First Time Home Buyer Incentive Plan

Right now is a great time to buy your first home in Toronto and surrounding areas! With the great mortgage rates, the affordable home prices, and great incentives for first time home buyers, it is now more affordable to by then it is to rent!

Flexible Financing Options:

  • The Canadian Mortgage and Housing Corporation (CMHC) offers mortgage insurance allowing for a range of financing options form as little as 5% down.
  • other CMHC programs allow for financing that includes the cost of home renovations, and energy efficiency incentive!

RRSP Home Buyers Plan:

  • The home buyers plan (HBP) is a program under which you can withdraw up to $20,000 from your registered retirement savings plan (RRSP’s) to buy or build a home.
  • Before you can withdraw funds you must have entered into a written agreement to buy or build a qualified which you must occupy no later than one year after buying or building the home.

GST New Housing Rebate:

  • You may be eligible to claim a rebate for a part of the GST you pay on the purchase price of a new home or the cost of building or substantially renovating your home.
  • Resale homes are exempt from GST.
  • New homes are subject to the GST. New home buyers can apply for a rebate of the GST applicable to the purchase price to a max of $7,560 for homes costing less than $350,000 before GST.
  • For new homes between $350,000 – $450,000 before GST, the rebate reduced proportionately.
  • New homes priced $450,000 before GST and up would not recieve a rebate.

Land Transfer Tax Rebate:

  • First time home buyers are eligible to receive rebates of the propvicial and Toronto Land Transfer Taxes.
  • The maximum rebate is $2,000.

For more information on these and other available incentives please send an email to alina.pock@century21.ca!

Alina Pock

Alina Pock

Broker
CENTURY 21 Heritage Group Ltd., Brokerage*
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