First-Time Home Buyers Mortgages

In Ontario to qualify for the rebate:

• Purchaser must be at least 18 years of age
• Purchaser must occupy the home as their principal residence within 9 months of the date of purchase
• Purchaser cannot have previously owned an interest in a property anywhere in the world. This condition also applies to the purchaser's wife while they've married.
• Refund must be requested within 18 months of the date of purchase

The refund for properties in Toronto can be up to a maximum of $3,725 while properties outside of Toronto could qualify for a maximum refund of $2,000. The total refund is determined based on the following schedule:

Non-Toronto residents

Purchase price to rebate:

• First $55,000 = 0.5%
• Next $172,500 - 1.0%

Toronto residents

Purchase price to rebate:

• First $55,000 = 0.5%
• Next $345,500 = 1.0%

Source: http://www.fin.gov.on.ca

In BC to qualify for the full rebate:

• Purchaser must be a Canadian citizen or permanent resident
• Purchaser must have lived in BC for 12 consecutive months prior to the purchase or must have filed 2 income tax returns as a BC resident within the 6 years preceding the purchase
• Purchaser cannot have previously owned an interest in a property anywhere in the world
• Purchaser cannot have previously received a first time homebuyers' exemption or refund
• The fair market value of the property cannot be greater than $425,000
• The land is no larger than 1.24 acres
• Purchaser must use property as their primary residence

*If the three last conditions are not met the purchaser can still qualify for a partial rebate.

The refund is determined based on the following schedule:

Purchase price to rebate

• $0 - $425,000 = Full Rebate
• $425,001 - $449,999 = ($450,000 - purchase price)/25,000 x land transfer tax payable

Source: http://www.sbr.gov.bc.ca

In PEI to qualify for the rebate:

• Purchaser must be a Canadian citizen or permanent resident
• Purchaser must have lived in PEI for 6 consecutive months prior to the purchase or must have filed 2 income tax returns as a PEI resident within the 6 years preceding the purchase
• Purchaser cannot have previously owned an interest in a property considered their principal residence
• Purchaser cannot have previously received a first time homebuyers' exemption or refund
• The greater of the purchase price or assessed value of the property must not exceed $200,000

A full rebate is provided as long as all the above conditions are met.

Source: http://www.gov.pe.ca