HOW TO BUY


You will have the opportunity to reserve your preferred condo or townhome with a $1,000 refundable fee called an EPA or “Early Planning Agreement” which is applied to your down payment when you complete a purchase agreement.

The prices do not include GST and are calculated at 3.2% GST. A rebate is applied to all home purchases as long as you meet the following criteria:

  • You purchase your new home as your primary residence
  • You have not claimed a New Housing Rebate in the same year
  • You are a resident of Canada

A 5% down payment is collected at the time of entering into a Purchase Agreement.
Alternatively, easy down payment options will be available for those who require flexibility.
An initial down payment of $3,000 would be required at the time of the purchase agreement and four equal monthly payments there after.
An administration fee of $75 will be applied to each installment payment for those who select this option.

EXAMPLE

Purchase Price

Purchase Price + GST (3.2%)

5% Deposit

5% Deposit less $1,000 EPA fee

Balance after $3,000 initial deposit

$4,514 (Deposit Balance) paid over 4 months

 

$165,000.00

$170,280.00

$8,514.00

$7,514.00

$4,514.00 (Deposit Balance)

$1,128.50 + 475.00 (Admin fee per payment)

A developer must pre-qualify a development for capital grants and meet the requirements of the City’s Housing Incentives Policy regarding income eligibility for households accessing capital grants. Currently Porchlight has been successful in obtaining approved Grant programs in several communities in Regina, SK.

Grant values range from $10,000-15,000.

Capital grants will be transferred to the purchaser by the developer as a supplement to the ( ADD ) down payment or in the reduction of home price at time of purchase.

Basic Homebuyer information is required to determine eligibility based on:

- the Property will be a primary residence and the residence will not be rented;

-The total gross annual income of all purchasers of the Property identified meet Eligible Income Levels as determined by the City;

-You do not currently own another residential property

Tax Exemption Eligibility

Homebuyers receiving a capital grant are eligible for a five-year tax exemption beginning January 1 of the year following occupancy. The developer or homebuyer will apply for the tax exemption. The homebuyer will be responsible for entering into an agreement with the City with legal agreements add being mailed to all homebuyers starting October 31 prior to the year of exemption. Signed agreements must be returned to the City by the deadline and supplemental notices of taxes must be paid in full before a tax exemption is confirmed.

At the time you enter into a Purchase Agreement you will be required to make a minimum 10% deposit (less EPA fee) and GST will be calculated at 5% on the overall purchase price of the home.

We recommend that you get ‘pre-qualified’ prior to entering into a Purchase Agreement.
We can assist in providing you with information and details that your mortgage lender or broker will require. At Porchlight we have preferred lenders who offer top level service and competitive rates to our potential homeowners. See your Sales Associate for more information.

Designer Selected colour packages will be available for you to choose from, along with an assortment of upgrades for purchase. Closer to the commencement of construction you will meet with our interior designer to review and complete your selections. Note: an additional 10% deposit will be required on all purchased upgrades at this time.

All homes will include a minimum of one parking stall. Parking type will be dependant on the particular Porchlight community. Please speak to your Sales Associate for more details regarding assigned parking and additional parking for sale.

We understand that pets are a part of your family. Pets are welcome at most Porchlight communities; some restrictions apply. Please ask your Sales Associate for details.

At Porchlight, we welcome Realtor referrals. We ask that you please make sure to indicate that you are working with a Realtor when you register online or in person and prior to entering into an EPA.

Below are the most typical costs associated with purchasing a new home. As many costs are variable in nature, we recommend that you consult with your lawyer, mortgage lender, insurance company and other professionals that you are working with throughout your purchase process for detailed specifics. Our Sales Associates are also available to assist in answering your questions.

CMHC MORTGAGE INSURANCE: If you are purchasing your home with less than 20% down, mortgage insurance fees will apply. For more details, visit the CMHC website at www.cmhc-schl. gc.ca/en/co/moloin/moloin_010.cfm

LEGAL FEES: Legal fees and disbursements will vary depending on the complexity of the transaction but typically tend to be in the $1,200 range.

CONDOMINIUM FEES: Estimated monthly condominium fees are based on historical figures for similar projects. They include water, gas, garbage removal, building insurance (YOU need to obtain content insurance, see your insurance provider), landscaping/snow removal, repair and maintenance, management and janitorial fees, and your contribution to the reserve fund.Please see area manager for community specific condo fees.

PROPERTY TAX: Annual property taxes are estimated at approximately 1% of the property value.

LAND TRANSFER TAX: Depending on the Province you live in, Land Transfer Tax may apply (N/A to SK). Based on the fair market value of the property: 0% for the first $30,000; 0.5% of the next $60,000; 1.0% on the next $60,000; 1.5% on the next $50,000; 2.0% on anything over $200,000.

Please feel free to contact us at MyPorchlight.ca and we will be happy to answer any additional questions you may have.