Residential Purchase

First-Time Home Buyers: 

Buying your first home is a monumental milestone, filled with excitement and a fair share of challenges. As a first-time home buyer in Ontario, it's essential to be well-informed and prepared to navigate the process effectively. The government of Ontario and Canada offers several incentives to make homeownership more accessible and affordable for first-time buyers. Starting December 15th, 2024, new incentives will come into effect, providing even more opportunities and benefits for those entering the housing market for the first time.

New Incentives Effective December 15th, 2024:

First-Time Home Buyer Tax Credit Increase:

• The federal First-Time Home Buyer Tax Credit will be increased from $5,000 to $10,000, providing a significant boost to help cover the closing costs associated with purchasing a home.

Enhanced Home Buyers' Plan (HBP):

• The HBP allows first-time buyers to withdraw up to $50,000 (up from $35,000) from their RRSPs to buy or build a qualifying home, without having to pay taxes on the withdrawn amount. This increase offers greater flexibility and support for your down payment.

First-Time Home Buyer Incentive Expansion:

• The First-Time Home Buyer Incentive will now cover homes valued up to $800,000 (previously $600,000), making it applicable to a broader range of properties. This incentive allows the government to share in the equity of your home, reducing your monthly mortgage payments.

Green Home Rebate:

• New incentives include a rebate for first-time buyers purchasing energy-efficient homes. This rebate can cover up to $5,000 of the cost of green home upgrades, encouraging sustainable and environmentally friendly living.

Extended Amortization Period:

• First-time home buyers will now have the option of a 30-year amortization period for insured mortgages. This extension can significantly lower monthly payments, making homeownership more affordable and manageable.

Increased Insured Mortgage Cap:

• The insured mortgage cap will be raised from $1 million to $1.5 million. This increase allows buyers to secure insurance for higher-value homes, expanding the range of available properties and making it easier to purchase in competitive markets.

Why Choose Tony Madi for Your First-Time Home Purchase:

Navigating the complexities of buying your first home requires expert guidance and personalized support. As an experienced mortgage broker specializing in first-time home buyers in Ontario, I am dedicated to helping you make the most of these new incentives and ensuring a smooth, stress-free home buying experience.

• Expert Guidance: I will walk you through every step of the process, from pre-approval to closing, providing clear explanations and tailored advice based on your unique financial situation.
• Access to Multiple Lenders: With access to over 85 lenders, I can find the most competitive rates and terms for your mortgage, ensuring you get the best deal possible.
• Comprehensive Knowledge: Stay informed about the latest incentives and programs available to first-time buyers. I will help you maximize these benefits and make informed decisions.
• Personalized Service: I am committed to understanding your goals and needs, providing customized mortgage solutions that align with your financial aspirations.

Upgrading to a New Home: When you're ready to move up to a larger home or a different neighborhood, I can help make the transition smooth and stress-free. I'll work with you to find the best financing options, ensuring you get the most favorable terms and rates for your new home purchase.