{"id":4949,"date":"2022-03-29T08:56:46","date_gmt":"2022-03-29T15:56:46","guid":{"rendered":"https:\/\/www.nerdwallet.com\/ca\/?page_id=4949"},"modified":"2024-11-08T11:57:14","modified_gmt":"2024-11-08T19:57:14","slug":"first-time-home-buyer-grants-assistance","status":"publish","type":"page","link":"https:\/\/www.nerdwallet.com\/ca\/mortgages\/first-time-home-buyer-grants-assistance","title":{"rendered":"First-Time Home Buyer Grants and Assistance Programs"},"content":{"rendered":"\n

Buying a home is an expensive undertaking. That\u2019s why so many grants and assistance programs are in place to help Canadians manage the cost of buying or building their first home. <\/p>\n\n\n\n

These programs exist at both the federal and provincial level and have varying requirements for eligibility. Finding out how many programs you might qualify for can make buying your first house<\/a> more affordable.<\/p>\n\n\n\n

What is a first-time home buyer grant?<\/strong><\/h2>\n\n\n\n

A first-time home buyer grant is a type of government incentive program to help eligible Canadians purchase their first home. The goal is to make buying a home more affordable.<\/p>\n\n\n\n

Some of these programs are actual grants (i.e. you get to keep the money without repayment), but a few fall under the category of a loan and do need to be paid back within a predetermined period of time.<\/p>\n\n\n\n

Be sure to do your research and be aware of the rules and regulations surrounding these initiatives to ensure you make the most of them.<\/p>\n\n\n\n

Tools to inform your home buying decision<\/h3>\n\n\n\n
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Mortgage affordability calculator \u2197<\/a><\/h4>\n\n\n\n

Estimate how much house you can afford. <\/p>\n<\/div>\n\n\n\n

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<\/a>First-Time Home Buyer Guide \u2197<\/a><\/h4>\n\n\n\n

Strategies to get you your first property.<\/p>\n<\/div>\n<\/div>\n\n\n

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Best Mortgage Rates in Canada<\/h3>\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\tCompare Canada’s top mortgage lenders and brokers to fine the mortgage rate that will meet your needs.\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t

Compare Best Mortgage Rates<\/a><\/div>\t\t\t<\/div>\n\n\t\t\t\t\t\t\t
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\n\t\t\t\t\t\t\"Ad\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n

First-time home buyer grant and assistance options in Canada<\/strong><\/h2>\n\n\n\n

First-time Home Buyers\u2019 Tax Credit<\/strong><\/h3>\n\n\n\n

The First-time Home Buyers\u2019 tax credit<\/a>, which is also referred to as the Home Buyers\u2019 amount, allows Canadians who qualify to claim a $10,000 non-refundable income tax credit against their new home. This means that eligible Canadians can get up to a $1,500 tax rebate.\u00a0<\/p>\n\n\n\n

Land Transfer Tax Rebate<\/strong><\/h3>\n\n\n\n

If you are a first-time home buyer in a specific province or municipality, then you might be eligible for the land transfer tax<\/a> rebate. Those who are eligible can qualify for a rebate of their land transfer tax up to a maximum amount, depending on where the home is located. <\/p>\n\n\n\n

Eligible areas include Ontario<\/a> (where you may be eligible for both a Toronto and Ontario tax rebate), British Columbia<\/a> and Prince Edward Island. Montreal also offers a tax refund to homeowners with children as part of its Home Ownership Program. <\/p>\n\n\n\n

Home Buyers\u2019 Plan<\/strong><\/h3>\n\n\n\n

The Home Buyers\u2019 Plan<\/a> allows Canadians to withdraw from their registered retirement savings plan, or RRSP, to help either purchase or build a home for themselves or a related person with a disability.<\/p>\n\n\n\n

There are several conditions that must be met in order to qualify. Those who do can withdraw up to $60,000 from their RRSP<\/a> to buy or build a new home. If you are buying a home with a partner, they can also withdraw up to $60,000, allowing you a total of $120,000.<\/p>\n\n\n\n

In order to keep this RRSP withdrawal tax-free, you need to pay back the funds within a 15-year period.<\/p>\n\n\n\n

