“If you can dream it, you can do it.” – Walt Disney
There are various measures and programs available to make home ownership more affordable, especially for first-time buyers. These include government initiatives, programs designed to ease the financial burden of purchasing a first home, assistance programs for first-time buyers, as well as energy efficiency and renovation programs for all. It is important to be aware of them in order to make informed decisions while navigating the home buying process
Programs available specifically for first-time home buyers:
Land Transfer Tax Refunds for First-Time Homebuyers-First-time homebuyers of an eligible home may be eligible for a refund of all or part of the tax.
The Home Buyers’ Plan (HBP) – based on it eligible home buyers can withdraw up to $35,000 from their Registered Retirement Savings Plan (RRSP) to use as a down payment on their first home
Tax-Free First Home Savings Account (FHSA) – a new registered account that is intended to enable first-time home buyers to save up to $40,000 tax-free, with an annual contribution limit of $8,000.
Renovation or upgrade programs for homeowners:
The Canada Greener Homes Grant – Eligible homeowners can receive grants for recommended retrofits such as home insulation, windows and doors, heat pumps, and renewable energy systems. The grant amounts range from $125 to $5,000.
The Canada Greener Homes Loan – This program assists Canadians in improving the energy efficiency and comfort of their homes. It provides interest-free financing, in addition to the Canada Greener Homes Grant, to support the completion of major retrofits recommended by your energy advisor.
The Oil to Heat Pump Affordability Program – This program aids Canadian homeowners who currently heat their homes with oil in transitioning to electric cold climate air source heat pumps
The Energy Savings Rebate program – makes energy-efficient products more accessible to people across Ontario.
