First Time Home Buyer Incentives
Buying your first home can be exciting. Several programs and incentives could help turn dreams into reality.
Are you a First Time Home Buyer considering jumping into the housing market but are wondering what programs are out there to help you with your purchase? Fortunately, the Government of Canada along with the Government of British Columbia want to help and have a number of programs and incentives designed to do just that.
Buying your first home is a big step. There are many financial things to consider like loan qualification, your down payment, interest rates, amortization periods and much more. For this and other important information, it’s best to get in touch with a Mortgage Broker.
Let’s take a look at some of the more common programs out there:
Government of Canada
First Time Home Buyers Tax Credit (FTHB)
Plain and simple, this is a $5,000 non-refundable tax credit which could provide you with up to $750 in federal tax relief.
Home Buyers Plan (HBP)
This program allows you a $25,000 RRSP withdrawal per calendar year to build or buy a qualifying home.
GST New Housing Rebate
Under this program, you may be eligible for a partial GST/HST rebate on the purchase, construction or substantial renovation of your new home.
Check out the CHMC’s (Canada Mortgage and Housing Corporation) website for more detailed information on the latest programs available to First time Home Buyers and keep an eye out for updates as they become available.
Government of Canada First Time Homebuyer Programs
Government of BC
First Time Home Buyers’ Program
This program could help reduce or even eliminate the amount of property transfer tax you would pay on your first home. For more information on the program and other possible reductions like the New Built Home Exemption please visit their website.
Buying your first home is an exciting time, but it can also feel overwhelming. Fortunately, the Government of Canada and the Government of British Columbia offer several programs and incentives designed to ease the financial burden and help you get into the housing market. From tax credits to rebates and exemptions, these programs can make a meaningful difference in your home-buying journey.
Before making any decisions, it’s always a good idea to consult a licensed mortgage broker to ensure you’re taking full advantage of the options available to you. And when you’re ready to start your search, give me a call. I’ll help you find the right home and guide you through the entire process.