It seems like a foregone conclusion that young people aren't buying homes now. The economic conditions of the past couple decades, especially in the housing market, hasn't helped that trend. With that said, it appears that the tides are changing. With the CHMC 10% incentive plan for first time buyers, millennials tending to move further out from urban centers, and the growing trend of savvy live-in investors, 2019 is poised to be the year of the first time home buyer. We want to help make that journey a positive and fruitful one for as many people as possible which is why we put together some fantastic resources to help you along the way.

Buying a home is always a big decision. Buying your first home is usually the single biggest financial desicion of your lifetime. It is a time to celebrate your accomplishments in getting to this incredible milestone. It is also a time to think carefully about your finances and lifestyle to ensure your investment is one that brings you more joy than stress. To that end, we have developed this guide that details the home buying process from start to finish. 

If you take nothing else away from this page, we urge hopeful home buyers to keep an eye on their finances. Avoid unnecessary credit, put money into savings, and take advantage of whatever benefits are available to you. One such benefit we would be remiss not to remind you of is the First Time Home Buyers' Tax Credit. 

The First-Time Home Buyer’s Credit (FTHBC) is a government program geared towards buyers like you. The objective is to reduce costs associated with purchasing a home. As a first time buyer, you are eligible for a 15% income tax credit on a maximum of $5,000 of home purchase costs such as legal fees and land transfer taxes. It can be claimed for the taxation year that you acquired the house.

You are considered to be a first time buyer if neither you and your spouse or common-law partner has owned and lived in another home in the year of the purchase or in any of the four previous years. 

For a more in-depth review of financial benefits afforded to first-time buyers, check out this comprehensive guide from our friends at Mortgage Allies.

Find your first home using the smart listings search below!