Unlock Your Dream Home: Top Programs For First-Time Buyers

by Charlene Brown

Buying your first home is an adventure – exciting, a little overwhelming, and full of dreams for the future. But guess what? You don’t have to figure it all out alone. There are amazing programs out there designed to make the whole process easier and a lot less stressful. Let me break it down for you:

1. First Home Savings Account (FHSA)

Think of this as a savings account with superpowers. You can save up to $40,000 tax-free for your first home! Contributions lower your taxable income, and when it’s time to buy, you can withdraw those funds—plus any growth—completely tax-free. It’s like having an RRSP and TFSA rolled into one, but totally focused on your home goals.

2. First-Time Home Buyer Incentive

Ever find the perfect home, only to realize the down payment feels just out of reach? This program has your back! The government can kick in 5–10% of the purchase price as a shared equity loan, helping lower your monthly mortgage payments. Translation? A little extra breathing room in your budget.

3. Home Buyers’ Plan (HBP)

Been saving for years in your RRSP? Here’s your chance to put that hard work to use! The HBP lets you borrow up to $35,000 tax-free to buy your first home. The best part? You’ve got 15 years to pay it back.

These programs are here to make homeownership less daunting and way more achievable. Whether you’re just dreaming of your first home or already knee-deep in listings, knowing what’s out there can make all the difference.