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First Time Homebuyers Toronto
Federal, Provincial and regional governments have introduced First Time Home Buyers programs to help prospective Toronto home buyers acquire the funds for a home downpayment. The Federal Government offers the Home Buyer's Plan (HBP) which allows RRSP holders to withdraw up to $20,000 from the Rrsp to use toward the purchase of a home. Learn more about HBP homebuyers plan. The RRSP issuer will not withhold tax on the withdrawn amount at the time of withdrawal. You can even use that amount to put toward the construction of a new custom built home. A townhome, duplex, triplex, semi-detached, single family dwelling, mobile home, or condominium all qualify as a home for this program. Rrsp contributions are a great way to make buying a home easier. Since interest rates are low and property values are rising, you may not lose any long term investment value by using Rrsp contributions.
Married couples may withdraw up to $20,000 each for this first time home purchase. Both must be first time home buyers and must occupy the home. Repayment of the withdrawn funds from rrsp must be repaid within 15 years.
CMHC Assisted Mortgages
The Federal government also operates National Housing Act mortgage assistance programs. You can apply for an CMHC NHA mortgage loan at any chartered bank such as Bank of Montreal, credit union, or trust company. Learn more about CMHC mortgages. If you just need a little more help to qualify and raise the necessary funds or mortgage assistance, then your dream of owning a Mississauga home is a real possibility.
For Residents of Peel Region, you may qualify for the Ontario Affordable Housing Program. The Region of Peel’s Home in Peel Affordable Ownership Program offers help to moderate income residents who are currently renting a condo or home who want to buy a home or condo.
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