Ontario Help for First-Time Buyers 2021 Update

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Ontario Financial Help for First-Time Buyers 2021 Update

As 2021 begins the Findlay Real Estate Team aims to provide support to Ontario First-Time Home Buyers during this time of uncertainty resulting from the ongoing COVID-19 pandemic. The Canadian Government has announced a few new programs in order to help and support Canadians during the crisis, and Sean Findlay Real Estate is here to help navigate a complicated market and maintain the highest standards of service for their clients. We work with key decision-makers year-round to drive legislative and regulatory changes that benefit Canadian housing and are pleased to provide summary of measures that can help you kickstart the year.

Help for Ontario First-Time Buyers – Important Links for 2021/2022

Despite the pandemic, the Canadian Real Estate Association (CREA) continued to promote the importance of housing in Ontario to the government in 2020. Our goal was to provide support to Ontario Home Buyers and also the Ontario First-Time Home Buyers looking to get into the market for 2021/2022. As a result, the following is a summary of some advocacy wins for REALTORS^® and their clients.

the Ontario Home Buyers’ Plan (HBP) is a program that allows Ontario Home Buyers to withdraw up to $35,000 in a calendar year from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability.
the Home Buyers’ Amount (Home buyers’ tax credit) offers a $5,000 non-refundable income tax credit amount on a qualifying home acquired during the year. For an eligible individual, the credit will provide up to $750 in federal tax relief.
the First-Time Home Buyer Incentive offers eligible first-time home buyers 5 or 10% of a qualifying home’s purchase price to put toward a down payment through a shared equity mortgage with the Government of Canada.
the GST/HST new housing rebate allows an individual to recover some of the GST or the federal part of the HST paid for a new or substantially renovated house that is for use as the individual’s, or their relation’s, primary place of residence.

Please note: the federal government is constantly updating their website as new information is announced. Remember to check Canada’s official coronavirus webpage and CREA’s COVID-19 online hub to stay up to date. This article is for information purposes only and is not a substitute for professional advice. If you need professional advice you should consult a lawyer, accountant or other qualified professional.

Are Thinking About Selling Your Home? Contact Realtor Sean Findlay for a Buyers Consultation and Let’s Take The First Step To Get You Pre-Approved for a First Time Home Buyers Mortgage Mortgage

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