First Time Buyers

Help for First Time Buyers

Many people don't realize there's lots of help out there from the government for first time Buyers. Programs include:
1) Home Buyer’s Plan – Use your RRSP’s toward a Down Payment
2) Place to Call Home Incentive – Receive 5 to 10% towards a Down Payment 
3) Land Transfer Tax Exemption/Rebate - Refunds and Exemptions
4) The Home Buyers’ Tax Credit (HBTC) - Up to a $5,000 credit on your income tax

5) The Niagara Regional Housing Plan - For Niagara residents up to 5% loan towards a Down Payment

Costs involved with Buying 

Don't forget to put money aside to pay for Buying Costs:
1) Land Transfer Tax 
Ontario charges land transfer tax Toronto has an extra Land Transfer Tax. You can find  so fill in the correct location using the following Land Transfer Tax calculator.

2) Lawyer Fees 

Your lawyer will charge a flat fee for their services to ensure a smooth closing. The title search on the property will happen before closing which will determine if there are liens against the property. This is done by the Title Search date found on your offer (usually 5 business days prior to closing).

3) Disbursements 

Your lawyer will also charge you for disbursements, which includes payments owed to the seller for property tax and water bills paid in advance by the seller. You'll also see other fees such as mortgage registration. 

4) HST on New Builds 

Resale properties do not pay HST at this time but new builds do pay HST. Be sure to investigate HST rebates before buying a new home.