A first-time home buyer hasn’t owned a home in the past 5 years, for them buying a residential property in Canada comes with some incentives.
Can withdraw up to $25,000 per person from their RRSP’s accounts towards their down payment
Can get a first time home buyer tax credit (from revenue Canada, see video below) of up to 750.00 in the year you purchase your home to offset the closing costs.
In a high ratio mortgage, the down payment is less than 20% of the value of the property
Conventional mortgage is when the down payment is at least 20% of the value of the property
In any case is important to maintain a good credit rating
Watch the “First time home buyer tax credit” video.
- Is Homeownership Right for You?
- Are You Financially Ready?
- Which Home is Right for You?
- The Buying Process
- Now That You’re a Homeowner
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