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First Time Home Buyers

The below programs are for first time buyers, but did you know you don't necessarily need to be a first time buyer? You are considered a first time buyer if:

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1) The borrower has never purchased a home before or;

2) In the last 4 years the borrower has not occupied a home as a principal place of residence that either they themselves or their current spouse or common law partner owned or;

3)  The Borrower recently experienced the breakdown of a marriage or common-law partnership. To qualify, the Borrower must have been living separate and apart from their spouse or common-law partner because of a breakdown of their marriage or common-law partnership for a period of at least 90 days prior to the closing date of the transaction. ​​

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Home Savings Bank Account (FHSA) 
and
The First Time Home Buyers Plan (RSP)

First-time home buyers can receive a tax deduction when contributing to either program, and the funds can grow tax-free.
 

The key difference between the two programs is how withdrawals are handled. If you withdraw from your RRSP, you must begin repaying the amount five years after withdrawal. The full amount must be repaid within 15 years.
For example, if you withdraw $20,000, your annual repayment would be approximately $1,333 per year ($20,000 ÷ 15 years).

 

Link to Revenue Canada for more info:
RSP 
FHSA​

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First Time Home Buyers Tax Credit

When filing your taxes, be sure to indicate that you purchased a home during the tax year to take advantage of potential savings!

You may be eligible for a tax credit of up to $1,500.

Link to Revenue Canada for more info: click here

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30 Year Mortgage Amortizations

First-time home buyers making a down payment of less than 20% may have the option of a 30-year amortization instead of the standard 25 years. While this would result in paying more interest over time, it can lower monthly mortgage payments, making homeownership more accessible for first-time buyers.

STEP 1: Pre-Approval 

What happens after I submit an mortgage application?

Within 24 hours, we’ll contact you to begin the process. To avoid delays, please ensure the application is fully completed. 

 

What if I don’t qualify for a mortgage right now?

Then we make a plan. Buying a home is likely the biggest financial decision you’ll make, and it’s completely normal to need some time to prepare. 

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Is my application information secure?

Yes, all of your data is encrypted and securely stored on Canadian servers at TMG. 100% paperless office. TMG’s privacy policy [here]. Your privacy is extremely important to us.

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Will I receive a written pre-approval?

Yes! You’ll receive an email with a detailed package outlining everything you need to know at this stage, along with what to expect throughout the mortgage process. We ensure you stay informed every step of the way. 

Buying a House
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  Information can change without notice.
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