Home Buying: Where to Start?
Whether your first, second or third, it’s always good to know what to expect.
Here’s a step by step (albeit not all encompassing) guide to get you started.
The Home Buyers’ Plan
The Government of Canada Home Buyer Plan allows you to withdraw up to $25,000 from your RRSP’s. Upon qualifying, you are eligible to either build or purchase a home for you or for a disabled family member. If the home is purchased for someone with a disability, it must prove to be better suited and more accessible that their current home.
First Time Home Buyer’s Tax Credit
The First Time Home Buyer Plan is a non refundable tax credit. It is calculated by multiplying the lowest personal income tax rate for the year by $5000.
If you have never purchased a home before or are a person with a disability (or purchasing for a person with a disability), you may be eligible. Property must qualify and must be of principal residency. Multi-residential properties will be considered.
Affordable Housing Homeownership Program
The Affordable Home Ownership Program is being delivered by the Region of Waterloo on behalf of the Federal and Provincial governments.
The program provides qualified low to moderate-income households with down payment assistance loans of 5% of the purchase price of an eligible home.
Recipients of the loan can purchase a new or resale home that is located in Waterloo Region and has a maximum purchase price of $386,000.learn more
Homeowner Residential Rehabilitation Assistant Program- RRAP
Canada Mortgage Housing Corporation is a program to help low income homeowners do necessary repairs for public safety. On a loan basis, you may be able to get up to $24,000 for repairs to your heating, structural, electrical plumbing or for fire safety. Eligible properties must be at least five years old and valued accordingly.
GST Rebate Program for New Housing
Offered by Canada Revenue Agency, you may be eligible if you are building a home or contracting someone to do it for you. Part of the GST or HST will be refunded to you.
Receive 10-25% refund off your CMHC Mortgage Loan For Energy-Efficiency
If you buy an energy-efficient home, purchase or renovate, you may be able to receive a 10-25% refund off your mortgage loan insurance premium.