Did you know ?
Canada has a first time home buyer incentive.
This incentive aims to help first-time homebuyers without adding to their financial burdens. There are no additional monthly payments.
With this incentive, Government of Canada provides:
5% or 10% for a first-time buyer’s purchase of a newly constructed home5% for a first-time buyer’s purchase of a resale (existing) home 5% for a first-time buyer’s purchase of a new or resale mobile/manufactured home
The incentive is available to first-time homebuyers with qualified annual incomes of $120,000 or less. A participant’s insured mortgage and the incentive amount cannot be greater than four times the participant’s qualified annual income.
Here’s an example.
Anita wants to buy a new home for $400,000. Under the First-Time Home Buyer Incentive, Anita can apply to receive $40,000 in a shared equity mortgage (10% of the cost of a new home) from the Government of Canada. This lowers the amount she needs to borrow and reduces her monthly expenses. As a result, Anita’s mortgage is $228 less a month or $2,736 a year.*
How can we help?
It is natural to feel anxious when you are contemplating on buying your first new home.
A home is one of the most expensive investment you will ever make. We can help you make the right decisions with our inspections geared for buyers.
Working with seasoned, experienced home inspectors can help you understand some of the maintenance items that may seem daunting, but our knowledgeable inspectors will explain and answer any of your questions so that you can feel safe and at ease with your new home.
For more information on how our experienced inspectors can help you and your family, contact our office and we will be happy to assist you.
416 878 0248
*For more information on this incentive, visit: https://www.placetocallhome.ca/fthbi/first-time-homebuyer-incentive