Brokerage
Sutton Group Realty Systems Inc., Brokerage
The First Time Home Buyer Incentive helps qualified first time buyers reduce their monthly mortgage carrying costs without adding to their financial burdens. Up to 1.25 billion dollars has been set aside to help lower mortgage costs for eligible Canadians, on a First Come First Service Basis.
Buyers will need to have a minimum down payment to be eligible, which can be from your qualified R.S.P. Just keep in mind this is a C.M.H.C. insured mortgage program. Total down payment is to be “less” than 20% down. You can then apply for the 5% Down Payment Incentive, giving you an extra 5% down on resale purchases or 10% on new construction. Simplified, this is a shared equity mortgage program with the Government of Canada.
The Incentive funds will be a second mortgage on title. There will be no regular principal payments, no interest and has a maximum repayment term of 25 years or sooner if the property is sold. You can repay the Incentive at any time without a prepayment penalty. However, the repayment is based on the property’s fair market value.
The Government will share in the upside and downside of the property value upon repayment. Essentially the government is re-paid by their shared equity from the value of the property.
The incentive enables first-time homebyers to reduce their month morgage payment without increasing their downpayment. The incentive is not interest bearing and does not require ongoing payments.
Through the First-Time Home Buyer Incentive, the Government of Canada will offer:
5% for a first-time buyer's purchase of a re-sale home
5% or 10% for a first-time buyer's purchase of new construction
An example, you receive a 5% incentive of a resale home that you purchase for $480,000, and you receive a $24,000 incentive, then perhaps your home value increases to $600,000 your payback would be 5% for the current value which would be $30,000.
Who Can Apply?
For more First Time Home Buyer Incentive Program Details download more information below.
A simple example would be if your combined income is 120,000 x 4 the maximum purchase price would be $480,000 plus the down payment. There is a scaling price based on your down payment and the governments incentive so we have created a spread sheet for easy reference.
Call us today for more details at 416-896-3333 for this and other Government Programs available to help you with Home Ownership. Funds are limited, and timing is important, so please ensure to get all the details for a well-planned home purchase.
604 - 1103 Leslie St
2+1
2
900-999 Sq Ft
2 Bedroom + Den With 2 Bath Unit With Spectacular West And South Views. Overlooking Parks, Trees, And Downtown Skyline From Living Area And Bedroom! Carrington Condo Unit Features Lrg Windows For Bright & Airy Kitchen &Living Room, And A Master With Walk-In Closet And 3 Pc Ensuite! Amazing Location Steps From Crosstown Lrt, Ttc & Parks At Your Door....More details
8 Benson Dr
3+0
2
1100-1500 Sq Ft
Fantastic Opportunity To Own This Updated 3 Bd, 2 Bath Spacious Bungalow Nestled In Desirable St. Catharines. Move In Ready! Perfect For Young Families, Working Professionals Or Empty Nesters. Well Laid Out 1175+ Sq Ft Property With New Modern Kitchen W/ Breakfast Bar And Spacious Dining Rm. Living Rm Has Large Bay Window Overlooking Front Yard. Co....More details
8 Benson Dr
3+0
2
1100-1500 Sq Ft
Fantastic Opportunity To Own This Updated 3 Bd, 2 Bath Spacious Bungalow Nestled In Desirable St. Catharines. Move In Ready! Perfect For Young Families, Working Professionals Or Empty Nesters. Well Laid Out 1175+ Sq Ft Property With New Modern Kitchen W/ Breakfast Bar And Spacious Dining Rm. Living Rm Has Large Bay Window Overlooking Front Yard. Co....More details
