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FIRST-TIME HOME BUYER INCENTIVE
This plan reduces your monthly mortgage payments without adding to your financial burdens. This shared equity mortgage with the Government of Canada provides 5% or 10% of the home’s purchase price to reduce monthly mortgage payments. According to CMHC, the shared equity component of the incentive means that the government shares in both the upside and downside of the property value, up to a maximum gain or loss equal to 8% per annum (not compounded) on the Incentive amount from the date of advance to the time of repayment. 
Eligibility: Available to first-time home buyers with a household income of $120,000 or less.
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MORTGAGE PRE-APPROVAL
Determine Affordability: Calculate how much you can spend on a home. Consider your income, debts, and monthly expenses. The most effective way to get a more realist understanding of your mortgage affordability is to get a mortgage pre-approval.
INCREASING THE $1 MILLION PRICE CAP FOR INSURED MORTGAGES TO
$1.5 MILLION
With a down payment below 20 per cent, increasing the insured-mortgage cap—which has not been adjusted since 2012—to $1.5 million will help more Canadians buy a home (effective December 15, 2024).
FHSA- FIRST HOME SAVINGS ACCOUNT
In January 2023, this new account was launched as a great savings vehicle for your homebuying goals without paying the tax on these savings. It's the best part of both a Registered Retirement Savings Plan (RRSP), which gives you tax-deduction perks, and a Tax-Free Savings Account (TFSA), which allows your investments to grow without a tax bill, so that the money you put in and earn in this account goes towards the down payment of your first home.
EXPANDING ELIGIBILITY FOR 30 YEAR MORTGAGE AMORTIZATIONS
According to the federal government of Canada, expanding eligibility for 30 year mortgage amortizations to all first-time homebuyers and to all buyers of new builds, effective December 15, 2024, to reduce the cost of monthly mortgage payments and help more Canadians buy a home. By helping Canadians buy new builds, including condos, the government is announcing yet another measure to incentivize more new housing construction and tackle the housing shortage. This builds on the Budget 2024 commitment, which came into effect on August 1, 2024, permitting 30 year mortgage amortizations for first-time homebuyers purchasing new builds, including condos.
HBP- HOME BUYER's PLAN
Allows you to withdraw up to $35,000 from your RRSP to use as a down payment. If you’re buying with a spouse or partner, each of you can withdraw up to $35,000, allowing for a total of $70,000 if both meet the requirements..
What is RRSP? Read More
HBTC- FIRST-TIME HOME BUYERS' TAX CREDIT
The government of Canada has already increased the amount used to calculate the HBTC to $10,000, which would provide a tax credit of up to $1,500 to eligible home buyers. You must be a first-time home buyer who has purchased a qualifying home. The credit can be claimed on your income tax return for the year in which the home was purchased.
NO STRESS TEST AT RENEWAL
According to the federal government of Canada, all insured mortgage holders (starting 15 Dec. 2024) and uninsured mortgage holders (starting 21 Nov. 2024) can switch lenders at renewal without being subject to another mortgage stress test. Not having to requalify when renewing with a different lender increases mortgage competition and enables more Canadians, with insured mortgages, to switch to the best, cheapest deal.
GST/HST NEW HOUSING REBATE
This rebate can reduce the amount of GST or HST you pay when purchasing a new home or substantially renovating an existing one. According to 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, when all of the other conditions are met. In addition, other provincial new housing rebates may be available for the provincial part of the HST whether or not the GST/HST new housing rebate for the federal part of the HST is available.
MAXIMUM GST REBATE in BC: $6,300.
LAND TRANSFER TAX REBATE
Some provinces offer land transfer tax rebates for first-time home buyers, which can reduce the amount of land transfer tax you need to pay.
In BC, the property you are purchasing must be a residential property with a purchase price of up to $835,000 to qualify for a full exemption. If the purchase price is between $835,000 and $1,000,000, you may qualify for a partial rebate.