First Time Home Buyer

Buying a house or condo in Toronto for the first time is a big decision in your life. As your real estate broker in Toronto, I would like to introduce you to the First-Time Home Buyers’ Tax Credit.

The First-Time Home Buyer’s Credit (FTHBC) is a government program geared towards buyers like you. The objective is to reduce costs associated with purchasing a home. As a first-time homebuyer, you are eligible for a 15% income tax credit on a maximum of $5,000 of home purchase costs such as legal fees and land transfer taxes. Buyers can claim for the taxation year that you acquired the house.

You are considered a first-time buyer if neither you nor your spouse or common-law partner have owned and lived in another home in the 5 years before the purchase. 

You are not considered a first-time home buyer if you, your spouse or your common-law partner have owned a home that you have occupied as your principal residence in the past five years. 

Find your first condo in Toronto using our smart listings search below!