First Time Home Buyer Programs
There are 3 Government programs available to first time home buyers however, you do not necessarily need to be a first time home buyer to utilize them.
You are considered a First Time Homebuyer If:
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The borrower has never purchased a home before; OR
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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
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The borrower recently experienced the breakdown of a marriage or common-law partnership.
First Time Homebuyers Plan
A program that allows you to withdraw up to $60,000 TAX FREE from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability.
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Link to Revenue Canada for more info: click here.
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First Time Homebuyers Tax Credit
When you complete your taxes be sure to check off that you purchased a home in that tax year for some tax savings! You may eligible for up to $1,500. Link to Revenue Canada for more info: click here.
30 Year Amortizations
First time homebuyers who are putting less than 20% down, have the option to a 30yr amortization (rather than the standard 25yrs). While this would create more interest, it would also reduce the mortgage payment to help first time buyers get going.
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Note this was initially for new construction only but as of Dec 2024 it applies to all first time buyers.
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FHSA - Home Savings Account
First time homebuyers savings account where your account can grow tax free for up to 15 years until you are ready to purchase a home. It can be used in conjunction with the Home Buyers Plan (above).
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Link to Revenue Canada for more info: click here.
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