first time home buyers

First-time home buyers

As a first-time home buyer, we are your one-stop shop for all your mortgage needs and questions. From your first interaction with us, we will guide you through the home-buying process. Mortgages typically aren’t something that most people grow up knowing or learning about so this is where our expertise comes in.

  • We walk you through the pre-approval process and we provide you with a budget
  • We can refer you to our amazing industry partners (Realtors, Lawyers, Home/Life Insurance)
  • We will secure and monitor your rate hold while you shop for a home
  • We get your mortgage approved when you make an offer on a home (most people’s favourite part of buying a home is the home search)
  • We ensure your mortgage closes on time without hiccups
  • And we are there after the mortgage funds and you take possession of your new home to answer any questions you have and continue to be a source of support for you.

We are here to help you with every conversation you have about your mortgage and home needs from your first purchase until the day you pay off your last mortgage.

As a first-time home buyer, we want you to feel comfortable with your decisions, so we offer lots of informational tidbits and are available to answer any questions that arise during the process.

First-time Home Buyer Programs

First-Time Home Buyer Programs There are a few programs out there to assist first-time homebuyers and it is important to familiarize yourself with them so that you use all the tools in your toolbox. Each program is linked to its corresponding website for more information.

  • First Home Savings Account (FHSA):
    This account combines the benefits of tax-deductible contributions (like a RRSP) and withdrawals would be tax-free (like a TFSA) geared towards first-time home buyers saving for their down payment on a qualifying home purchase.
    Key features:
    annual contribution of $8,000 with a lifetime contribution limit of $40,000, unused amount can be carried over to subsequent years. Note withdrawal from this FHSA does not have to be paid back (unlike a withdrawal from your RRSP using the HBP).
    First Home Savings Account (FHSA) -
  • First-time Home Buyers’ Tax Credit (HBTC):
    when filing your taxes for the year you purchased your home, ensure you enter that you purchased a home during that year for a tax credit of up to $1,500 to eligible home buyers.
    First-Time Home Buyers’ Tax Credit (HBTC) -
  • Home Buyers Plan (HBP):
    this program allows first-time home buyers to withdraw up to $60,000 from your RRSPs towards down payment on a qualifying home purchase. Funds must be repaid to your RRSP within 15 years.
    The Home Buyers' Plan -

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