What is a First-Time Home Buyer?

Taking the leap into homeownership is a major milestone, but did you know there are specific benefits designed for first-time home buyers in Canada? If you fit any of the following criteria, you may qualify for financial incentives that make purchasing a home more affordable:

🏡 Unlocking Your Dream Home

Taking the first step toward homeownership is exciting! This image perfectly captures the moment—your key to new possibilities.

Are you a first-time home buyer? Let’s explore the opportunities that make homeownership more affordable! 🔑

✅ You've never owned a house before.

✅ You haven’t owned a home in the past four years.

✅ You’ve experienced the breakdown of a marriage or common-law relationship.

Advantages for First-Time Home Buyers

💰 First Home Savings Account (FHSA) – A unique savings tool designed to help first-time buyers build their down payment. Interest earned in the account is tax-free, making it a smart way to save.

🏡 RRSP Home Buyers’ Plan – Withdraw up to $60,000 from your Registered Retirement Savings Plan (RRSP) for a home purchase. If both partners qualify, the combined limit is $120,000. Plus, these withdrawals are tax-free, as long as they’re repaid within 15 years.

📉 30-Year Amortization Period – First-time buyers now have access to longer amortization periods, increasing the affordability of monthly mortgage payments compared to the previous 25-year maximum.

📝 First-Time Home Buyer’s Tax Credit – You could claim up to $10,000 on your income tax return, effectively reducing the amount you owe at tax time.

Making your first home purchase can feel overwhelming, but taking advantage of these programs makes the dream much more attainable. Ready to explore your options? Let’s chat about how you can start your journey toward homeownership!