toronto homes for sale

Government Programs


Government Programs for Home Buyers and Property Owners

A home is usually the single largest investment that most people make in their lives. Achieving your dream can be made easier by taking advantage of various Government Programs for home buyers and property owners. Some of the programs are targeted to first-time buyers, while others apply more generally. Other programs benefit those in the industrial, commercial and multi-unit property market. Your REALTOR can provide information on these programs and help you to determine your eligibility. 

Government Programs for Home Buyers

> First-Time Home Buyers’ Tax Credit (pdf)
> CMHC Purchase Plus Improvements Program 
> RRSP Home Buyers' Plan (pdf)
> 5 per cent Down Payment Program
> GST New Housing Rebate
> Land Transfer Tax Rebates


First time Homebuyer's Tax Credit
First-time home buyers may be eligible for a 15 percent income tax credit for closing costs.
RRSP Home Buyers’ Plan
If you buy the qualifying home together with your spouse or other individuals,each of you can withdraw up to $25,000. RRSP Home Buyers’ Plan
5 Per cent Down Payment Programme
With as little as five per cent down payment, from personal or other sources (see report for eligible other sources), all home buyers have access to mortgage insurance enabling then to enter the housing market, as long as they can manage the costs of home ownership.
Land Transfer Tax Rebates
First-time buyers of new and re-sale homes are eligible to receive rebates of the provincial and Toronto land transfer taxes.
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CMHC Purchase Plus Improvements


Canada Mortgage and Housing Corporation (CMHC) insured mortgage loans are available to cover the purchase price of a home as well as an amount to pay for immediate major renovations or other improvements that the purchaser may wish to make to the property.

This option eliminates the need to obtain secondary financing after the purchase to
pay for improvements. The homebuyer obtains a single first mortgage, makes a single mortgage payment, and benefits from first mortgage interest rates.


The insured loan will be based on the lower of:

  • The purchase price plus the actual cost of improvements, or,

  • The “as improved” market value. Prior to approval, CMHC will determine the market value of the property after renovations/ improvements. The lending value will not exceed the market value of the property after renovations/ improvements.

  • Applicants must have the following:

  • A minimum of 5% down payment of total cost (purchase price plus renovations/ improvements).

  • Cost estimates for renovations/improvements.

  • Qualifications to obtain a CMHCinsured loan through an approved lender.

  • For more information call CMHC at (416) 221-2642 or



Purchase Price


Renovations/improvements costs


Total cost


Lending Value


Maximum Mortgage (95%)


Mimimum 5% down payment




GST New Housing Rebate


You may be eligible to claim a rebate for a part of the GST you pay on the purchase price or cost of building your home if:

  • you buy a new or substantially renovated home (including the land or if you lease the land) from a builder;
  • you buy a new mobile home (including a modular home) or a floating home from a builder or vendor;
  • you buy a share of capital stock of a co-operative housing corporation;
  • you construct or substantially renovate your own home, or carry out
    a major addition (or hire another person to do so); or
  • your home is destroyed in a fire and is subsequently rebuilt.


  • Resale homes are exempt from the GST.
  • New homes are subject to the GST. New home buyers can apply for a 36% rebate of the GST applicable to the purchase price to a maximum of $6,300 for homes costing $350,000 or less before GST.
  • For new homes priced between $350,000 and $450,000 before GST, the GST rebate would be reduced proportionately.
  • New homes priced $450,000 before GST or higher would not receive a rebate. 

NOTE: In the Greater Toronto Area, most builders include the GST in the price of the house, and any rebate would be assignable to the builder as they would be absorbing the net GST cost.



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Tom Sachdeva , Salesperson - 647-299-4529

Re/Max Dynasty Realty Inc,Brokerage 

8 Shadlock St # 7,Markham. 905-471-0002, Fax-905-471-7441



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