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First Time Home Buyer Incentives - A Place to Call Home

Updated: May 18, 2023

There are many articles and information floating around out there.

THIS is a government, official website that includes ALL of the details (EVERYTHING) you need to know about this government sponsored first time home buyer incentive program.

Click link or image to view the website.


I usually STRONGLY encourage first time home buyers to utilize this one-time only offer from the Government of Canada. I NOW ESPECIALLY STRONGLY encourage first time home buyers to utilize this program BECAUSE:

  1. There have been substantial changes (much easier access to) in eligibility threshold (in terms of income & other qualifying factors) that used to be less advantageous before.

  2. Currently it is an EXCELLENT CLIMATE/ENVIRONMENT for first time home buyers in Canada due to the ban on foreign buyers' access to traditional residential properties, which created a cooling housing market that's HIGHLY favorable to first time home buyers' budgets, because you're competing with less people (foreign buyers) at this time.

I remember utilizing this program for myself as a first time home buyer years ago. I was able to save a lot of cash for other uses in life, other than to put all the cash I had into a Down Payment for a mortgage. You may also be wondering exactly what's the difference between a DEPOSIT vs. DOWN PAYMENT ? I have another article on this coming soon. Stay tuned.


This particular point/question I get asked a lot - for Canadian IMMIGRANTS - YES, PERMANENT RESIDENTS ARE eligible for this incentive program just like Canadian Citizens !! So lucky to be Canadian sometimes :D


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AND NOT TO MENTION THIS ADDITIONAL FIRST TIME HOME BUYER INCENTIVE:


PROPERTY TRANSFER TAX - FREE FOR FIRST TIME HOME BUYERS:

FULL EXEMPTION (property value at $500,000 or less) & PARTIAL EXEMPTION (property value at $525,000 or less)

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