Home Buyer Incentives and Rebates

Currently the following incentives and rebates are available to qualifying purchasers. For more information about these programs Contact Me

Increase Your Down Payment with CMHC's First Time Home Buyer Incentive Program

This program increases your down payment by offering a payment and interest free loan of up to 5% of the purchase price for resale properties and up to 10% for new homes.

The following table shows how the Program works:

By taking advantage of the First-Time Home Buyer Incentive

  • Monthly Payments are Reduced by...  $110
  • Total Interest Cost Savings over 25 Years...  $9,015
  • Total Mortgage Insurance Premium Savings...  $4,040

How do you qualify?

  • At least one buyer is a first-time home buyer
  • Have a minimum 5% down payment
  • Household income is $120,000 or less

Property Transfer Tax Exemptions

  • As a first-time home buyer, you may be eligible for either a full or partial exemption from the property transfer tax.
  • The Newly Built Home Exemption reduces or eliminates the amount of property transfer tax you pay when you purchase a newly built home.

Home Buyer Income Tax Credit

You are eligible to claim $5,000 for the purchase of a qualifying home in the year if both of the following apply:

  • you or your spouse or common-law partner acquired a qualifying home
  • you did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years (first-time home buyer)

RRSP Home Buyer’s Plan

The Home Buyers' Plan (HBP) is a program that allows you to withdraw up to $35,000 in a calendar year from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability.

GST New Housing Rebate

You may qualify for a rebate of part of the GST that you paid on the purchase price or cost of building your new house, on the cost of substantially renovating or building a major addition onto your existing house, or on converting a non-residential property into a house. 

 

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