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First Time Home Buyers

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There are Government programs available to first time home buyers however, you do not necessarily need to be a first time home buyer to utilize them.

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You are considered a First Time Homebuyer If:

  • The borrower has never purchased a home before; OR

  • In the last 4 years, the borrower has not occupied a home as a principal place of residence that either they themselves or their current spouse or common-law partner owned; OR

  • The borrower recently experienced the breakdown of a marriage or common-law partnership.

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Home Savings Bank Account (FHSA) 
and
The First Time Home Buyers Plan (RSP)

First time home buyers will get a tax deduction when depositing to either program and the funds can grow tax-free. The difference between the 2 is; if you draw from your RSP, 5years after you take the money out you will be required to start putting that money back into an rsp, you have 15years to repay the funds. Ex. $20,000/15yrs = $1,333/yr.  

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Link to Revenue Canada for more info:
RSP 
FHSA​

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First Time Home Buyers Tax Credit

When you complete your taxes be sure to check off that you purchased a home in that tax year for some tax savings! You may eligible for up to $1,500. Link to Revenue Canada for more info: click here. 

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30 Year Mortgage Amortizations

First time homebuyers who are putting less than 20% down, have the option to a 30yr amortization (rather than the standard 25yrs). While this would create more interest, it would also reduce the mortgage payment to help first time buyers get going.

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Note this was initially for new construction only but as of Dec 2024 it applies to all first time buyers. 

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