Forest Hill Real Estate Inc., Brokerage*

Phone:
416-755-0123
Fax:
416-755-5536
Contact Us

Forest Hill Real Estate Inc., Brokerage*

Phone:
416-755-0123
Fax:
416-755-5536
Contact Us

Government Programs for Home Buyers

A home is usually the single largest investment that most people make in their lives. Achieving your dream can be made easier by taking advantage of various Government Programs for home buyers and property owners. Some of the programs are targeted to first-time buyers, while others apply more generally. Other programs benefit those in the industrial, commercial and multi-unit property market. Your Real Estate Representative can provide information on these programs and help you to determine your eligibility.

Here is a list of a few programs offered;

• CMHC Purchase Plus Improvements Program

Canada Mortgage and Housing Corporation (CMHC) insured mortgage loans are available to cover the purchase price of a home as well as an amount to pay for immediate major renovations or other improvements that the purchaser may wish to make to the property.

This option eliminates the need to obtain secondary financing after the purchase to pay for improvements. The homebuyer obtains a single first mortgage, makes a single mortgage payment, and benefits from first mortgage interest rates.

 

• RRSP Home Buyers' Plan

The Home Buyers’ Plan (HBP) is a program under which you can, generally, withdraw up to $35,000 from your registered retirement savings plan (RRSPs) to buy or build a qualifying home.

Withdrawals that meet all applicable HBP conditions do not have to be included in your income, and your RRSP issuer will not withhold tax on these amounts. However, before you can withdraw funds you must have entered into a written agreement to buy or build a qualifying home which you must occupy no later than one year after buying or building the home.

If you buy the qualifying home together with your spouse or other individuals, each of you can withdraw up to $35,000. You cannot withdraw an amount from your RRSP under the HBP if you or your spouse owned the home more than 30 days before the date of your withdrawal

• Land Transfer Tax Rebate Program

First-time home buyers who purchase a newly constructed home will receive a rebate of the Land Transfer Tax (LTT). All other buyers will continue to pay the full applicable tax. The maximum LTT rebate is $2,000.

 

 

For more information call the Ontario Finance Ministry at 1-800-263-7965

Have Questions?

By submitting this form, you are providing express consent to receive commercial electronic messages from www.foresthillparkview.com. You may unsubscribe at any time.

416-755-0123

  

At Forest Hill Real Estate Inc., Brokerage* we uphold an ongoing commitment to providing an elevated level of personal service. Our clients come first, and as a result, they are able to achieve more than they ever dreamed with their real estate investment.

Because we expect more from our associates, you can expect more from us when it comes to the important sale or purchase of your property. When it comes to your next move, we want you to experience the difference exceptional real estate service can make.

Contact us today, for free real estate advice, to find your nearest sales associate or to find your dream home!