This program develops vacant school building sites into townhouses. Homes are market priced with a 5 year deferral on the land portion of the mortgage, which makes the houses more accessible to first time homeowners.
This program enables people to purchase their first home, offering 5-10 % of the home's price as a downpayment. This provision will lower your mortgage costs, which will make the home much more affordable.
The HBP enables you to draw money from your RRSPs to buy or build a home for yourself or a disabled individual in your care. You are allowed to pay this back over a 15-year period, and may withdraw up to $35,000.
This program reduces or eliminates the amount of property transfer tax paid for owners of newly built homes. This exemption is worth up to $13,000 depending on the individual market value of the property.