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905-812-9211 john@ndlc.ca

First Time BuyerThere are several First Time Home Buyer Programs.

The best one is that clients receive up to $4,000 off their Land Transfer Tax when they buy a home.

If two people are buying a home and only one is a first time home buyer then you will receive up to $2,000 off the Land Transfer Tax.

The newest program is the one from just last year where the government will give you 5% of the price of the home to increase your down payment. The idea is to help people qualify for a higher amount to make it easier to buy a home. This does make sense but there is a catch. You have to pay them back 5% of the value of the home when the money is being paid back so they could give you $15,000 and you have to pay them back $30,000. Due to this the program is not very popular and I would expect it to disappear into the sunset when no one is watching.

 

There are a couple other program where you get tax credits but they aren’t substantial. Feel free to google them if they are of interest to you.