GST\/HST New Housing Rebate<\/strong><\/h3>\n\n\n\n

With the GST\/HST<\/a> New Housing Rebate you might be eligible to get back some of the GST or the federal portion of the HST paid on a new or significantly renovated home that is used as a primary residence.<\/p>\n\n\n\n

Like the other grants and programs on this list, there are a number of conditions you must meet to be eligible for this rebate. But it can be another money saver for those who qualify. On top of savings at the federal level, there may be programs that reduce the provincial portion of your HST as well.<\/p>\n\n\n\n

How to find additional grants and assistance programs<\/strong><\/h2>\n\n\n\n

The first-time home buyer grants and programs listed here are mostly at the federal level, but they aren’t the only options. Many provinces and municipalities also offer programs for first-time home buyers, so it\u2019s worth your time to see if any are available in communities where you’re thinking of buying your first home.<\/p>\n\n\n\n

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\n\t\t\tAbout the Author\t\t<\/h4>\n\n\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t<\/a>\n\t\t\t\t\n\t\t\t\t
\n\t\t\t\t\t\n\t\t\t\t\t\tClay Jarvis<\/strong>\n\t\t\t\t\t<\/a>\n\n\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t

Clay Jarvis is NerdWallet\u2019s mortgage and real estate expert in Canada. Thus far, his entire professional writing career has revolved around real estate. Prior to joining NerdWallet, he was the…<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\tRead more about Clay Jarvis and explore their articles<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t<\/div>\n<\/div>\n\n\n\n\t

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\n\t\t\t\tDIVE EVEN DEEPER\t\t\t<\/h4>\n\t\t\n\t\t
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\n\t\t\t\n\t\t\"First-Time\t<\/a>\n\t\t\t
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\n\t\n\t\tFirst-Time Home Buyer In Canada? Here’s What You Need To Know\t<\/a>\n<\/h4>\n\n\t
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A little knowledge about the housing market, mortgages and incentive programs can help you afford your first home.<\/p>\n\t<\/div>\n\n\t

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\n\t\t\t\t\"\"Clay Jarvis<\/a>\"\"Kurt Woock<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n<\/div>
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\n\t\t\t\n\t\t\"Calculator:\t<\/a>\n\t\t\t
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\n\t\n\t\tCalculator: How Much Mortgage Can You Afford?\t<\/a>\n<\/h4>\n\n\t
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Use our mortgage affordability calculator to see how your interest rate, down payment and debt ratios affect your housing budget.<\/p>\n\t<\/div>\n\n\t

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\n\t\t\t\n\t\t\"5-Year\t<\/a>\n\t\t\t
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\n\t\n\t\t5-Year Fixed Mortgage Rates\t<\/a>\n<\/h4>\n\n\t
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Compare customized 5-year fixed mortgage rates from Canada\u2019s best lenders and brokers for free. Find the lowest mortgage rate and apply for the home loan that best fits your needs.<\/p>\n\t<\/div>\n\n\t

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\n\t\t\t\n\t\t\"How\t<\/a>\n\t\t\t
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\n\t\n\t\tHow to Use First-Time Home Buyer Plans Twice in Canada\t<\/a>\n<\/h4>\n\n\t
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Some federal housing programs will consider you a first-time home buyer twice \u2014 or more \u2014 if you don\u2019t own a home for four or more years.<\/p>\n\t<\/div>\n\n\t

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\n\t\t\t\t\"\"Clay Jarvis<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n<\/div>\t\t<\/div>\n\t<\/section>\n\n","protected":false},"excerpt":{"rendered":"

Various grants and assistance programs in Canada can make it easier and more affordable to buy your first home.<\/p>\n","protected":false},"author":12,"featured_media":4951,"parent":106,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-templates\/article-sidebar.php","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"middle","apple_news_slug":"","apple_news_sections":"[]","apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":"","_nw_pros_cons_block_schema":""},"content-classification":[16],"topic":[114],"cluster":[226],"pp_author":[87],"acf":[],"apple_news_notices":[],"yoast_head":"\nFirst-Time Home Buyer Grants and Assistance - 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