One of my main messages to first-time home buyers across the GTA is to do their homework and find out what help is available to them. Recently, the Wynne government announced that first-time buyers in Ontario will now receive up to $4,000 through its proposed changes to double the maximum Land Transfer Tax refund. I agree that this will likely not be the deciding factor in deciding whether you can afford a new home, but it is still a help.
Then you combine that with the other government programs, and it all adds up. For example, CMHC’s Home Buyers’ Plan enables qualified first-time buyers to withdraw up to $25,000 in a calendar year from your RRSPs toward your down payment. And let’s face it: the down payment is the main obstacle first-time purchasers have to overcome.
Then there is the first-time home buyers’ non-refundable tax credit of up to a $750, based on an amount of $5,000, for certain home buyers that acquire a qualifying home after January 27, 2009 (generally means that the closing is after this date). Of course, anyone going for their first home should also ask sales representatives what special incentives the developers may be offering.
Both our Prime Minister and Premier want hard-working Canadians and Ontarians to get ahead. Homeownership is one of the best steps you will ever take in life. Before writing it off as something you cannot afford, pull out all the stops and find out what help is out there!