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      First-Time Home Buyers

      Buying a house for the first time is a big and important decision in your life. As someone who represents you and looks out for your best interest, I would like to introduce you to a variety of First-Time Home Buyers’ government programs geared towards buyers like you.


      You are considered to be a first time buyer if neither you and your spouse or common-law partner has owned and lived in another home in the year of the purchase or in any of the four previous years.  


      1.  First-Time Home Buyer’s Credit (FTHBC): The objective is to reduce costs associated with purchasing a home. As a first time buyer, you are eligible for a 15% income tax credit on a maximum of $5,000 of home purchase costs such as legal fees and land transfer taxes. It can be claimed for the taxation year that you acquired the house.
      2.  RRSP Home Buyers' Plan: This program allows you to withdraw up to $25,000 from your RRSP to buy or build a new home. You can use it to buy or build a home for yourself or for a relative with a disability.
      3. GST/HST New Housing Rebate: Is a rebate on the purchase of a home gives you back some of the GST, or the Federal portion of the HST you paid - up to $1,500 - for a new or substantially renovated house this is your primary residence provided you meet all eligibility requirements.
      4.  CMHC Green Homes: If you buy, build, or renovate for energy efficiency using CMHC-insured financing, you could receive a 15% rebate for building a home to ENERGY STAR® standards or up to 25% for building a home to R-2000 building standards.
      5. GENWORTH CANADA Energy-Efficient Housing Program: Receive a 25% rebate when you build a home through one of Genworth Canada's qualifying energy-efficient building programs or meet the prescribed minimum Natural Resources Canada EnerGuide requirements and fund it through a Genworth Canada insured mortgage.
      6. Land Transfer Tax Refunds For First-Time Home Buyers: Under this program, if you've never owned a home or held an interest in a property before - ever - you could qualify to receive a refund of the land transfer tax for the first $368,000 of the value of the home. The maximum amount of the refund is $4000.
      7. Ontario Energy and Property Tax Credit: Anyone over 18 that meets the eligibility requirements receives up to $1,065 while seniors can receive up to $1,213. Even students can receive a credit of $25 if any of their costs were related to energy costs, and if you live on a reserve or public long-term home, you can receive up to $237.
      8. Northern Ontario Energy Credit: This program is a tax-free payment to help with the higher home energy costs faced by Northern Ontarians. Those living in qualifying locations can take advantage of the Northern Ontario Energy Credit that allows single people to receive a credit on their taxes of up to $151 and allows families (including single parents) to receive up to $232. 
      9. Municipal Land Transfer Tax Rebate Program: In conjunction with the Provincial land transfer tax rebate if you are a Canadian citizen or permanent resident living and purchasing your first home in Toronto, you can get up to $4,475.00 back from the land transfer tax you pay when buying your home. Both new and existing homes qualify, but neither you and/nor your spouse can ever have owned a home before at anytime anywhere in the world.
      10. Home In Peel - Afforfordable Home Ownership Program: Aspiring first-time home buyers that live in the Region of Peel including Brampton, Caledon, and Mississauga, can apply. It offers eligible low to modest income earners a 20-year interest-free, forgivable loan for 10% (up to $20,000) of the down-payment on a home. Only existing homes qualify for down-payment assistance, and applicants must attend a mandatory information session.

      Don't be discouraged by soaring house prices... 

      Housing prices can seem completely unattainable to average, middle-class renters. This is one big reason why many renters keep renting...
      But when you do a little research, such as combing through the first-time buyers' programs above, you will find many programs designed to do everything they can to help low- to modest-income renters buy their first home!
      And when you break the total cost down into monthly payments, quite often your mortgage ends up costing you the same or less each month than your rent.
      So unless you’re the type who prefers not to worry about maintenance or you’re a bit of a nomad,
      it’s worth it to get out of the rental market, own your own little corner of the world, and possess a sizable asset.



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