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Today: 17.01.2018 - 14:46:09
   Canada Mortgage Hub Discussion Board -> Mortgage Rates Canada -> Are there first time homebuyers programs in Canada?
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rjn128

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Are there first time homebuyers programs in Canada?
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p6d5

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Yes, there are. There are at least two things a first-time home buyer can take advantage of:1) A federal "First-Time Home Buyer's" tax credit was introduced in 2009 and offers up to $750 in tax relief. This helps you pay the municpal property transfer fees, often referred to in Canada as the "welcome tax".2) The Home Buyer's Plan allows you to take out up to $25,000 from an existing retirement savings plan (RRSP) as a downpayment on a new home.The first item may help, although when making what could be a $300K purchase or more in some cities, the savings of $750 seems like a drop in the bucket. (Kind of like telling someone you'll give them a quarter for every $100 they spend in your store...)The second item is only good if you are Canadian and already have started an RRSP.I would recommend checking with a bank, such as TD Canada Trust or Scotiabank. They often have home buyer plans where you can get a mortgage at a favourable interest rate. Even saving 1% on a 20 year mortgage can add up to a lot of money over the lifetime of the mortgage.
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