To purchase your first home a little easier, we are pleased to offer multiple mortgages for first time home buyers in Ontario. We understand that as a first-time home buyer putting the right financial plan into place can be stressful. You won’t have to worry about stress with us. We’ll ensure to secure you with a home mortgage that has your best interests in mind. It is our goal to make purchasing a new home as easy as possible for first-time buyers.

First Time Home Buyer Incentive

In Canada, first-time home buyers have a great incentive program in place. So how does it work? This incentive is put into place to assist first-time buyers in reducing monthly mortgage payments, without having to increase the down payment. The Government of Canada will grant buyers 5% for the purchase of a resale home or 5-10% for the purchase of new construction home. For more details and to determine your eligibility, visit the official Government of Canada website.

First Time Home Buyer Tax Credit

As a part of Canada’s economic plan to assist first time buyers with the purchase of their new home, the government introduced the First Time Home Buyers Tax Credit. This credit is solely meant to cover closing costs such as legal fees, inspections, and land transfer taxes. At the current rate, the balance comes out to a $750 rebate for all first-time buyers. Buyers must claim this rebate within the first year of purchasing their home, and it is also non-refundable.

First Time Home Buyer RRSP

The Home Buyers Plan allows buyers to borrow up to $25,000 from your RRSP tax-free as a down payment. For those purchasing the home with an additional first-time buyer, you can both combine your RRSP money for a total of $50,000 towards your home.

FAQs

What qualifies you as a first time home buyer?

If you have yet to purchase a home in Canada, then you are qualified as an Ontario first time home buyer. For more details on your specific situation, don’t hesitate to give us a call.

How does a first time home buyer program work?

In Canada, first time home buyers are eligible for the buyer program. It allows them to receive numerous first-time buyer grants, including borrowing tax-free money from RRSPs and a tax credit. For more information and to determine your eligibility, give us a call directly or visit the official Government of Canada website.

Purchasing a home for the first time in Canada has never been easier. To obtain your first mortgage at an excellent rate, or for more details on the First Time Buyer Program, give Mortgage Residence all call today. We make buying your first home even more accessible!