Canadian real estate has been booming since the pandemic, with home sales reaching record highs. Many first-time buyer Canada are unaware that the government offers a number of great incentives for first-time buyers, so today we’ll take a closer look at what they are.
Canada’s First-Time Home Buyer Incentive (FTHBI)
The first-time buyers in Canada Incentive in Canada is an incentive program introduced by Trudeau in 2019 at the time of the federal election and was officially implemented in early September 19.
Click here to know more: What are benefits of Canada’s First-Time Home Purchaser Incentive (FTHBI) 2021? For first-time buyer Canada
Click here to know more: Who is qualified to take Canada’s First-Time Home purchaser Incentive (FTHBI) 2021? For first-time buyer Canada
first-time buyers in Canada RRSP Home Buyers Plan
Introduced back in 1957, the RRSP is a retirement savings plan designed to help ease the tax burden on the first-time purchaser in Canada. The first-time buyers in Canada needs to open an RRSP account, from which the first-time buyers in Canada can withdraw $35,000 as a down payment and first-time buyers in Canada’s spouse can also receive this amount. The main thing to note is that this money is also repayable and needs to be repaid within 15 years.
If the first-time purchaser in Canada do not already have an RRSP Federal Home Buyers Plan account, the first-time purchaser in Canada will need to open one 90 days prior to buying a home, as RRSP contributions require 90 days of savings before they can be used as a down payment.
Click here to know more: First-time purchaser in Canada benefits 2021— RRSP Home Buyers Plan
For first-time purchaser in Canada, understanding and taking advantage of these incentives can go some way to alleviating your financial stress. Especially for first-time buyers in Canada who buying a high value home, these policies will save you a significant amount of money. So let us briefly introduce you to some of the most sought after and high-quality condos in Canada, situated in downtown Toronto.
Cielo Condos (Learn more: https://condotrend.com/cielo-condos/)
Cielo Condos is a 249-unit, 29-storey condominium development by renowned developer Collecdev and Northrop Development Incorporated that is currently in pre-construction and will be one of the most significant landmarks in downtown Toronto. Cielo Condos has a near-perfect transit score, which is extremely important for those living in downtown Toronto, and residents of Cielo Condos are just a few minutes’ walk from bus stops, tram stops, subway stations and more, which will save you valuable time compared to driving. In addition, Cielo Condos has excellent educational resources close by, with the University of Toronto and the George Brown Casa Loma Grand Chateau campuses within walking distance. There are also convenient amenities, cafes, restaurants, bars, entertainment venues, boutiques, all of which are arguably the most upscale in Toronto. Cielo Condos are some of the best condos in Canada and have been selling like hotcakes since the development opened. There are only a few units left, so interested buyers should hurry.
Bauhaus Condos
Bauhaus Condos is a 30-storey building in downtown Toronto with a total of 205 units. With approximately 8 units per floor and a total of 23 different floor plans to suit a variety of needs, Bauhaus Condos’ floor plans ranging from 450 sq ft to 3,400 sq ft, making it a great choice whether you are looking to purchase a single flat or a family home. The condos also have an almost perfect walking score and are located near parks such as Parliament Square Park, St. James Park and Market Lane, allowing you to be close to nature at all times.
Capitol Residences
The Capitol Residences is a mixed-use high-rise condominium located in the heart of downtown Toronto. It consists of 145 units over 14 floors. Converted from the famous Capitol Theatre, the building retains its traditional look on the ground two floors, a perfect combination of modern design and classic aesthetics. The condominiums are available in 1-to-3-bedroom options, and for those who require more space, townhouses are also under construction, so stay tuned. The condominiums are located in one of the four central business districts of downtown Toronto, and have high ratings for safety, entertainment, transportation, and employment, which is a big reason why so many people are choosing to settle here.