving in. So, just because you have insurance doesn’t mean you can c...
House hunting for the first-time buyer: key takeaways
1. Make a detailed checklist with all of your requirements and preferences for a home. 2. Consider hiring a real estate agent who is knowledgeable about the current market conditions and area. 3. A bidding war happens when there are multiple offers made on a home, but their details are kept secret from all potential buyers. 4. Don’t forget to factor in closing costs, such as home inspection fees, land transfer tax, legal fees, among others into your budget.
Where do I start?
Buying a home may be the biggest purchase you ever make. As a first-time home buyer, it’s vital to make a list before you start house hunting. That’s right — a checklist with all of your requirements and preferences for a home. Detailing your must-haves and nice-to-haves will come in handy when the house-hunting process becomes daunting, and you need to stay on track. This will help you easily narrow down your top picks and help you place reasonable offers on them.
Should I hire a real estate agent?
It’s not mandatory, but a real estate agent can play a key role in making your journey to becoming a homeowner much simpler. Especially when you are a first-time buyer with little knowledge about the homebuying process. The best realtor will help you find the ideal home, negotiate on your behalf to help you get the best deal, coordinate a home inspection and deliver your closing documentation. Using a realtor also allows you to have access to the MLS system, which is operated by the Canadian...
Key takeaways
1. You could be eligible for a tax credit if you make accessibility-related renovations to your home 2. It’s crucial to notify your home insurance provider of any renovations 3. If you hire a professional to do your renovations make sure they have their own insurance coverage 4. Renovations can add value to your home but expensive home improvement projects don't always guarantee a higher return on investment
Tax credits
If you wind up renovating your home, don’t forget to take advantage of tax credits available to you. Not every province has a renovation tax credit, but there is a federal Home Accessibility Credit (HATC)that allows you to claim renovation expenses if you’re a senior or a family member living with a senior and renovate the home to make it safer and more accessible. Under the HATC, you can claim 15% of all eligible expenses, up to a maximum of $10,000 per year. So, for instance, if your renova...
Dos and don’ts
Whatever you do, make sure to notify your home insurance company about any renovations, since this can affect your policy. You might also be eligible for additional insurance while the renovations are going on.
Key takeaways
1. Dear first-time Homebuyer, we understand your need for extra help in navigating through the entire homebuying process. 2. From mortgage calculators to finding realtors, the list of resources mentioned in this section will have you covered. As we conclude our first-time homebuyers guide 2022, here is a list of useful resources that can aid in your endeavour to buy your dream home. Please note that these links are only meant to educate, raise awareness, and find the right help to optimize yo...
Government Approved Guides:
CMHC’s Homebuyers’ Checklist— Check out Canada Mortgage and Housing Corporation’s detailed checklist that guides through every step of the home buying process. Government of Canada - Buying a home— It is an official page by the government of Canada that helps homebuyers in understanding the steps involved, with links to additional authoritative resources.
Calculators:
LowestRates.ca Mortgage Calculator— Try our easy-to-use mortgage calculator to get an estimate on mortgage payments. LowestRates.ca Mortgage Default Insurance Calculator— If you’re putting down less than 20%, use this calculator to get an estimate of your CMHC mortgage insurance premiums. LowestRates.ca Land and Property Transfer Tax Calculator— Estimate how big your tax bill will be in every province that charges land transfer taxes. Toronto Property Tax Calculator— City of Toronto’s calcula...
Sep 24, 2024 · There are a few supports and programs in place for first-time buyers in Canada, including the Home Buyers’ Plan and the first home savings account (FHSA). First-time home buyers may...
What do real estate lawyers do for buyers and sellers? Lawyers can represent both the buyer and the seller, “but both parties have to agree, ensuring there is full disclosure between buyer and seller,” shares Kahane. Why Buyers Need Lawyers.
The Government of Canada has three programs to assist first-time home buyers: First-Time Home Buyers’ Tax Credit (HBTC) Home Buyers’ Plan (HBP) Tax-Free First Home Savings Account (FHSA) In addition to these federal programs, most provincial governments offer land transfer tax refunds to first-time home buyers.
