Terry Paranych Real Estate Group Blog - Mortgage & Financial

GST Relief for First-Time Home Buyers on New Homes Up to $1.5 Million – What You Need to Know

On May 27, 2025, the Government of Canada announced a major update to its housing affordability strategy—first-time home buyers can now receive full GST relief on newly constructed homes priced up to $1.5 million. This is a substantial increase from the previous threshold of $450,000 and comes at a time when affordability remains a significant concern across the country.

If you're entering the housing market for the first time, this new measure could make a meaningful difference in your buying power. Let’s break down what this means, how it works, and why the Terry Paranych Real Estate Group is here to help you navigate the market with confidence.

What Is the GST Relief Program?

The Goods and Services Tax (GST) is a 5% federal tax applied to…

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Exciting News for First-Time Home Buyers: 30-Year Amortization and Increased RRSP Withdrawal Limits

Are you a first-time home buyer dreaming of stepping into your own home? The Canadian government has just rolled out two major updates that could transform your home-buying journey: extended amortization periods for newly built homes and significantly higher RRSP withdrawal limits. These changes aim to make homeownership more attainable and affordable for Canadians starting August 1. Let’s dive into what these updates mean for you and how they can help you secure your dream home.

What's in this Blog?

In this detailed guide, we'll explore:

• The benefits of the new 30-year amortization periods for insured mortgages.
• How the increased RRSP withdrawal limits can boost your home-buying budget.
• Insights from officials on how these…

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Discontinuation of the First-Time Home Buyer Incentive

The First-Time Home Buyer Incentive, a program designed to assist qualified first-time homebuyers in reducing their monthly mortgage payments, has been discontinued. This shared-equity mortgage program, offered in partnership with the Government of Canada, aimed to make homeownership more accessible by providing a 5% or 10% incentive for the purchase of newly constructed homes, and a 5% incentive for the purchase of resale (existing) homes or new/resale mobile/manufactured homes.

One of the key features of the First-Time Home Buyer Incentive was its shared equity component, where the government shared in both the upside and downside of the property value, up to a maximum gain or loss of 8% per annum. This meant that homebuyers could afford lower…

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How to Avoid Paying Too Much for a Home: Our Top Tips for Home Buyers

Buying a home is one of the most significant investments most of us will ever make. The good news is there are several useful tips and strategies buyers can use to help stretch their budget and avoid overspending. From establishing your wants and needs to choosing the right REALTOR® and negotiating with sellers, here are our top 10 tips for avoiding paying too much when buying a home.

Tip 1: Establish Your Wants and Needs

If you’re trying to save money, it’s important to determine your wants and needs before buying a home. If you don't know what you’re looking for, you’re more likely to make impulsive decisions and spend unnecessary money on your purchase.

Another reason to establish your wants and needs is to avoid expensive renovations and…

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The Top 15 Mortgage Mistakes to Avoid

Buying a home is the one of the greatest investments you will ever make. For this reason, it’s important to avoid expensive errors, especially when applying for a mortgage. Here are 15 common (and costly) mortgage mistakes to avoid. 

Mistake 1: Not Improving Your Credit Score 

Lenders consider you more creditworthy when you have a high credit score. With a good credit history, you can qualify for a larger loan, a lower interest rate, and a lower monthly payment, so be sure to do everything you can to improve your credit score before shopping for a home loan:

• Payment history can account for up to 35 percent of your credit score, according to Equifax. You are more likely to improve your credit score if you pay your bills on time. Make sure…

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What you Must Know when Renewing or Refinancing your Mortgage

As a mortgage borrower in Canada, you’ll inevitably be faced with the decision to either renew or refinance when your mortgage term expires. For this reason, it’s important to understand the difference between the two so you can choose which will best suit your needs and goals.

Here’s what you need to know:

Mortgage Renewal

A mortgage renewal occurs when your current term expires, yet you still have money owing on your loan. In this scenario, you’ll opt to stay with your existing lender for another term (typically under the same conditions as the one previous), at an interest rate reflective of the current market.

Keep in mind, when your mortgage is up for renewal, you don’t have to stick with your current lender. You may opt to shop…

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Understanding Alberta’s New Home Warranty Program

From modern features and finishes to contemporary floor plans and flourishing neighbourhoods, there are plenty of perks that come with purchasing a newer home – including new home warranty. As of 2014, all new homes in Alberta became subject to mandatory coverage for up to ten years!

If you’re thinking of buying a new(er) home here in Edmonton (or anywhere else in the province, for that matter), here’s what you need to know about new home warranty in Alberta.

What is New Home Warranty? 

As we mentioned above, all homes built after February 1st, 2014, require new home warranty coverage under the province’s New Home Buyer Protection Act. This means all builders must provide coverage on all new construction properties (including condos and…

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Getting a Mortgage: A Step By Step Guide

A simple, seven-step guide to the mortgage loan process.

Step 1= Save Your Down Payment

Your down payment plays a major role in determining how much home you can afford and what type of mortgage you’ll qualify for. For this reason, saving your down payment is the essential first step to securing a great mortgage loan. Keep in mind, Canada’s mortgage rules require a minimum of 5% down and anything under 20% will be subject to mortgage loan insurance. 

Step 2= Get Pre-Qualified

After saving your down payment, the next step is to seek a mortgage pre-qualification. During this process, a lender will take a high-level view of your current financial situation (including your income, debt(s) and down payment) and give you a ballpark number as to…

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What You Need to Know About Canada’s New Mortgage Rules

Effective July 1st, 2020, the Canada Mortgage and Housing Corporation (CMHC) is expected to tighten requirements surrounding insured mortgages. How will the changes affect home buyers and the Edmonton real estate market? Here’s what to expect:

What Are the Changes and Why? 

According to officials, COVID 19 has made Canada’s financial markets more vulnerable and, as a result, measures must be taken to protect the economy. Specific measures include:

1. Increasing the minimum credit score to qualify for a mortgage from 600 to 680 (for at least one borrower).

2. Limiting the Gross Debt Service Ratio (GDS) from the standard 39% annual income to 35%.

*Your GDS Ratio is the percentage of income required to pay all monthly housing-related costs…

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Mortgage Pre-Qualification vs. Pre-Approval: The Differences You Need to Know

What’s the difference between a mortgage pre-qualification and pre-approval? We’re glad you asked. While both are important steps in the home buying process, there are some key distinctions between the two.

Here’s what you need to know:

What is a Mortgage Pre-Qualification? 

Simply put, a mortgage pre-qualification is a free estimate of how much home you might be able to afford. After making a high-level assessment of your finances (income, debt, assets, etc.), a lender will provide you with a ballpark figure for how much you can expect to borrow. Pre-qualifications are typically done the same day online, in person or over the phone.

Advantages of Getting Pre-Qualified 

• Knowing how much home you can afford before you begin the home…

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