Home buyers’ incentives to take advantage of in 2023 - Part 2

One of the homebuyer’s incentives to take advantage of in 2023 is the first-time homebuyer incentive. This is a shared equity with the government where the homebuyer could receive up to 10 percent of the purchase price of the first home. This incentive helps to reduce monthly mortgage payments and give home buyers more purchasing power… Learn more.

Also, Home buyers can qualify for a lower downpayment if you purchase Canada Mortgage and Housing Corporation (CMHC) mortgage insurance. Typically, the minimum downpayment required by CMHC to qualify for this insurance is 5% of the purchase price of the home. You may also be able to qualify for a lower downpayment depending on your credit score, the type of mortgage loan you are applying for, and other factors… Learn more.

Canada home buyer tax credit can be one of the beneficial home buyer’s incentives available to home buyers in 2023. Homebuyers can claim 15% (up to $10,000) of the costs of buying a home for a maximum of $1500 tax credit, provided they have not lived in a home they own in the previous 4 years. Learn more.

Finally, home buyers can also take advantage of Canada greener home incentive programs in 2023. These programs provide financial incentives for homeowners who make eco-friendly improvements to their homes, such as installing solar panels, air source heat pumps, or other renewable energy sources. By participating, homeowners can save money on their utility bills and reduce their carbon footprint. Learn more.

Contact us today to get preapproved!