Being a first-time home buyer in Canada is a mix of excitement and stress due to the high costs involved, especially without existing assets for a mortgage. Unlike many, first-time buyers often lack funds from property sales. Luckily, the Canadian government provides several programs to alleviate the financial strain of entering the housing market.
Here are some point to guide you through the first time buyer experience, please do go over it as best as possible, and I’ll explain it when we meet:
Purchase Process from Start to End
The entire purchase process in brief and point form.
Costs that You can Expect
- Additional costs that you need to consider before giving an offer. Please click here.
First-Time Buyer Financial Incentives
Below in point form are the financial incentive available to First-Time Buyers which your lawyer will apply (since details are always changing, we can check on the latest guidelines for each):
- RRSP Home Buyers’ Plan
- you may borrow up to $35,000 tax-free from your RRSP
- Land Transfer Tax Rebate for First Time Home Buyers
- In Ontario (up to $4,000)
- In Toronto (up to $4,475)
- Land Transfer Tax Calculator
- First-Time Home Buyer’s Tax Credit ($750)
- GST/HST New Housing Rebate (up to $6,300)
- If you are purchasing a pre-built home, you could qualify for a rebate a portion of the sales tax
| RRSP Home Buyers’ Plan | First-Time Home Buyer’s Tax Credit |
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| Land Transfer Tax Rebate for First Time Home | HST / GST Rebate for First Time Buyers |
