THE FIRST TIME BUYER INCENTIVE

“If you can, you should, and if you’re brave enough to start, you will.” – Stephen King

The first time Buyer Incentive allows first time buyers to buy a property without huge savings for a down payment and still have lower mortgage payments.

The First Time Buyer Incentive is a shared equity mortgage with the Government of Canada. That means that the government will add money to the down payment, but the home buyer will have to replay the incentive based on the market value of the home at the time of repayment. This allows first time buyers to purchase a property without huge savings for a down payment.

First Time Buyer Incentive at glance:

  • The Incentive offers 5% or 10% for a first-time buyer’s purchase of a newly constructed home.
  • The Incentive offers 5% for a first-time buyer’s purchase of a resale (existing) home.
  • The Incentive offers 5% for a first-time buyer’s purchase of a new or resale mobile/manufactured home.
  • The Incentive must be paid in full – that is no partial payment – after 25 years or when the home is sold.
  • First-time home buyers in Ontario can also receive a land transfer tax refund of up to $4,000.

First-time home buyers purchasing a home in Toronto will receive both a municipal tax rebate and a provincial tax rebate.

To learn more you can visit :

https://www.cmhc-schl.gc.ca/en/consumers/home-buying/first-time-home-buyer-incentive

If you are ready to buy your first property by taking an advantage of the First Time Buyer Incentive contact me.