ATTENTION FIRST TIME HOME BUYERS: Trying to get into the housing market as a First Time Home Buyer can be difficult. Here are some helpful programs to try to eliminate the financials barriers to entering the Real Estate Market:
- First Time Home Buyers’ Incentive: A shared-equity mortgage with the Government of Canada. https://www.placetocallhome.ca/fthbi/first-time-homebuyer-incentive?fbclid=IwAR2p4nel_OtgfC-CVmQiJW0VozMxMpLlZyOmFowUWG5PQuyls3CwLkTUf7E
- Home Buyers’ Plan (HBP): Withdrawal of RRSPs for use as a Down Payment. https://www.placetocallhome.ca/fthbi/first-time-homebuyer-incentive?fbclid=IwAR0HYNXHnFIHgX0f0fQAiyz0ColXbtxdwGmcVqr3X7doQGdsY3wfcSWZuvA
- First Time Home Buyers’ Program: Reduces or eliminates the amount of Property Transfer Tax you pay. https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/exemptions/first-time-home-buyers
- Home Buyers’ Tax Credit: Claim a non-refundable tax credit at tax time. https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/federal-government-budgets/budget-2022-plan-grow-economy-make-life-more-affordable/first-time-home-buyers-tax-credit.html?fbclid=IwAR22yA9nc7T0bszSFkZDWkfrMR-Qbl8KO7zdADvkHah_saOJWStWJ-6lEzA
5. Home Buyer Rescission Period: Your right as a Buyer to Rescind a home offer within 3 business days for 0.25% of the purchase price. https://www.bcfsa.ca/public-resources/real-estate/home-buyer-rescission-period?fbclid=IwAR1Id7VHpazteDT9f9E68yKthq1abKgUf85urI1V9Z074G2sT85vNHepCXA
Still have questions? Let us know!
Info@layzelldreger.com