First-time home buyer mortgage is no different than a home purchase mortgage, other than, in most cases, the mortgage being the buyer's first mortgage loan. A first-time home buyer, by status, is eligible for a variety of government programs, listed below, that help cover costs surrounding a home purchase.

First-time home buying can seem like a daunting journey, although many crucial steps we can help guide and advise. We can advise on a variety of mortgage products and help guide you through the home buying process as personal consultants.

• 5% – 9.99% down-payment = 4.0% of the mortgage amount will be added to your mortgage principal
• 10% – 14.99% down-payment = 3.1% of the mortgage amount will be added to your mortgage principal
• 15% – 19.99% down-payment = 2.8% of the mortgage amount will be added to your mortgage principal
• Any home over $1,000,000 requires a minimum 20% down. In this case no mortgage insurance is required

For more information click the following link: CMHC Homeowner Mortgage Loan Insurance

Traditionally any amount of money that you withdraw from your Registered Retirement Savings Plan (RRSP) is considered taxable income.

The RRSP Home Buyers’ Plan allows you, as a first-time home buyer, to make a tax-free withdrawal (up to $25,000) from your RRSP to use towards the down payment on your home. If applicable, your spouse or common law partner may also withdraw up to $25,000 for a total combination of $50,000.

IMPORTANT NOTE: Any funds borrowed from your RRSP is required to be repaid. The repayment must begin 2 years after your purchase and must be repaid within 15 years.

This is a Canada wide program supported by the Canadian Government.

• You must meet the Canada Mortgage and Housing Corporation (CMHC) First-Home Buyers’ Program definitions
• Your property must be located in Canada and be your principal residence
• A T1036 application is required to be completed and taken to the institution that holds your RRSP.
• Your RRSP must be established for at least 90 days before closing the housing transaction

This refund is available to you if you’re buying a home in Ontario, British Columbia and Prince Edward Island. The City of Toronto also has its own land transfer tax rebate that you may receive in combination with Ontario’s rebate. Depending on where you live will determine how much you will recover from your Land Transfer Tax (LTT).

Here’s how the Land Transfer Tax Refund works in Toronto, Ontario and British Columbia:

(For B.C. only) Partial refund for homes valued between $500,001 – $525,000, see following link for detailed chart.

For a detailed government definition of each province’s land transfer tax rebate follow the appropriate links below:

• Ontario Land Transfer Tax Refund for First-Time Home Buyers
• Toronto Municipal Land Transfer Tax Rebate
• BC First-Time Home Buyer Exemption

• Be at least 18 years or older;
• Be a Canadian citizen or permanent resident of Canada.
• Occupy the home within 9 months of the date of transfer.
• Cannot have owned a home or had ownership interest in a home, anywhere in the world.
• Your spouse cannot have owned a home or had ownership interest in a home, anywhere in the world, while being your spouse, but they may be a previous home owner. In the case that they were a previous homeowner, this may affect how much you receive.
• You must apply for the refund within 18 months of purchase.
• For B.C. only) must have lived in B.C. for 12 consecutive months before the property is registered, or you have filed 2 income taxes in BC in the past six years.

A nearly decade old program implemented by the Federal government, it allows first-time home buying Canadians to receive a tax rebate. It helps recover the costs surrounding a home purchase such as:

• Land Transfer Tax
• Legal Fees
• Home Inspection
• Appraisal

The tax credit will currently help you recover 15% of your closing costs, up to a max of $750.

In order to be eligible for the tax credit you must meet the following requirements:

• Be a first-time home buyer (obviously) or have not resided within an owned property within four-years, including your spouse’s home.
• Purchasing a new or existing home (of any type: detached, semi-detached, townhouse, condo, mobile or floating home) within Canada.
• Have the intention to live in the home within one year of purchase.
• The home must be registered in your name and, if applicable, your spouse’s name.
• Have documented proof of your purchase.

This tax credit exists to assist first-time home buyers with the closing costs related to purchasing their first home. With this credit, you can receive up to 15% of your closing costs (to a maximum of $750) as a tax credit.

​For more information follow the link to the government website, First-Time Home Buyers’ Tax Credit (HBTC)

Though this is not a rebate exclusive to first-time home buyers, we recommend that you take advantage of it if you’re purchasing a newly built home.

This rebate helps Canadian who paid GST or HST on their new home, renovating an existing home or rebuilding a home due to loss by fire. Canadians who qualify can receive a rebate on the GST they paid on their new home.

In Ontario you can receive a rebate on the HST you paid to renovate an existing home or the purchase of a new home.

​In order to be eligible for the GST/HST New House Rebate  you must meet the following requirements:

• Your home is built in Canada
• Your home must be your primary residence

For more information follow the link to the government website, GST/HST new housing rebate.

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