First Time Home Buyers

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First time home buyer? We can help with a minimum of 5% down payment from savings, borrowed funds, gift from family or RRSPs. We are here to answer all your questions and provide as much information as possible on all of the mortgage intricacies and options. It’s not just about rate! It’s about the flexibility each mortgage can offer.

IT'S A GREAT TIME TO BUY

Incentives and rebates when buying a home

First-Time
Homebuyer Incentive

The Government Incentive Program effective Fall 2019 is also available as a first time home buyer. We have added some helpful links and calculators below to assist in your research.

The Homebuyers' Tax Credit

You can claim $5,000 for the purchase of a qualifying home in the year if both of the following apply:
You or your spouse or common-law partner acquired a qualifying home.
You didn’t live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four-preceding year.

Check out the Government of Canada website to see if your home qualifies:

Line 31270 – Qualifying home - Canada.ca

Homebuyer's Plan
(HBP)

The Home Buyers’ Plan (HBP) is a program that allows you to withdraw from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability. With the Home Buyers’ Plan you can withdraw up to $35,000, tax-free, from your Registered Retirement Savings Plan (RRSP). You must use this amount to buy or build a qualifying home. The Home Buyers’ Plan isn’t just for buying your first home, it can also be used if there is a martial breakdown and you are looking to buy a new home for yourself.

Please keep in mind that:

You have up to 15 years to repay the amounts you withdraw.
Not making the repayments could end up costing you a lot of money in income tax.
The funds must be in your RRSP account for a minimum of 90 days before they can be withdrawn.

Check out the Government of Canada website to see if you are eligible:

Home Buyers' Plan (HBP)? - Canada.ca

GST/HST
New Housing Rebate

The GST/HST new housing rebate allows an individual to recover some of the GST or the federal part of the HST paid for a new or substantially renovated house that is for use as the individual’s, or their relation’s, primary place of residence, when all the other conditions are met:

Purchased a new or substantially renovated house from a builder.
Constructed or substantially renovated your own home (or hired out the construction or renovation).
The fair market value of the house on completion is less than $450,000.

For more information and to see if your home qualifies for the rebate check out the Government of Canada website:

RC4028 GST/HST New Housing Rebate - Canada.ca

Energy Efficient
Rebate

The three mortgage insurers offer a premium refund of up to 25% when you buy or build an energy efficient home, or when you buy an existing home and make energy-saving renovations.

CMHC Energy-efficient Housing Made More Affordable with Mortgage Loan Insurance (cmhc-schl.gc.ca)
Canada Guaranty Energy-Efficient Advantage (canadaguaranty.ca)
Sagen Energy Efficient Housing Program – Sagen

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