First-Time Homebuyer Programs
Sunday - April 21st, 2024
Maximizing Benefits as a First-Time Homebuyer in Canada
Are you feeling overwhelmed by the prospect of buying your first home? As a first-time homebuyer in Canada, you have access to various benefits and programs that can make the process smoother and more affordable. In this blog post, we’ll break down everything you need to know to maximize your savings and achieve your dream of homeownership.
Before we delve into the details, allow me to introduce myself. I’m Jarrett White, a Mortgage Broker based in BC, Canada, assisting people nationwide with their mortgage needs. Our services extend to four provinces: BC, Alberta, Ontario, and Nova Scotia. If you have any questions about mortgages, I’m here to be your reliable resource at absolutely no cost to you.
Now, let’s get into the benefits available to first-time homebuyers in Canada.
1. 5% Down Payment Program: This program allows you to put down as little as 5% of the purchase price, with the remainder financed through a mortgage. You must intend to live in the property, and mortgage default insurance is required. Contrary to popular belief, this program is not exclusive to first-time homebuyers.
2. Land Transfer Tax Discount: This benefit varies by province. For example, in BC, you can receive an $8,000 discount on the Land Transfer Tax for homes purchased under $835,000, as of April 1st, 2024. Alberta does not have a Land Transfer Tax but charges a Title Transfer Fee and a Mortgage Registration Fee.
3. First-Time Home Buyers’ Tax Credit: This tax credit allows you to reduce your taxable income by $10,000 in the year you buy your first home, resulting in potential tax savings.
4. Home Buyers’ Plan (HBP): The HBP allows you to withdraw up to $35,000 from your RRSP to use towards your down payment, without paying income tax on it. This amount must be repaid into your RRSP over the next 15 years. This will be increased to $60,000 per person as of April 16th 2024
5. FHSA Account: The FHSA is a savings account specifically for first-time homebuyers. You can contribute up to $8,000 per year and withdraw up to $40,000 tax-free for your down payment. Unlike the HBP, you are not required to repay the funds into the account.
These programs can significantly reduce the financial burden of buying your first home. If you’re interested in learning more about these benefits or need assistance with your mortgage, feel free to reach out. If you found this information helpful or want to learn more, please consider subscribing to my YouTube channel and watching the video below that outlines these programs in more detail. Your support helps me reach more people like you who are embarking on their homeownership journey. Thank you for reading, and I look forward to assisting you with your mortgage needs.
EXCELLENT61 reviews on
Courtney Saxbee2024-04-04Jarrett and Kait were wonderful to work with, they were quick to respond, always kept us in the loop on where our application was, explained all of our options, and they got us a very good mortgage rate! Nothing but good things to say about them and I would highly recommend them to everyone.
kapil pant2024-03-28I had an exceptional experience working with Jarrett as my mortgage broker. His dedication to his job is evident in his proactive approach to finding the best solutions for his clients. Jarrett was always available to offer guidance and support, and his ability to explain the complexities of mortgages in a clear and understandable manner was very valuable. I highly recommend Jarrett to anyone in need of a knowledgeable and reliable mortgage broker.
Chrissie Robinson2024-03-22My husband and I were so happy we chose to work with Jarrett and Kait at Whiteridge. Our situation was a bit more complicated than the straightforward mortgage and both Jarrett and Kait thoroughly explained every small detail and thoroughly answered all our many (MANY!) questions. They even created personalized videos to answer our questions showing charts and examples for a visual. This really helped us understand our situation better. Jarrett even secured us the best rate we’d seen in months. We really could not have been happier working with Jarrett, we highly recommend Whiteridge!! Thank you Jarrett and Kait!
Gurveer Singh2024-03-19I have been working with Jarrett White for a while now and every single client we have worked with together has been extremely happy with his services. He is easily the top Langley Mortgage Broker, the process from start to finish is very streamlined and clear communication through every step of the mortgage process. I will continue to work with Jarrett and highly recommend you to do the same!
hannah serka2024-03-08I truly could not have gone through the home buying process without Jarrett & Kait. As a first time home buyer the process can be very stressful & overwhelming. Jarrett & Kait were both SO amazing helping us & making sure everything was done on time and done correctly. I must have called them over 100 times in the whole process & they were more than happy to help me at any time of the day, and I never felt like I was bothering them and asking to many questions. They truly are there to help. Jarrett is soooo knowledgeable and just genuinely good at his job. 100% recommend them both. I cant thank you two enough !!! we are SO happy in our new home!! :)
Matt Matusiak2024-01-21I had an outstanding experience working with Mr. White and his team during the purchase of my first property. From start to finish, everything went seamlessly. His expertise, professionalism, and dedication made the entire mortgage process stress-free. I highly recommend Mr. White and his team for their exceptional service.
Scott Van Delft2023-11-10Had a great experience with Jarrett and his team. Patiently worked with my wife and I through our mortgage application. Always communicating and keeping us updated and genuinely a nice guy to deal with. I will definitely use them again and highly recommend.
Keith Mew2023-09-29I reached out to Jarrett to help renew my mortgage. After experiencing some challenges with the lender Jarrett went above and beyond to make the situation right for me. I highly recommend using Jarrett for your next mortgage.
Christine Z2023-09-27We used Jarret White and his team to secure a mortgage for our recent investment property. He got us a great rate and was able to get an extension when our closing was delayed. This saved us several thousand dollars as the rates had climbed. Communication with him and his team ( Kait Olsen) was prompt and professional. They also went above and beyond dealing with the bank when the documentation they were requesting became unreasonable. I would highly recommend Jarrett and his team.
