Money Solutions Inc. FSRA#10731

First Time Home Buyer in Ontario

The Ontario real estate market, with its skyrocketing property prices and shrinking inventory, may seem like a no-go area if you’re a first time home buyer Ontario.

But every day, first-time home buyers in Ontario are successful in the housing market. More than 20% of buyers were first-time buyers in 2021, a year when the average price in the province increased by more than 30%.

It takes a lot of effort to leave the market with your first house in Ontario. It necessitates preparation on both a mental and financial level, the assistance of experts to aid you to avoid typical blunders, and, occasionally, financial assistance from regional, provincial, and federal incentive programs.

The Ontario government offers incentives to residents who are purchasing their first homes. In Ontario, you are entitled to a maximum return of $4,000 for land transfer taxes. This implies that you would not pay a land transfer tax if the cost of your home was less than $368,000. You would get the maximum refund of $4,000 if the purchase price was more than $368,000. Both new construction and previously owned properties are eligible for this incentive.

First Time Home Buyer Ontario

Who qualifies as a first time home buyer in Ontario?

It’s good to understand what being a “first time home buyer Ontario” means, particularly if you intend to make use of any provincial assistance programs.

In Ontario, if you have never fully or partially purchased a property anywhere in the globe, you are considered a first-time home buyer. That also applies if you had possession of property that you didn’t actually purchase. The Ontario government won’t classify you as a first-time buyer if you have previously received a home as a gift or inheritance, for example.

If you’re a first time home buyer in Ontario, we at Incredible Mortgages can assist.