🏡 First-Time Homebuyer in Canada? The Rules Might Surprise You! 

Thinking about buying your first home in Cornwall or Eastern Ontario? 🎉 Before you get too excited about rebates and perks, here’s the catch: “first-time homebuyer” doesn’t always mean what you think. Different programs have different rules, and that can be confusing. Let’s break it down 👇

🔑 The Ontario Land Transfer Tax (LTT) Rebate

• Save up to $4,000 on provincial LTT (and more if you were buying in Toronto).

• BUT: you must never have owned property anywhere in the world. 🌎

• Your spouse/common-law partner also can’t have owned property while you’ve been together.

• You must be a Canadian Citizen or Permanent Resident.

👉 Bottom line: This one is the strictest. One slip and you’re out.

💰 The RRSP Home Buyers’ Plan (HBP)

• Borrow up to $60,000 per person, $120,000 per couple, from your RRSP for your down payment.

• Uses the 4-year lookback rule: you (or your partner) can’t have lived in a property you owned in the last 4 years.

• This gives some buyers a “fresh start.” 🔄

🏦 The First Home Savings Account (FHSA)

• Contribute up to $40,000 tax-free toward your first home.

• Uses rules similar to the HBP with the same 4-year lookback.

• TIP: Open it early! Even a small contribution starts the clock ticking. ⏳

30 Year Amortization - for lower payments - Available to all First Time Home Buyers or - with New Construction - available to everyone!  

⚖️ Quick Comparison

🚨 Pro Tip for Cornwall & SD&G Buyers

Don’t assume you qualify (or don’t) until you’ve checked. These programs can save you thousands of dollars, and knowing the rules could mean the difference between missing out or maximizing your savings.

📲 For All Things Real Estate or Mortgage – Call me anytime at 613-551-2866. Always happy to chat!

#CornwallON #EasternOntario #FirstTimeBuyer #RealEstateTips #InvestSmart #HomeSweetHome 🏡✨