Purchase

Professional mortgage advise is an excellent way to start.

First time home buyer

If its your first time buying a home, you are in luck. There are several initiatives by the government that are there to make home ownership more accessible for anyone. Some of these initiatives include:

• CMHC Home buyer’s incentive

  This incentive is offered by the Canada Mortgage and Housing Corporation, this helps first time home buyers increase their down payment. The incentive is an interest free loan that must be paid back within 25 years or when the property is sold. The goal of this is to add to your current downpayment, it amounts to 5% of the property value for existing properties and up to 10% for new builds.

• HBP Home buyer’s plan

  This plan is designed to let you make a tax free withdrawal from your RRSP or retirement savings account to use as a down payment to buy a home. This allows each applicant to withdraw up to $35,000 with 15 years to repay starting two years after the withdrawal, interest fee.

• Ontario First Time Home Buyer Initiative

  This initiative means that you can receive a land transfer tax rebate of up to $4,000 meaning that if the home you purchase is less than $368,000, you will pay no land transfer tax. If the purchase price is above that, then you would get a credit of $4,000 towards the land transfer tax.