First Time Homebuyers

Step 1 – Ensure you are a first time homebuyer, see below detials to qualify.

A first-time homebuyer is generally someone who has never owned a home before. In Canada, the government defines a first-time homebuyer as someone who hasn’t lived in a home they owned, or that their current spouse/common-law partner owned, in the previous four years. This definition is  used for eligibility for government programs and benefits. As well, you will see the comments below in regards a martial breakdown. As you can see there are exceptions to a simple ‘first time buyer’ who has never owed a property and so if anyone is unsure, encourage your ASM’s to reach out to us!

Key Factors Determining First-Time Homebuyer Status:

• No previous occupancy in a home owned by the buyer or spouse: In Canada, the four-year rule ensures that buyers haven’t lived in a home they owned or their spouse owned in the preceding four years. So, to be clear, if someone owned a home before, but it hasnt been within the last 4 years, then they are considered a first time byer again.
• No prior acquisition of a qualifying home: For Home Buyers’ Plan withdrawals, the buyer cannot have acquired a qualifying home (as their principal place of residence) in the four years prior to the withdrawal.

Specific Situations:

• Breakdown of a marriage/common-law partnership: If the buyer has recently experienced a breakdown of a marriage or common-law partnership, they may still be considered a first-time homebuyer even if they previously owned a home, provided they meet certain criteria.
• Joint ownership: If the buyer owns a home jointly with someone else, but they don’t have sole ownership, they might still be considered a first-time homebuyer, depending on the specific circumstances.
• Spouse’s previous home ownership: The buyer’s eligibility can also be affected by their spouse’s previous home ownership. For example, if a home is owned by one person only, who is married and the spouse lives in that home, that spouse who is not on title would NOT be eligible to buy as a first time buyer (unless there is a future breakdown of the marriage)

Step 2 –  Learn about the program and the rebate.

Together with the existing GST/HST New Housing Rebate (where that rebate is applicable), the FTHB GST Rebate would provide for a rebate of 100% of the GST on new homes valued up to $1 million.

The FTHB GST Rebate would be phased out in a linear manner for new homes valued between $1 million and $1.5 million. For example, under the linear phase-out, a home valued at $1.25 million would be eligible for a 50% GST rebate (a rebate of up to $25,000).

No FTHB GST Rebate would be available for new homes valued at or above $1.5 million.

To Read the Government of Canada’s Article, click here.

Step 3- Visit our sales centres to learn more and shop for your new home.

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