Here is some valuable information to help finance your home. As a first time home buyer you are uniquely able to take advantage of some of these recent government incentives to increase home affordability.
The First Home Savings Account (FHSA) allows you to save up to $40,000 tax-free for your first home purchase. Contributions are tax-deductible and withdrawals for a qualifying home are tax-free.
The Home Buyers' Plan (HBP) allows you to withdraw up to $60,000 from your RRSP tax-free to buy or build a qualifying home. The amount must be repaid within 15 years.
First-time buyers can combine FHSA and HBP for a maximum of $100,000 in tax-advantaged savings.
The First-Time Home Buyer Incentive offers 5% or 10% of the home's purchase price to put toward your down payment. This is a shared equity program that must be repaid when you sell or after 25 years.
Recent changes allow insured mortgages on homes up to $1.5 million and 30-year amortizations for first-time buyers on new builds.
Work with a mortgage professional to understand all your options and create a plan that works for your situation.