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First Time Buyer Tips

10 Tips You Need To Know

Buying your first home can be overwhelming. Here’s our top 10 tips to help with the process;

Establish How Much You Can Afford

Establish Your Wishlist

Find Someone Who Has Your Best Interests at Heart

Know Your Credit Score

Get Pre-Approved For a Mortgage

Be Clear With Expectations

Dig Deep During Home Inspections

First Time Buyer Grants

Why Not Save Some Money?

As a first time buyer in Canada, you may be eligible for a government grant. Here’s a list of grants that are offered;

First-Time Home Buyer’s Tax Credit

This grant allows first-time home buyers to recover some of the costs associated with a purchase (Ex. legal fees, land transfer taxes, home inspection). With our current tax rates, the non-refundable credit is worth an estimated $750.

Land Transfer Tax Rebate

First time buyers in Ontario can qualify for a rebate equal to the full amount of their land transfer tax, up to a maximum of $4,000 ($4,475 in Toronto).

RRSP Home Buyer’s Plan

The RRSP Home Buyer’s Plan allows first time buyers to borrow up to $25,000 (tax-free) from their Registered Retirement Savings Plan (RRSP) for a down payment. If you’re purchasing with another person who is also a first time buyer, each of you can access $25,000 from RRSP’s for a total of $50,000. 

GST/HST New Housing Rebate

This rebate helps first time buyers recover some of the provincial part of the HST they paid to buy a house. To qualify, you must be buying a new or substantially renovated house from a builder. 

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