First Time Home Buyers Programs

By The Brian Kondo Real Estate Team

Tuesday, November 1, 2022

First Time Home Buyers Programs


Buying your first home will arguably be the largest purchase you will have made in your life
thus far. The federal government also understands this and has created multiple programs
that can make buying your first home more affordable. Here are some federal programs
available to first time buyers and how they will help you.

Home Buyer’s Plan

The Home Buyer’s Plan allows you to withdraw up to $35,000 from your RRSP to buy or
build a qualifying home. To be considered a qualifying home, the home must be either a
single-family, semi-detached, townhouse, mobile, condominium, duplex, triplex, fourplex, or
apartment within Canada. Under this program, first-time homebuyers will have up to 15
years to repay the amount withdrawn from their RRSP. The repayment period would start
the second year after you withdraw your funds.


Discover How to Avoid the 6 Biggest Mistakes Homebuyers Make


Home Buyer’s Amount

With the Home Buyer’s Amount, first-time homebuyers are eligible to claim $5,000 for the
purchase of a home in Canada so long as you or your spouse/common-law partner
purchased a home and you did not live in another home owned by you or your
spouse/common-law partner the year you are purchasing the house or any of the four
preceding years.

   First time home buyer program by Brian Kondo Real Estate Team

First Time Home Buyer Incentive

The First Time Home Buyer Incentive is a tool to help first-time homebuyers reduce their
monthly mortgage repayments. This shared-equity mortgage with the Government of
Canada offers 5% or 10% towards the purchase of a newly constructed home, 5% for the
purchase of an existing home, and 5% for the purchase of a mobile or manufactured home.
Under this program, first-time homebuyers must repay the incentive either after 25 years or
when the home is sold – whichever comes first.

Hotlist Of First Time Buyer Homes

GST/HST New Housing Rebate

With the GST/HST new housing rebate, eligible first-time homebuyers will be able to
recover some of the GST or the federal part of the HST paid for a new or substantially
renovated house that is intended to be used as the primary place of residence. This rebate
also applies to those who are purchasing property on leased land, shares in a cooperative
housing corporation, or are constructing or substantially renovating their own home.

As a first-time homebuyer, there are many opportunities available to you to make buying
your first home affordable. If you would like to learn more about each of these programs and how they may apply to you, please reach out to me here. I would love to help you get the
best price on your first home.

First time home buyer Ajax Real Estate
Home buyer in Ajax Ajax home for sale


Stay Connected“, “Follow Us

We would like to hear from you! If you have any questions, please do not hesitate to contact us. We are always looking forward to hearing from you! We will do our best to reply to you within 24 hours !

You agree to receive property info, updates, and other resources via email, phone and/or text message. Your wireless carrier may impose charges for messages received. You may withdraw consent anytime. We take your privacy seriously.