First Time Buyers
Help for First Time Buyers
|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
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).
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.
- Bailee, St. Catharines
- Sari, Toronto
- Brandon, Fort Erie
- Dave and Marney, Hamilton
- Petra, Toronto