First-time buyer

Condo Ownership
Read this pdf: What you need to know
N.B: If you have a problem reading the above pdf Click this link for help

Land Transfer Tax Rebates
(Provincial and Toronto)
First-time buyers of new and re-sale homes are eligible to receive rebates of the provincial and Toronto land transfer taxes. The maximum provincial land transfer tax (LTT) rebate for first-time buyers is $2,000 and the maximum Toronto LTT rebate for first time buyers is $3,725.
Download information pdf Land Transfer Tax Rebate

First-Time Home Buyers’ Tax Credit
The HBTC assists first-time home buyers with the costs associated with the purchase of a home, such as legal fees, disbursements and land transfer taxes, which are a particular burden for first-time home buyers, who must also save for a down-payment. The $5,000 non-refundable HBTC amount applies to qualifying homes acquired after January 27, 2009, and provides up to $750 in federal tax relief.

Dept. of Finance: First-Time Home Buyers’ Tax Credit

Home Buyers’ Plan (HBP)
Canada Revenue Agency – Home Buyers’ Plan (HBP)

Downpayment
Minimum 5%.  Sources are normally savings, borrowing from any source including:

  • a credit card (use with care),
  • cash-back mortgage from a credit union e.g. Ontario-based Meridian Credit Union or a mortgage lender (Note: banks are no longer allowed to provide this option).
  • a gift, must be in writing, from an immediate relative is acceptable for dwellings of 1 to 4 units, usually from a parent, grand-parent or sibling
  • RRSP Home Buyer’s plan. First-time buyers can borrow up to $25,000 from their RRSP as a down payment. This has to be repaid in 15 annual installments.

Closing costs

Closing costs include but are not limited to one-time items such as inspection fees, lawyer fees including disbursements and adjustments, HST as applicable, land transfer tax if applicable, insurance costs , etc., to allow you to complete the house purchase.

Use the CMHC Home Purchase Worksheet.

Engaging me to represent you

The Buyer Representation Agreement is an option to buyers. Please follow the link and read about it.

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