If relocating to the third best mid-sized city in Canada isn’t incentive enough, as a first time home owner there are many additional incentives that await you. Being a first time home buyer in Burlington, or anywhere in Ontario for that matter, has never looked better.
Thinking of buying a home for the first time?
Consider one of the top ten best cities in Canada and you will be the proud owner of not just a few incentives, but of all that Burlington has to offer. The city of Burlington is the place where people, nature and business thrive. With a few additional incentives, you too can own a piece of this great city.
First time home owners have it made these days with multiple incentives from all angles of the real estate market. Incentives come from the market itself, as well as the federal government and even the province of Ontario. If you’re planning to buy in Burlington, you will find these incentives icing on the cake.
Federal Incentives for first time home buyers
The federal government has recently started offering first time home buyers a tax credit along with the long standing home buyers plan.
Under the federal government’s action plan, first time home buyers will receive tax credits for land transfer taxes, disbursements and legal fees. This incentive was introduced in 2009 and allows first time home buyers a tax credit of up to $5,000 to help offset the numerous expenses associated in purchasing a home. This federal incentive can put up to $750 back in the pockets of the first time home owners.
Also, every so often the government of Canada increases the amount that new homeowner can withdraw from their registered retirement saving plan. Currently, under the HBP new home buyers can withdraw up to $25,000 from their RRSPs. Again, the HBP is only available to first time home owners.
The province is now in the business of offering government incentives as well.
New home buyers in the province of Ontario may be eligible for up to a $2000 refund on land transfer fees. This refund is only available to first time buyers. For instance, when buying your dream home in Burlington, extra cash will be useful to say the least. A couple thousand dollars in your pocket on moving day is great for purchasing appliances or doing upgrades. The refund must be applied within 18 months of the purchase. This incentive can also be applied at the time of the purchase registration, reducing the initial amount of land transfer fees payable.
Real Estate incentives for new home buyers
Renting doesn’t have to be the only option for young adults that are trying to get out of their parents basement. Owning your own home builds equity in your pocket, not someone else’s. With 5% down mortgages and low interest rates, home ownership has never been more in reach. As a new home buyer, you may be coming from a rental situation. This can give you the upper hand over other bidders. You can be flexible as a first time home buyer on closing dates and don’t have to include a condition of sale in your bids. Often the first time home buyer has had the time and cash flow to build on a down payment.
There has never been a better time to buy in Burlington and in fact, the province. New home buyer incentives are designed to ease the burden on first time home owners and encourage property sales.
With Burlington’s new designation by MoneySense magazine, as the third best mid-sized city to live in across Canada, property sales, and indeed the real estate market, is bound to increase. Get in on the win as a first time home buyer.
If you’re looking at becoming a first time homeowner in Burlington, contact us and we can go over our listings and find the right home for you.