Dale Bryant, Real Estate Broker FRI
First–Time Home Buyers
Congratulations on the decision to be a first-time home buyer. Buying a home is often the single largest purchase that one will make. Obtaining a full pre-approval will ensure you are looking at homes in the price point you qualify for and reduce the time you need for a condition of financing in an offer. CaroleAnn Bryant is a part of my real estate team and is also a Mortgage Broker with Dominion Lending Centres Alliance. If you would like a pre-approval or have any questions you can contact CaroleAnn at 289-251-2948 or visit her website.
Government Mortgage Programs
Home Buyer's Plan
To help with the down payment and costs associated with the purchase of a first home, the Home Buyers’ Plan (HBP) allows first-time home buyers to withdraw up to $35,000 from their Registered Retirement Savings Plan (RRSP) to purchase or build a home, without having to pay tax on the withdrawal.
Canadian individuals that experience the breakdown of a marriage or common-law partnership will be permitted to participate in the Home Buyers’ Plan, even if they do not meet the first-time home buyer requirement.
For more information visit here.
First-Time Home Buyer Incentive
The First-Time Home Buyer Incentive helps first-time home buyers without adding to their financial burdens. Eligible first-time home buyers who have the minimum down payment for an insured mortgage can apply to finance a portion of their home purchase through a shared equity mortgage with the Government of Canada. Visit here for more information.
First-Time Home Buyer Tax Credit (HBTC)
The HBTC will assist first-time home buyers with the costs associated with the purchase of a home, such as legal fees, disbursements and land transfer taxes, which are a particular burden for first-time home buyers, who must also save for a down payment. A 15 % credit will be applied to a $5,000 amount, and will provide up to $750 in tax relief to reduce the costs associated with first home purchases.
Land Transfer Tax Rebate
In Ontario there is a rebate to help first-time home buyers offset the the cost of their land transfer tax. The maximum rebate is $4,000.00.
To qualify:
- You must be a Canadian citizen or permanent resident of Canada,
- You must be 18 years of age or older,
- You must live in the home within 9 months of purchasing it,
- You cannot have owned a home before, and
- If you have a spouse, they cannot have owned a home during the time they have been your spouse.
Your lawyer can help you file the necessary paperwork.
For more information visit here.