November 19, 2014
4 First-Time Buyer Programs
I enjoy working with first-time home buyers – it is an excellent experience to help someone get into the market and start enjoying home ownership. Owning a home is an excellent investment for your future.
First-time home buyers can take advantage of government rebates and financing programs that can help you buy a home. These programs include:
The First-Time Home Buyers’ Credit
The first-time home buyers tax credit allows you to save a maximum of $750.00 on purchase costs such as legal fees and land transfer taxes.
Land Transfer Tax Rebate
First-time buyers of new and re-sale homes are eligible to receive rebates of the provincial and Toronto land transfer taxes. The maximum provincial land transfer tax (LTT) rebate for first-time buyers is $2,000 and the maximum Toronto LTT rebate for first time buyers is $3,725.
RRSP Down Payment Program
Under the RRSP program you are allowed to withdraw up to $25,000 per person from your RRSP to buy or build a principle residence. A couple can borrow up to $50,0000 tax free.
5% Down Payment Program
With as little as 5% down, a first-time home buyer can have access to a mortgage as long as they can meet the standards for a five-year fixed-rate mortgage.