Incentives for First Time Home Buyers In Regina

Buying a home can involve many costs you may not have expected. The down payment is not the only expense you have to save for. Some of these unexpected costs include home inspections, legal fees, taxes, and moving expenses. Luckily, there are many incentive programs for first-time homebuyers in Regina to help them with these unexpected costs. Here are four first-time homebuyer programs you can apply for.


The Home Buyers’ Plan

The home buyer’s plan is a federal program that allows first-time home buyers to withdraw up to $35,000 tax free from their registered retirement savings plan to purchase or build a home. There are a few qualifications you have to meet before you can withdraw the money. These include you must be a first-time home buyer, money must be used to buy or build a home, and buyers must intend to live in the home within a year after purchasing the home. You have 15-years to pay back the loan, otherwise you will face penalties. Plus, payments must start within 2 years from the date the funds are withdrawn.

GST/HST New Housing Rebate

If you plan on buying a new construction home, this tax rebate program is for you. This program allows you to recoup some of the GST or HST paid when you buy a new house or substantially renovate your house. For Canadians to qualify for the GST/HST new housing rebate, buyer’s must purchase or build a new property and the property must be their primary home of residence. Additionally, it is important after you applied for the rebate that you keep the forms and invoices for 6 years.

The First-Time Home Buyer Incentive

This program is from the Canada Mortgage and Housing Corporation (CMHC). It allows first time home buyers in Regina to lower their monthly mortgage payments by getting a shared-equity mortgage with the Government of Canada. You can claim 5% of the purchase price of a resale property and 5-10% for a new construction property to be used for a down payment. To qualify, first-time home buyers must meet minimum down payment requirements, household income must not exceed $120,000, and total borrowed must not be more than 4 times your income. You have 25 years or when the house is sold to pay back the same percentage incentive you borrowed.

The Home Buyers’ Tax Credit

The Home Buyers’ Tax Credit allows first-time home buyers in Regina to receive up to $5,000 to purchase a qualifying home. These qualifying homes include most residential properties such as single-family, semi-detached, condominium, and townhouses. To be eligible, the property must be your primary home of residence and you have 1 year after your purchase to be living in the property. To claim the Home Buyers’ Tax Credit rebate, enter $5,000 on line 31270 of your tax return. You can split the rebate with your spouse but it can not exceed $5,000 between both tax returns. 

Incentives programs for first time home buyers in Regina can be confusing. You should work with an experienced real estate agent to help you because they work with all types of buyers, know the industry, and are knowledgeable about the different incentives programs. They can help walk you through the home buying process and direct you to the right rebate that best suits your needs.

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If you want more advice on incentives for first time home buyers in Regina, give me a call at 306-552-7047 or fill out my online contact form!

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Choosing the right Realtor® is key to ensure a positive and successful real estate transaction. Kelsey Smith promises to deliver the education and time necessary to buy or sell your Regina home. Call 1-306-552-7047 and rest easy knowing you have made the right choice.

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