CHAPTER 9 Programs for Home Bu or Home Buyers
After years of dealing with the high costs and inconveniences of renting, you’re craving more independence and looking to purchase your first home. But there’s a big hurdle to be crossed first—the dreaded upfront costs. Without down payment assistance, the minimum down payment amount is 5% for properties priced at $500,000 or less in Canada. ( ZOLO November 2024 ) Although 5% might not sound so bad, its dollar amount can be daunting, particularly for those who make only a modest income. If you purchase a house that costs more than $500,000, you have to pay 5% for the first $500,000 plus 10% between $500,000 and $1 million (raising to $1.5 million, as of December 2024). However, down payment assistance programs can help put homeownership within reach. Here are some of the programs currently available in Canada. There are many different plans listed below are just a few: Different Types of Down Payment Assistance Home Buyers’ Plan
Tax-Free First Home Savings Account First-Time Home Buyers’ Tax Credit Land Transfer Tax Rebate GST/HST New Housing Rebate CMHC Insurance British Columbia Down Payment Assistance Alberta Down Payment Assistance Manitoba Down Payment Assistance Ontario Down Payment Assistance Quebec Down Payment Assistance New Brunswick Down Payment Assistance 69
Powered by FlippingBook