First-Time Buyer Hacks - Grants, Rebates & Hidden Incentives You Need to Know
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First-Time Buyer Hacks - Grants, Rebates & Hidden Incentives You Need to Know
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About this listen
Ciao! Welcome to a new episode of Building Wealth Through Real Estate...Brick by Brick with me, Nico James-Bock, Founder of The CondoWiz™ Group and Broker at Keller Williams Co-Elevation Realty in Toronto.
In this new episode, I broke down what’s happening in the current real estate market, especially the clear divide between the condo and freehold sectors. Right now, condos are firmly in a buyer’s market, thanks to high inventory and softer demand. I also walked through the key federal and provincial incentives available for first-time homebuyers — from grants and rebates to tax credits — and stressed how important it is to meet the specific criteria to qualify.
I touched on some local housing programs and Indigenous housing initiatives that are also worth exploring. And as always, I encouraged listeners to connect with a trusted financial professional and to use my CondoWiz™ Toronto GTA app to dig into the data and make informed decisions.
Takeaways
1. Review federal and provincial definitions of "first-time buyer" to determine their eligibility for various programs.
2. Potential homebuyers to explore the First Home Savings Account (FHSA) and consider contributing up to $8,000 per year.
3. Investigate combining FHSA with RRSP Home Buyers Plan for maximum benefit.
Ontario residents to check eligibility for Land Transfer Tax Rebate of up to $4,000.
Toronto residents to explore additional Municipal Land Transfer Tax Rebate of up to $4,475.
4. Research local housing programs in their regions (e.g., Peel, Durham).
Indigenous first-time homebuyers to investigate specific housing initiatives available to them.
5. GTA homebuyers to consider Ourboro co-investment program for assistance with down payment.
6. If your first purchase is in a multi-unit development or project, download the CondoWiz™ - Toronto GTHA+ app, choose a monthly subscription after the 3-day trial and #savetime.
Contact me for guidance on finding the right program and home.
Ciao
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