First Time Home Buyer

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Assistance For First-Time Home Buyers

First Time Home Buyer In Montreal

Do you know that the Canadian government and other levels of government provide some incentives for first-time home buyers? You can take advantage of these incentives and save yourself some thousands of dollars in expenses. But first, let’s start with what a mortgage is.

Have you been saving up money to buy a property in Montreal? The chances are that you will need to take a loan, known as a mortgage to finance the purchase. This is due to the massive cost of housing in Montreal and other parts of Canada. Before buying the house, however, here are some things you need to know.

What Is Mortgage?

A mortgage is a loan used to finance the purchase of a property. There are two types of mortgage according to the rates. The fixed rate mortgage is a mortgage in which you pay back a constant amount for the duration of the term. The most common fixed rate is the five-year fixed rate in which you repay a fixed amount for the next five years. On the other hand, we have the variable mortgage in which the rates are the prime rates of the lending body. If the bank’s top rates rise, your rates rise as well, and vice versa.

In Montreal, mortgage rates are at an average of 2.70 % with the lowest fixed rates standing at 2.84% for five-year term mortgages, and 2.15% for the lowest variable term of five years mortgage. Your mortgage broker will advise you on the best course of action.


Government Freebies

As earlier said, first time home buyers can benefit from some government programs which are designed to encourage people to buy their own homes and populate new areas. Some of these programs include tax credits, lump sums, down payment plans and so on. Below is a list of some of these programs.

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First-Time Home Buyers Tax Credit (HBTC)

This grant was established by the government of Canada in 2009 to help first-time buyers recoup some of their expenses regarding the purchase of their property such as land transfer fees and legal fees. The non-refundable credit is worth about $750 at current tax rates. To be eligible for the tax credit, the property must be registered in either your name or your spouse’s name. Also, you must not have been a homeowner in the previous four years. Almost all types of homes qualify for the tax credit.


Montreal Home Ownership Program

The City of Montreal has a Home Ownership Program that provides a lump-sum payment for first-time buyers who purchase an eligible property. Qualified buyers include first-time buyers who purchase a new residential unit, families with a minimum of one child below 18 years who buy an existing building having 1-3 above-ground groups, or families who have a minimum of one child below 18 years who already have a home and then purchase a newly-built 3-bedroom house. A buyer can get up to $6,250 lump-sum payment and full refund of the real estate transfer tax, i.e., the welcome tax. Put together; you could be $10,000 richer from this largesse.

RRSP Home Buyer’s Plan

If you qualify as a first-time buyer, the government permits you to borrow up to $25000 from your RRSP to finance the purchase of your home. To be eligible for this offer, you must not be a homeowner for the previous four years or lived in a house owned by your spouse within that period. Note that you will have to repay the fund within 15 years starting from two years after you took the loan.


GST/HST New Housing Rebate

This rebate is designed to assist Canadian who paid HST or GST by buying a new home, renovating an existing property, or rebuilding one destroyed by fire. Floating and modular homes can also get the rebate. Only people whose home serves as their primary residence qualify for the discount.

These are some of the ways of cutting your expenses if you are a first-time buyer in Montreal. Talk to your mortgage broker in Montreal about any program that could help you save some cash. And if you are eligible, then you are lucky!


Olga Romanova
Olga Romanova
11:09 29 Mar 18
Thank you guys! CMB consulted me on the rates and helped me to make the right choice
Mary Grey
Mary Grey
09:08 05 Apr 18

Montreal Mortgage Frequently Asked Questions

mortgage questions What is a Mortgage Term?

The loan that you make to buy a house or some other property is called a mortgage. The principal refers to the amount borrowed. Each mortgage payment pays off part of the principal plus the interest.


You have custody over the property. However, if you fail to pay the loan and interest according to the terms of the contract, the lender may repossess the property.

mortgage questions What is a Down Payment?

A down payment refers to the money you pay for real estate property. This money is paid upfront and the rest of the cost of your new home is covered by your mortgage. For properties that cost up to $500,000, the minimum down payment in Canada is 5% – however, do take note that your lender may sometimes require a higher down payment.

But what if the cost of the property is more than $500,000? If that is the case then the interest is 5% for the first $500,000 and then 10% for the remainder of the cost.

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