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1st Time Home Buyer

First Time Home Purschasers

There are several requirements that first-time homebuyers in Ontario must meet in order to be eligible for certain benefits and incentives. Here are some of the key requirements for first-time homebuyers in Ontario:

First Time Home Buyer Requirements:

To be eligible for the land transfer tax rebate in Ontario, you must be a Canadian citizen or permanent resident, at least 18 years old, have never owned a home anywhere in the world, and intend to occupy the home as your principal residence within 9 months of the date of the transfer.

To be eligible for the First-Time Homebuyer Tax Credit in Ontario, you must be a Canadian resident, at least 18 years old, and have purchased a qualifying home.

To be eligible for the Homebuyer’s Plan in Ontario, you must be a first-time homebuyer, or you must not have owned a home in the previous 4 years. You must also have a written agreement to buy or build a qualifying home, and the home must be your principal residence within one year of buying or building it.

To be eligible for the GST/HST New Housing Rebate in Ontario, you must have purchased a new home or have made substantial renovations to an existing home. You must also have paid the GST/HST on the purchase or renovation.

To be eligible for the First-Time Home Buyer Incentive in Ontario, you must have a minimum down payment of 5% of the home’s purchase price, have a maximum qualifying income of $120,000, and be a Canadian citizen, permanent resident, or non-permanent resident legally authorized to work in Canada.

It's important to speak with a qualified mortgage professional or financial advisor to learn more about these requirements and determine which ones may apply to your individual financial situation by contacting us today!