First-time homebuyers who are Canadian residents can now withdraw (as of March 2019 budget) up to $35,000 from their RRSP TAX FREE. If you have a partner, that means that you can each withdraw up to $35,000 for a total of $70,000 to build or buy a qualifying home.
(Last updated 2019)
Yes and No. In Canada it is still possible to finance 100% of a property's value if you know the rules and criteria. BUT... you need excellent credit history and reliable employment. Here's how to purchase a home with zero-down payment.
Last updated: May 2019
Well, it's tax time and the Canada Revenue Agency wants to let you know that first time home buyers are eligible to get some cash back when they file their taxes under a program called the Home Buyer Tax Credit or HBTC.
Builders (sellers, investors, etc.) frequently try to entice buyers into a transaction with cash back at closing, but in most (all) jurisdictions, it is a form of mortgage fraud and won't fly. Factually, while they might succeed getting you into a transaction, in reality the bank / mortgage lender will simply reduce the purchase price by the cash back amount, which will serve to increase your down payment requirements by the same amount. The reason is that if the seller is willing to give you cash back, then they would be willing to sell at a reduced price. So the real purpose of a cash-back offer is to entice/trick you into a transaction, which is not permitted and in fact illegal.
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Our Richards Mortgage Group blog is a wealth of information for anyone looking to apply for a mortgage to purchase or refinance a property. Browse through the articles and find the topics that are most useful to you in your home mortgage information search. Find out if You Can Get a Mortgage here.
