Principal Home Purchase
Principal Home Purchase Mortgage The purchase of a home is the largest and most significant investment most people make during their lifetime. Historically, owning your home has been one of the greatest proven long-term financial investment decisions, offering both security and growth potential. Whether you’re a first-time buyer or a seasoned homeowner, we at Dominion […]
Principal Home Purchase Mortgage
The purchase of a home is the largest and most significant investment most people make during their lifetime. Historically, owning your home has been one of the greatest proven long-term financial investment decisions, offering both security and growth potential. Whether you’re a first-time buyer or a seasoned homeowner, we at Dominion Lending Centres provide access to the best mortgage products and lowest rates available across Canada to help you achieve your homeownership goals.
Owning your principal residence is not just a purchase—it’s an investment in your future. We’ll help you explore all your mortgage options and will guide you to success with a custom tailored plan toward securing your next home and building long-term wealth.
Why Owning Your Principal Residence Matters
In Canada, your principal residence is exempt from capital gains taxes under current tax regulations—a significant financial benefit. Owning your own home not only builds equity but also provides a tax-advantaged way to grow your wealth.
What Qualifies as a Principal Residence?
Your principal residence can include various types of housing, such as:
- Detached or semi-detached homes
- Condominiums (low-rise or high-rise)
- Townhouses
- Cottages
- Trailer homes, mobile homes, or houseboats
Qualification Criteria for Principal Residence
According to the Canada Revenue Agency (CRA), a property qualifies as your principal residence for any year if it meets the following conditions:
- It is a housing unit, leasehold interest in a housing unit, or shares in a co-operative housing corporation for the right to inhabit a unit.
- You own the property alone or jointly with another person.
- You, your spouse, common-law partner, or children lived in it at some point during the year.
- You designate the property as your principal residence.
Additionally, the land included with your home is typically limited to half a hectare (1.24 acres). However, you may include more land if it is essential for the use and enjoyment of the property.
Planning for Additional Real Estate Purchases
Properties not designated as your principal residence, such as vacation homes or rental properties, are subject to capital gains taxes. When purchasing additional real estate, we recommend consulting with your accountant or tax professional as part of the financing process. We’re here to help you navigate all your real estate financing needs with clarity and confidence.
Why Choose Us?
- Expert Guidance: Personalized advice tailored to your financial goals.
- Access to Competitive Products: Benefit from the lowest rates and best options across Canada.
- Holistic Approach: From tax considerations to financing, we help you plan for both your primary residence and future investments.
Start Your Homeownership Journey Today
Owning your principal residence is not just a purchase—it’s an investment in your future. Contact us today to explore your mortgage options and let us help you take the next step toward securing your home and building long-term wealth.