Affordability is top of mind for many first time homebuyers. The good news is that there are a range of Federal programs available to help make the leap into home ownership less financially stressful.
AVAILABLE FIRST TIME BUYER PROGRAMS:
Home Buyer's Plan (HBP)
You may withdraw up to $60,000 from your registered retirement savings plan (RRSP) tax-free to buy or build your first home. Learn more about this program HERE
First Home Savings Account (FHSA)
The First Home Savings Account (FHSA) is a registered account allowing qualified first time buyers to save up to $40,000 tax-free to buy a home. Annual contributions are generally tax deductible. Learn more about this program HERE
The Home Buyer's Amount (Tax Credit)
This tax credit offers up to $1,500 in non-refundable tax relief to first time homebuyers, helping to offset closing costs or other expenses. Learn more about this program HERE
GST/HST New Housing Rebates
Eligible first time homebuyers are can now receive up to 100% of the GST back on the purchase of a new home. Learn more about this program HERE
THINKING OF BUYING OR BUILDING YOUR FIRST HOME?
WHY NOW MIGHT BE A SMART TIME
- More Options: After years of extremely tight supply in the Calgary housing market, there is now much better availability of homes for sale. With more options available, you have a much better chance of finding a home that checks every box in the area you want to be.
- A Better Price: A softer market means fewer buyers to compete with and little to no bidding wars. Prices have started to cool slightly, and sellers are much more willing to negotiate on price.
- More Favourable Terms: Now that the market has cooled, sellers are much more willing to work with offer conditions like home inspections or the requirement to sell another property to finance the deal.
- Reasonable Interest Rates: Interest rates have come down from record highs and have stabilized at much more reasonable levels. This means affordable, more stable mortgage payments.
- Build Your Own Equity and Financial Security: Buying your own home means you can finally start building your own equity and long-term financial security - instead of paying someone else’s mortgage!
THINKING OF MAKING THE LEAP INTO HOME OWNERSHIP?
We are here to help you make sense of your options. No pressure, no push, just smart guidance, tailored to your goals. Let’s talk!
We are here to help you make sense of your options. No pressure, no push, just smart guidance, tailored to your goals. Let’s talk!
