CMHC Insurance

Mortgage Loan Insurance must be purchased if your down payment is less than 20%. While this doesn't act as insurance for you, it protects your lender in case you don't make your mortgage payments. It's designed to make financial institutions comfortable with lending to those who don't have a large down payment. In Canada, if the purchase price of a home is under $500,000, you must put down a minimum of 5% as a down payment.​ [Learn More]

​Land Transfer Tax Rebate

You can receive a rebate on some of the land transfer tax you pay if you

live in British Columbia, Ontario or Prince Edward Island. This rebate is available

to help first-time buyers offset the cost of their land transfer tax. [Learn More]

First-Time Home Buyer's Tax Credit

This credit allows first-time buyers in Canada the opportunity to recover some of

the costs associated with their purchase. It helps to offset legal fees, inspections,

and other similar closing costs. This is a non-refundable credit and is valued at $750. [Learn More]

RRSP Home Buyer's Plan

With this plan, if you haven't purchased a home within the last four years (or lived in a spouse's home in the same timeframe), you may qualify for the government's Home Buyer's Plan, and may borrow up to $25,000 tax-free from your RRSP to fund your down payment! The First Time Home Buyer's Plan is beneficial for Canadians because early withdrawals from RRSPs are generally considered taxable income. In this case, they're exempt, however you must start repaying the amount borrowed from the RRSP two years after you buy over a 15-year period. [Learn More]

GST/HST New Housing Rebate

This rebate offers money back to Canadians who buy a newly built home, substantially renovate an existing home, or rebuild a home that was destroyed due to fire. In all three cases, an individual will incur GST/HST on their purchase. The GST portion of a new home purchase or renovation can be rebated to all Canadians who qualify. [Learn More]

Down Payment Assistance Program

Hastings County offers a Home Ownership Down Payment Assistance Programs in order to provide low to moderate income earners an opportunity to purchase a home. The application package and eligibility requirements can be found on the Hastings County website.

First-Time Home Buyers


If you are a first-time home buyer, you'll want to be familiar with the various programs that apply to your situation and take advantage of them!

Reference:​ First-Time Home Buyer Programs

Terry Hope-Watson


Cell: (613)242-3750