Buying a Home
Buying or building your home can be one of the largest investments you will make during your life. The Government of Canada offers programs and services to help you purchase, renovate, and adapt your house or condominium.
Save for your home
There are a number of federal programs that can help you save money for a down payment:
- A tax-free savings account (TFSA) lets you set money aside in eligible investment vehicles and watch those savings grow tax-free. You can use the savings to purchase and renovate a house.
- The Home Buyers' Plan (HBP) allows eligible individuals to make tax-free withdrawals from their registered retirement savings plans to purchase or build a qualifying home.
Buy a home
Canada Mortgage and Housing Corporation (CMHC) has developed a Step by Step homebuying guide that gives you the information you need to make a wise homebuying decision.
Determine if you are ready to become a homeowner:
- Evaluate your current financial situation.
- Identify related costs of buying a home.
- Determine which professionals can help you with your purchase.
Find the house or condo that is right for you:
- Evaluate your current and future needs, the type of housing, and the location that would be best for you.
- Do research on houses and condos for sale that reflect your needs.
Purchase the house or condo:
- Present an offer of purchase to the current homeowner.
- Take legal possession of the house on the closing day.
Assume your responsibilities as a new homeowner:
- Identify your financial responsibilities.
- Maintain and repair your house or condo.
If you are thinking of renting a home, CMHC has prepared a guide to help with the rental process. It has information on tenant and landlord rights, responsibilities, and rental practices.
Mortgage loan insurance
If you need mortgage loan insurance for your home, you may be eligible for the following CMHC programs:
- Mortgage Loan Insurance provides insurance on loans granted by approved lenders for the purchase, construction, renovation, or refinancing of single-family homes or multiple rental housing.
- On-Reserve Loan Insurance provides insurance on loans that approved lenders grant for the purchase, construction, renovation, or refinancing of single-family homes or multiple rental housing on reserves.
- If you purchase an energy-efficient home or make energy-saving renovations, CMHC offers a 10% mortgage loan insurance premium refund and an extended amortization period.
Maintain your home
A regular schedule of seasonal maintenance and repairs can help you protect your investment by putting a stop to the most common and costly problems before they occur.
Renovate your home
The Government of Canada also offers programs and services that help with the renovation of your home. If you want to upgrade your house or condo, available programs, grants, and incentives include the following:
- The Home Renovation Tax Credit is a non-refundable tax credit for work performed or goods acquired in renovating your home.
- The GST/HST New Housing Rebate program provides a rebate on part of the GST or the federal part of the HST paid on the construction or purchase of most newly constructed or substantially renovated houses used as a primary place of residence.
- Energy and pollution-saving upgrades are offered by the Office of Energy Efficiency. Grants and incentives will help you use less energy, switch to renewable energy, and produce less waste at home and on the road.
Adapt your home
Other programs and services for adapting your home to your needs include the following:
- The Residential Rehabilitation Assistance Program provides funding to low-income people who own housing and persons with disabilities.
- The Home Adaptations for Seniors' Independence program provides renovation funding that will benefit seniors.
- The Emergency Repair Program provides funding to low-income homeowners and tenants in rural areas so they can make emergency repairs.
Your provincial or territorial government may also offer programs to help you buy and renovate a home.
When you move into your house or condo, it is important to change your address.
Housing support for newcomers to Canada
If you are a newcomer to Canada, CMHC offers resources to help you:
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