All-Purpose Realty shares new developments and options for first-time home buyers
You may have heard that the Canadian Mortgage and Housing Corporation (CMHC), a Crown Corporation, has cancelled the First-Time Home Buyers Incentive effective March 21st, 2024, as it has been undersubscribed. So, where does this leave first-time home buyers?
Here are some helpful tips while purchasing your first home:
1. First Time Home Buyer Grant
Details are on line 31270 of your tax return for terms and conditions. This could be worth $1,500.
2. Land Transfer Tax Rebates
In some provinces and cities, when you buy a property, you’ll pay land transfer tax as part of your closing costs. If you’re a first-time buyer, you may qualify to receive some or all this tax back. The amount you could receive will depend on the province and, in some cases, the city you buy in. If you meet the criteria each province or municipality sets, you could receive a partial or full land transfer tax refund. In Ontario, this could be worth up to $4,000.
3. GST/HST New Housing Rebates
To qualify, the home must be purchased from a builder registered with the GST/HST New Housing Rebate program, be an owner-built home, meaning it has never been lived in before (including by the builder). If you are buying a resale home, you may still be eligible for a partial rebate if particular renovations have been made.
4. Cashback
Cashback offers are available when using a referred agent to represent you, the buyer, not the seller. The cashback rewards could add up to thousands of dollars. Visit the All-Purpose Realty partner page for details.
All-Purpose Realty is here to support you through uncertain times.
