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Top 6 First-Time Home Buyer Grants And Programs

Theresa Baird
Tuesday, December 5, 2023
Top 6 First-Time Home Buyer Grants And Programs

Top 6 First-Time Home Buyer Grants and Programs

It's that time again — I am here to share exciting opportunities for our future homeowners.

43% of Canadians say that they plan to buy a home in the next 5 years. That's almost half of the potential market, just waiting for the right guidance to make their move!

Today, we’ll explore mortgage grants and assistance programs you can share with your clients to buy a home.

First-time Home Buyers’ Tax Credit

This isn't just small change - a $10,000 non-refundable tax credit could mean up to $1,500 back in your client's wallet. It's a sweet start to their home buying journey.

First-Time Home Buyer Incentive

This program is like having the government chip in on the purchase price of a new home. Depending on the home, your clients could see 5% or even 10% of the price covered, which makes their mortgage payments smaller.

GST/HST New Housing Rebate

If your clients are building a new home or renovating an old one, they could get back a part of the GST or HST they pay. It's a nice way to save some money on a big project.

Land Transfer Tax Rebate

Buying a home in Ontario, Toronto, BC, or PEI has a perk. First-time home buyers can get some of the tax they pay for transferring land back, leaving more money in their bank account. More savings, more smiles.

Home Buyers’ Plan

If your clients need extra money for their down payment, they can borrow up to $35,000 from their retirement savings (RRSP). The best part? They won't pay any tax on this money as long as they pay it back in time.

Canada Greener Homes Grant

For clients who want to make their home eco-friendly, there's up to $5,600 available to help pay for things like energy assessments and green upgrades.

Encourage buyers to save for their down payment, usually 5% of the home's price.

Advise them to get pre-approved for a mortgage. It's a good check to see if they can afford the mortgage under different interest rates.

Encourage them to work with a mortgage specialist to understand their options and get advice on available government assistance programs.

Written by Moe Hasham, One of Our Preferred Mortgage Vendors
November 21, 2023

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