If you’re purchasing your first home you may be eligible for the first-time home buyer credit from the Government of Canada.
The First-Time Home Buyer Incentive helps people across Canada purchase their first home. The program offers 5 or 10% of the home’s purchase price to put toward a down payment.
You're considered a first time home buyer if: if you have never purchased a home before, you did not occupy a home that you or your current spouse or common-law partner owned in the last 4 years, or you have recently experienced the breakdown of a marriage or common-law partnership.
Am I Eligible?
You may be eligible if; your total annual qualifying income doesn't exceed $120,000, your total borrowing is no more than 4 times your qualifying income, you or your partner are a first-time homebuyer, you are a Canadian citizen, permanent resident or non-permanent resident authorized to work in Canada, and/or you meet the minimum downpayment requirements with traditional funds.
Are you eligible for the incentive? Ready to be pre-approved so you can start looking for your first home?
Give us a call at 705-805-9055!