Incentives For The First-Time Buyer

There are many incentives to help out the first-time buyer. There are now CMHC approved loans that allow you to finance your purchase with only five-percent down.

Another option is the Home Buyers Plan. (HBP) In short, it allows the first-time buyer to withdraw from their RRSP funds up to $20,000 help with their down payment. It is to be paid back over a fifteen-year period.

The Property Purchase Tax Exemption protects the first-time buyer from paying the one percent on the first $200,000 and two percent on the balance. The maximum purchase price in this program for Greater Vancouver is $275,000. There are other clauses as well, but contact Jim for more information as he will be happy to help explain them to you.