It’s possible to be a first-time home buyer twice—here’s how + MORE Jul 9th

There are a few supports and programs in place for first-time buyers in Canada, including the Home Buyers’ Plan and the first home savings account (FHSA). First-time home buyers may also be eligible for land transfer tax rebates.

Chances are, if you’ve used one of these incentives in the past, you won’t need to a second time. However, there are a variety of reasons you may want to participate in a first-time home buyer program again—and you might just qualify.

“It truly depends on the program,” says Denise Laframboise, a mortgage broker with LaframboiseMortgage.ca in Brooklin, Ont. “Each program has its own criteria for [qualifying as a] first-time home buyer. It isn’t a one-size-fits-all across every program and every provincial or municipal incentive.”

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RRSPs

The best RRSPs in Canada
We’ve rounded up the best RRSP rates on savings accounts and GICs, as well as the best RRSP investment accounts.

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By Rebecca Cuneo Keenan and Keph Senett on July 8, 2024Estimated reading time: 19 minutes

Why should you open a registered retirement savings plan (RRSP)? This account type is often described as “tax-advantaged,” meaning it offers a tax-efficient way for savers and investors to build wealth for the future, usually for retirement. To maximize its potential, it helps to know the differences between an RRSP and other kinds of registered accounts, like the tax-free savings account (TFSA) and first home savings account (FHSA). Plus, not all RRSPs are built the same—you’ll want to compare the saving and/or investing options they offer, as well as their interest rates and fees…

Save

The best high-interest savings accounts in Canada for 2024
Here are the accounts offering the highest interest rates and lowest fees.

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Real Estate

The complete guide for first-time home buyers in Canada
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By Erin Pepler and Justin Dallaire on July 8, 2024Estimated reading time: 17 minutes

Buying your first home is an exciting experience, but it can also be an overwhelming one—especially if you’re not sure where to start. That’s why we’ve outlined some simple steps that anyone shopping for a home should take, from figuring out what you can actually afford to getting pre-approved for a mortgage and understanding the government programs designed to help you. If you have questions, we have the answers in our complete guide for first-time home buyers.

Table of contents (click to expand)

The cost of buying a home in Canada

The down payment

The deposit

Closing costs

First-time home buyer programs and rebates

The first home savings account

The Home Buyers’ Plan

The First-Time Home Buyer Incentive

The Home Buyers’ Tax Credit

Land transfer tax rebates

How mortgages work in Canada

What is a mortgage?

How fixed and variable mortgage rates work

Best mortgage rates in Canada

Lender vs…