The First-Time Home Buyer Incentive helps qualified first-time homebuyers to reduce their monthly mortgage carrying costs without adding to their financial burdens.
How it all works
1. Learn About the Program
- Calculate your maximum purchase price and what you could receive as an incentive.
- Review program details.
- Start looking for a home.
2. Determine Your Eligibility
- Contact a lender/mortgage professional (we can recommend you our Team's trusted specialists)
- Review program requirements and ensure that this is for you.
3. Choose Your Incentive and Apply
- Read, print and sign the application documents in the resources section and take them to your lender.
- Application submissions will be completed by your lender.
- Notify your solicitor.
4. Repayment
- Early payout options in full are available at any point in the duration of the 25 years.
- Learn more about fair market value and how this will help you calculate repayment.
- Calculate the fair market value of your home and multiply it by the percentage of the Incentive you received.
Read more about the First Time Home Buyer Incentive here and give us a call at 416 762-5949, we'll happily guide you through the process.
Tyler Delaney also shares what you need to know about the new Federal First Time Home Buyer Incentive:
Real Estate News - Federal First Time Home Buyer Incentive