FIRST-TIME HOMEBUYERS INCENTIVES & PROGRAMS

ARE THERE ANY INCENTIVES OR PROGRAMS AVAILABLE FOR FIRST-TIME HOMEBUYERS?

First-Time Homebuyers In Canada Can Use Several Programs To Help With Their Down Payment. The Home Buyers’ Plan Allows Them To Withdraw Up To $35,000 Tax-Free From Their Registered Retirement Savings Plan, With Repayment Required Within 15 Years.

Another Option Is The First-Time Home Buyer Incentive, Which Provides Funds In The Form Of A Shared Equity Mortgage Of Up To 5% Of The Purchase Price For Resale Homes And Up To 10% For New Builds.

The GST/HST, New Housing Rebate, May Also Be Available For Those Buying New Construction Homes. At The Same Time, Some Provinces Offer A Land Transfer Tax Rebate Specifically For First-Time Buyers. In Addition, Some Municipalities Have Programs And Incentives, Such As Toronto’s Rebate Of Up To $4,475 For Eligible First-Time Buyers. It’s Essential To Research These Options And Seek Advice From Professionals Before Making Any Decisions.