Many Canadian first-time buyers buy an income property to help offset costs. But as a first-time homeowner, here’s what you should know.
You might lose your first-time buyer rebate. This Canadian rebate is only for primary residences. If you rent out the home, you may not qualify.
Consider diving right in. In the first year, handle property management yourself. It will help you become familiar with the ins and outs. Then, you can pass on the torch.
Know the Residential Tenancies Act. Each province has individual regulations for landlords and tenants. Ask an experienced agent for help if necessary.
The process doesn’t have to be scary. With research and some industry help, you can take on the responsibility.