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First Time Buyers

Buying your first home is exciting but it can also be very stressful. The biggest stressor in this undertaking is almost always finances.

Thankfully there is help available. In an effort to make buying a first home much easier, the Ontario government offers a variety of incentives. To get you started we have outlined below a list of these programs and the resources you'll need to understand each.


Once you're ready to start looking for your own place, that's where we come in. Our vast experience can help you understand the current market conditions and narrow down all the best solutions to fit your goals and budget.

First Time Home Buyers Tax Credit

$750 for all first-time buyers. After you buy your first home, the credit must be claimed within the year of purchase and it is non-refundable.  To receive your $750 claim, you must include it with your personal tax return under line 369.2. FIND OUT MORE HERE

RRSP Home Buyers Plan

$35,000 from your RRSP for a down payment, tax-free. If you're purchasing with someone who is also a first time homebuyer, you can both access $35,000 from your RRSP for a combined total of $70,000. However, since the HBP is considered a loan, it must be repaid within 15 years. FIND OUT MORE HERE

Land Transfer Tax Rebate

$4000 for first-time homebuyers in Ontario and homebuyers who live in the City of Toronto can qualify for a rebate equal to the full amount of their municipal land transfer tax, up to a maximum of $4,475.. FIND OUT MORE HERE

HST New Housing Rebate

Offers money back to Canadians who buy a newly built home, substantially renovate an existing home, or rebuild a home that was destroyed due to fire. In all three cases, an individual will incur GST/HST on their purchase. The GST portion of a new home purchase or renovation can be rebated to all Canadians who qualify. FIND OUT MORE HERE

First Time Home Buyers Incentive

This program is a shared equity mortgage. This means that the government shares in the upside and downside of the property value. It allows you to borrow 5 or 10% of the purchase price of a home. You pay back the same percentage of the value of your home when you sell it or within a 25-year window. It works like this:

  • You receive a 5% incentive of the home’s purchase price of $200,000 being $10,000. If your home value increases to $300,000 your payback would be 5% of the current value or $15,000.

  • You receive a 10% incentive of the home’s purchase price of $200,000, or $20,000 and your home value decreases to $150,000, your repayment value will be 10% of the current value or $15,000.


The criteria to qualify is as follows:

  1. You have never purchased a home before

  2. You did not occupy a home that you or your current spouse or common-law partner owned in the last 4 years (the 4-year period begins on January 1 of the fourth year before the Incentive is funded and ends 31 days before the date theIncentive is funded)

  3. You have recently experienced the breakdown of a marriage or common-law partnership (even if you don’t meet the other first-time home buyer requirements)These are a few criteria to determine your eligibility for the First-Time Home Buyer Incentive:•  You have your minimum down payment

  4. Your total annual qualifying income doesn’t exceed $120,000

  5. Your total borrowing is no more than 4 times your qualifying income

  6. You or your partner are a first-time home buyer

  7. You are a Canadian citizen, permanent resident or non-permanent resident authorized to work in Canada. The Incentive is like a second mortgage on your home. Your first mortgage must be greater than 80% of the value of the property and is subject to a mortgage loan insurance premium. It also must be eligible through Canada Guaranty, CMHC or Genworth

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