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First Time Buyers

If you are a first-time home buyer in Ontario, there are several programs and incentives that may be available to you to help make the process of buying a home more affordable.

One option is the First-Time Home Buyer Incentive (FTHBI), which is a shared equity mortgage offered by the Government of Canada. The FTHBI provides financial assistance to qualified first-time home buyers by reducing the amount of mortgage needed to purchase a home. This can make it easier for first-time buyers to qualify for a mortgage and potentially lower their monthly mortgage payments.

Another option is the Ontario Land Transfer Tax (LTT) First-Time Homebuyers Refund. This program provides a refund of the LTT for first-time home buyers on the purchase of a new or resale home. The refund is equal to the amount of LTT paid, up to a maximum of $4,000.

In addition to these programs, you may also be able to take advantage of other financial assistance programs and incentives, such as the Home Buyer's Plan (HBP), which allows you to withdraw funds from your registered retirement savings plan (RRSP) to help with the purchase of a home.

It's important to note that these programs and incentives have specific eligibility requirements and conditions, so it's a good idea to research and understand the details before applying. It may also be helpful to speak with a financial professional or a real estate agent to get more information and advice on the home buying process in Ontario.

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