If you’re looking for a trusted, experienced, and knowledgeable Regina mortgage broker to help a first-time home buyer, I am here to help. No matter what stage you are in the mortgage process, I can assist you in securing financing to get the home of your dreams. I also understand that all those mortgage rules and regulations surrounding the process can be confusing. My team and I are here to answer all your mortgage questions and take you to home ownership. In my latest tip, I share the information on what kind of things first-time home buyers in Canada can look out for to help them out.
Are There Any Special Mortgage Programs for First-Time Home Buyers in Canada?
Buying your first home is an exciting milestone, but it can also feel overwhelming as you navigate financing options, legal details, and the all-important question: “How much can I afford?” Luckily, if you’re a first-time home buyer in Canada, there are several programs designed to help make the journey more manageable.
As a mortgage broker with TMG The Mortgage Group, I specialize in guiding buyers through the mortgage process, and I’m here to break down these programs so you can make the most of them.
First Home Savings Account (FHSA)
The new FHSA combines the tax benefits of an RRSP with the flexibility of a Tax-Free Savings Account (TFSA). You can contribute up to $8,000 annually, with a lifetime maximum of $40,000, to save for your first home. This is available to First Time Home Buyers (as defined by CRA), and previously separated individuals. Contributions are tax-deductible, and withdrawals for your home purchase are completely tax-free. The contribution room begins to accumulate the calendar year you open the account, so open your account as soon as possible to take full advantage. There is no repayment requirement after the funds are withdrawn for a home purchase.
This is an excellent tool to grow your down payment while enjoying tax advantages.
Home Buyers’ Plan (HBP)
Do you have savings in your RRSP? The Home Buyers’ Plan lets First Time Home Buyers (as defined by CRA), and previously separated individuals, withdraw up to $60,000 tax-free (or $120,000 per couple) to use toward your down payment. You’ll have up to 15 years to repay the funds back into your RRSP, starting the second year after your withdrawal.
This program is a great way to boost your savings and reduce your mortgage principal without penalties.
GST/HST New Housing Rebate
If purchasing a newly built home or doing major renovations, you may qualify for the GST/HST New Housing Rebate. This rebate allows you to recover a portion of the GST or HST paid, which can make a big difference in your overall costs.
First Time Home Buyer’s Tax Credit
First time home buyers who acquire a qualifying home can get a non-refundable tax credit. This is available at both the federal and provincial level. Get in touch with me to check what amount you would qualify for based on the year that you purchased the property.
Additional Support For First Time Home Buyers in Saskatchewan
If you’re a Métis Nation citizen in Saskatchewan, the Métis Nation–Saskatchewan First-Time Home Buyers Program can provide extra financial support for your down payment or closing costs. Here is an article I wrote about this program.
Understanding which programs you qualify for is only half the battle—figuring out how to integrate them into your mortgage plan is where the real work begins. That’s where I come in!
As a licensed mortgage broker with TMG The Mortgage Group in Regina, I’ll take the time to walk you through the eligibility requirements, application processes, and best strategies for using these programs to your advantage. Let’s work together to get you into your first home confidently and clearly.
Ready to take the first step?
Contact me today, and let’s discuss how we can make your first home a reality!
