Breaking into the real estate market for the very first time definitely can pose some challenges. The Federal Government however is committed to making it a bit easier for first time homebuyers to get into the market and has recently added to the incentives. Here is a breakdown of the three current incentive programs for first-time homebuyers:

  • The Government of Canada First Time Home Buyer Incentive  allows 5% or 10% of your home to be purchased by the government (shared equity). This amount must be re-paid interest free, within 25 years or if the house is sold. The program launched Sept. 2, 2019 and is available for any purchase closed after November 1, 2019. Maximum purchase price for a home is $600,000 and your downpayment must be less than 20%. Annual household income cannot exceed $120,000. The Program is scheduled to expand sometime in the Spring of 2021. First time home buyers purchasing a home in the Toronto, Vancouver, or Victoria Census Metropolitan Areas will be eligible for an increased Qualifying Annual Income of $150,000 instead of $120,000, and an increased total borrowing amount of 4.5 instead of 4.0 times their qualifying income.
     
    First-Time Home Buyer Incentive Program Scenarios:
  • The Home Buyers’ Plan now allows you to withdraw up to $35,000 (as of March 1, 2019) from your registered retirement saving plan tax-free. The amount must be repaid over a 15 year period.
  • Land transfer tax rebates refund some or all of the land transfer tax levied as part of the closing costs up to a maximum of $4000.
Erectile Dysfunction A study cheapest levitra the original source by the Journal of Urology International.

And there is also a break for first time homebuyers on their income tax:

  • The Home Buyer’s Tax Credit, is a non-refundable credit that allows first-time homebuyers (and purchasers with disabilities) to claim a tax credit of up to $750 in the year when they purchase a home.

So how do you know if you qualify as a First Time Homebuyer? Recently, the government has expanded the definition.  You will qualify if you satisfy one of the following criteria:

  • you have never purchased a home,
  • you have gone through a breakdown of marriage or common-law partnership, or
  • in the last four years, you have not occupied a home owned by you or your partner.

If you are interested in finding more about how you can successfully buy your first home, please don’t hesitate to reach out to me.  I’m always happy to chat.

natalie@nataliefrench.ca or direct:519-636-7827