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Take Advantage of Government Grants for Homes

Government Grants

Take Advantage of Government Grants for Homes

There are several different kinds of government programs and grants available. Here are the most important ones, especially if you are a first-time home buyer. Take advantage of government grants for homes! Click on the titles below to learn more about each program.

First-Time Home Buyer Incentive 
The program offers 5% or 10% of the home’s purchase price to put toward a down payment in a shared-equity mortgage with the government, making home ownership more affordable by lowering monthly payments.

Only first-time home buyers are eligible (if you’ve never purchased a home before, have not occupied a home you own in the past four years, or recently experienced the breakdown of a marriage or common-law partnership).

Home Buyers’ Amount
You can claim a $5,000 non-refundable tax credit if you purchased a qualifying house (which could be a single-family house, semi-detached house, townhouse, condo or duplex, among other options) and you are considered a first-time home buyer.

Home Buyers’ Plan
This program allows you to withdraw up to $35,000 from your registered retirement savings (RRSPs) in order to buy or build a qualifying home. You have up to 15 years to pay it back.

GST/HST New Housing Rebate
If you purchased a new or renovated home as a primary residence, or renovated your home, you can recoup part of the tax you paid on the purchase price or build.

Canada Greener Homes Loan 
You may be eligible for grants or interest-free loans (up to $40,000) to help make your home more energy efficient.

If you are a first-time purchaser, in addition to knowing what incentives you can take advantage of, it is important to know your financing and mortgage options, not only the interest rate options but also the terms that are suited to your situation. i.e. 30 year amortization, is the mortgage portable if you sell and are there any financial penalties if you end the mortgage early. We can connect you with our mortgage advisor, Karen Lemieux of Mortgage Brokers Ottawa, for up-to-date mortgage information and mortgage options. See Karen’s latest update on types of lenders in our September newsletter.

As experienced Realtors® in Ottawa and surrounding areas, we are here to answer all your questions! We will inform you about the present market and the value of comparable homes in the neighborhood(s) you are interested in. We have the expertise and contacts to assist you with your home purchase!