Dernière mise à jour le November 13th, 2020

Subsidies and tax credits for the purchase of a home or condo

Have you ever looked at a flyer a month after you bought a big item, like a computer, and found that there was a $200 discount on the same computer? It’s happened to me before and it’s quite frustrating. Now, imagine noticing a year too late that you were eligible for a subsidy that would have saved you thousands of dollars with the purchase of your home! Frustrating no!? I wrote this article specifically to avoid this frustration, I will describe all the possible subsidies and tax credits when purchasing a property.

There are many ways to save money when buying a property. Many of these programs or subsidies primarily favour first-time buyers, however there are several subsidies available to help people who have already purchased a home or condo. In fact, did you know that it is wrong to think that the Home Buyers’ Plan (HBP) only applies to the purchase of a first property? Under certain conditions, the Home Buyers’ Plan can be used several times. You’ll find out how later in the article.

If you are interested in the new measure offered by CMHC where CMHC also puts 5% down payment on the purchase of a first property, I have written an article just for this measure.… LIRE LA SUITE

Duplex down payment

Here is what I believe to be one of the greatest advantages of a duplex. The minimum down payment for the owner-occupant is only 5%. In fact, when it comes to down payments, the duplex is identical to a house or a condo. This means that at the time of purchase, if you plan on living in the building, the down payment will be 5% of the sale price for a purchase insured with a mortgage insurer (CMHC, Genworth, Canada Guaranty). However, if you do not intend to live in the duplex or if you prefer to avoid mortgage insurance fees then the minimal down payment will be 20%.