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.

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We have pulled together resources that will help make the home buying process easier.

Something missing from our list? Let us know and we will find the information for you.

Closing Costs: What to Budget
Be prepared by finding out what all goes into your home buying budget.

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Mortgage Calculator
Calculate mortgage payments, and find out how to lower mortgage costs.

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Moving & Relocation Resources

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Neighbourhoods & School Finder

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Additional Resources

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.

You can withdraw either a single amount or a series of withdrawals without penalty within the calendar year and you do not have to include this as taxable income. You have 15 years to repay your RRSP before it will be included as your taxable income.
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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.

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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. 

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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.

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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.

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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.

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