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2025 Canadian Mortgage Incentives That Make You Money
In 2025 there are some major changes in the mortgage programs and incentives in Canada. Learn from Canada’s top mortgage broker, how you can save money on your mortgage in 2025 by leveraging the government programs and grants like the first time home buyers incentive or the FHSA first home saving account, or even the RRSP home buyer plan. Canadian mortgage incentives are increasing with the recent economic changes.
-Most Canadians have no idea about some of the mortgage incentives and programs that are offered by banks and the government
-In 2025 the first time home buyers incentive is now gone with the wind! And new, better programs have taken its place.
Wait until the end of the video to get my 7 tips to buying a house for less in 2025
-Stop leaving money on the table, learn the tricks the wealthy Canadian are doing
- Home buyers credit: Line 31270 You can claim up to $10,000 on your taxes for a qualifying home if you meet the following conditions.a: You did not live in another home in canada that you owned in the last 4 years.
2. GST/HST Rebates on new homes,
a: If your home costs $350,000 or less, you can receive a rebate of 36% of the GST paid. That’s up to $6,300!
b: 75% of the provincial portion of the HST back, up to a maximum of $24,000
3. HBP (Home Buyer Plan)
The HBP allows first-time homebuyers to withdraw up to $60,000 from their Registered Retirement Savings Plan (RRSP) to buy or build a qualifying home. Withdrawals are tax-free but must be repaid into the RRSP within 15 years.
- First Home Savings Account (FHSA)
- Introduced in 2023, the FHSA enables prospective homebuyers to save up to $40,000 tax-free, with an annual contribution limit of $8,000. Contributions are tax-deductible, and withdrawals for purchasing a first home are tax-free.
5. Extended Mortgage Amortization Periods
As of August 1, 2024, new mortgage rules allow for 30-year insured mortgage amortizations for first-time homebuyers purchasing new builds. This extension aims to make monthly mortgage payments more affordable.
6. Land transfer tax rebate for first time home buyer from $400-8000 depending on the province you live in!
7. Metis downpayment assistance program: most provinces have a program that offers metis up to $25, 000 towards their downpayment!
8. Flex down: A program that allows you to borrow your downpayment of 5% from a line of credit. Great for people with no downpayment
9. Cashback: Some banks will give up to 3% cashback on the mortgage. Resulting in a 2% downpayment
10: Stated income for self employed: If you work for yourself, you probably try to keep your taxes low by claiming a smaller income. The result of this is often a lowered pre approved amount! I have a program that helps you increase your overall income so tthat you can qualify for more!
11. New to Canada program: If you are new to Cannada, many banks may not be able to approve you. I have a programs that uses your credit from your old country to help you get approved.
12. City grants like the cornerstone program, this will grant elible homeowners up to 35% of the renovation cost to create secondary suite in your home for low income rentals!
7 tips to buy a house for less money
- Get pre approved for your mortgage or buy with cash or your home equity line of credit, The reason for this is so that you can close a transaction immediately and make fast decision. All of the good deals are selling in a day or 2
- Write an unconditional offer, this will make your offer more appealing to the sellers. Ask me about the risks of this. Doing
- Monitor listings for price drops ( your realtor can put you on an auto watch list)
- Look for motivated sellers (some listings will even say motivated on it)
- Make low offers on many properties. Some might stick!
- Explore Different property types. This morning I found a cheap townhouse that has major upside. I normally buy single family homes. But I have also bought half duplexes!
- Call me to get approved for a mortgage and get referred to a realtor that will work for you!
Don’t forget to subscribe and watch all of my other videos on Canadian real estate and investing!
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Sean Rampersaud
Sean has been a mortgage broker in Canada for 17 years.
We have helped countless amounts of clients achieve their mortgage goals!
Call me anytime at 780-278-4847
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