First-time home buyers in Canada have access to several federal programs designed to make homeownership more achievable. Here’s a plain-language overview — your eligibility for each depends on your specific situation, so we’ll confirm the details together.
RRSP-based down payment savings
Programs allow first-time buyers to withdraw savings from their RRSP toward a down payment, repayable over time, without immediate tax consequences on the withdrawal.
Tax-advantaged home savings accounts
Registered savings accounts designed specifically for first-time buyers let your contributions grow tax-free when used toward a qualifying home purchase.
Land transfer and closing cost rebates
Some provinces and municipalities offer rebates on land transfer tax or closing costs for first-time buyers. Saskatchewan does not currently levy a land transfer tax, though title registration fees still apply — I’ll walk you through the actual closing costs for your purchase.
Minimum down payment rules
Minimum down payment requirements scale with purchase price under federal rules. Below a certain threshold, 5% applies to the full price; above it, a blended rate applies. We’ll calculate your exact minimum based on your target price range.
The most important program: a good broker
Programs and incentives change, and eligibility rules have real nuance. The most reliable way to make sure you’re using every option available to you is a conversation with someone who tracks these programs for a living.
Let’s go through what you qualify for — there’s no cost to ask.