There are three main incentive programs for first-time home buyers. Each program has different requirements to qualify as a first-time buyer. See the FAQ below for details.
- Land transfer tax rebates, which refund some or all of the land transfer tax levied as part of your closing costs.
- The Government of Canada First-Time Home Buyer Incentive, which allows 5% or 10% of your home to be purchased (shared equity) by the government. This amount must be repaid, interest-free, within 25 years or if the house is sold. The program launches September 2, 2019 and is available for any purchase closed after November 1, 2019.
- The Home Buyers’ Plan, which allows you to withdraw up to $35,000 (since March 19, 2019) from your registered retirement savings plan (RRSP) tax-free. The amount must be repaid over a 15-year period.
- Canada’s most comprehensive calculator for first-time buyers