Buying your first home is a huge milestone, but it doesn’t have to be a stressful one.
We specialize in helping first-time buyers navigate the market with clarity and confidence. From understanding your budget to handing over the keys, we’re here to simplify the process and ensure you make a smart investment. Let’s find a place you’ll love coming home to.
First Time Home Buyer Incentives:
Buying your first home in Ontario comes with significant financial advantages. Between federal savings plans and specific provincial tax rebates, you could save thousands of dollars on your purchase. We help you navigate these programs to ensure you maximize your budget and move into your new home with confidence.
First Home Savings Account (FHSA)
The FHSA is a tax-free way to save for your first home. It combines the best features of an RRSP and a TFSA.
Annual Limit: $8,000
Lifetime Limit: $40,000
Tax Benefit: Contributions are tax-deductible, and withdrawals are tax-free. Use this account to grow your down payment faster without the government taking a cut.
RRSP Home Buyers’ Plan (HBP)
The HBP lets you withdraw from your RRSP to buy or build a qualifying home.
Grace Period: You now have 5 years before your first repayment is due. This is an interest-free loan from your own savings to get you into the market sooner.
Withdrawal Limit: $60,000 per person.
Repayment: You have 15 years to pay it back to your RRSP.
Land Transfer Tax Rebates (LTT)
In Ontario, first-time buyers can save thousands at closing.
Full Rebate: Up to $4,000 for homes priced under $368,000 anywhere in Ontario.
Toronto Bonus: Up to $8,475 total savings if you are buying within the City of Toronto
New Builds: Federal and Provincial HST rebates are available for newly constructed homes to help offset your costs. We ensure you qualify for every available credit to keep your closing costs low.
First-Time Home Buyers’ Tax Credit (HBTC)
Eligible buyers can claim a non-refundable tax credit on their federal tax return.
Full Credit: Claim an amount of $10,000 on your taxes.
Max Savings: Up to $1,500 in tax relief to help offset your closing costs.
Flexible Claim: You and your partner can split the credit to maximize your return. We ensure you understand how to claim this credit to keep more money in your pocket after your move.
Start Your Home Ownership Journey
Buying your first home is a major milestone. Get a clear picture of the current market and find out how much home you can afford today.