23 Victorway Dr
3+0
3
1100-1500 Sq Ft
23 Victorway Is The Demonstration And The Meaning Of Pride Of Ownership. 23 Victorway Has Three Bedrooms, Two Full Bathrooms, One Powder Room, Finished Basement, And Parking For Two In Driveway And One In Garage. Fine Finishes And What's New; New Roof 2017, New Furnace 2017, New A/C 2018, Central Vac, Led Pot Lights On Main Floor, Smooth Ceilings, ....More details
110 - 306 Essa Rd
2+0
2
1000-1199 Sq Ft
This Suite Boasts 1184 Square Feet, Airy 9' Ceilings, Large Terrace To Bbq On/Walk Your Dog With Easy In And Out, 2 Bedroom, 2 Bathroom, And Underground Parking. Stunning High End Laminate Flooring Throughout, Quartz Counters That Are Sure To Impress, Kitchen Backsplash, Professionally Painted. All In All, Suite 110 Is Completely Move In Ready And ....More details
609 - 306 Essa Rd
2+0
1
1000-1199 Sq Ft
Welcome To 306 Essa Rd, Located In Barrie's Art Inspired Development. This Unit Is Located In The "Rom" Building. Comfortable 2 Bedroom, Full Bath. Upgrades Include; Quartz Counters In Kitchen And Bathroom, Pot And Pan Drawers, Kitchen Backsplash, Stainless Steel Appliances, High End Laminate Flooring Throughout, Kitchen And Living Room Pot Lights,....More details
409 - 306 Essa Rd
2+0
1
1000-1199 Sq Ft
Welcome To 306 Essa Rd, Located In Barrie's Art Inspired Development. This Unit Is Located In The "Rom" Building. Comfortable 2 Bedroom, Full Bath. Upgrades Include; Quartz Counters In Kitchen And Bathroom, Pot And Pan Drawers, Stainless Steel Appliances, High End Laminate Flooring Throughout, Living Room Pot Lights, Custom Roller Shades In All Roo....More details
509 - 304 Essa Rd
2+0
1
1000-1199 Sq Ft
Over $30,000 Spent In Upgrades; Double Edge Quartz Countertops And Backsplash In The Kitchen, Pot And Pan Drawers For Convenience, Upper Angled Corner Cabinet, Under Mount Lighting, Quartz Counter Top In Bathroom, Laminate Flooring, Flat Ceilings Throughout, Pot Lights, Upgraded Contemporary Trim Package, Upgraded Electronic Light Fixtures, Custom ....More details
312 - 304 Essa Rd
2+0
2
1200-1399 Sq Ft
*Premium Unit Facing 14 Acres Of Forested Park, South For Sun* This Suite Boasts 1374 Square Feet. Underground Parking. Stunning Engineered Hardwood Throughout, Stone Counters That Are Sure To Impress, A Carrera Stone Tile Backsplash, High End Appliances, Pot Lights For Natural Light, Motorized Blinds And Custom Window Coverings, And The Walk In Gl....More details
513 - 306 Essa Rd
3+0
2
1400-1599 Sq Ft
Live Your Best Life In This Modern Coastal Style 1454 Sq.Ft Suite, Corner Unit With Wrap Around Balcony. Enjoy The Beautiful Summer Months On The Large Balcony In Which You Can Bbq On, Smile As You Walk To Your Underground Parking Spot During The Winter Months, And Entertain In Your Suite Which Is The Size Of Most Bungalows. Stunning Finishes Inclu....More details
506 - 299 Cundles Rd E
2+0
2
1000-1199 Sq Ft
Live The Lifestyle, And Do So From Your Classy 1080 Sq.Ft 2 Bed, 2 Bath, Condo Complete With A Spacious Den, Underground Parking, And Storage. This Condo Has All The Bells And Whistles; Trendy Flooring Throughout, Stunning Kitchen With A Stone Countertop, Smooth Ceilings Equipped With Pot Lights, Quartz Countertop In The Master Ensuite, A Sleek Gla....More details
301 - 299 Cundles Rd E
3+0
2
1200-1399 Sq Ft
Tart And End Your Day In The Perfect Suite To Call Home, This 1244 Sq.Ft Corner Unit Has 3 Bedroom, 2 Bathroom, With Underground Parking, Storage, And Has All The Fine Finishes. Finishes Include; Stone Counters In Kitchen With A Backsplash To Compliment, Desirable Black S/S Appliances, Trendy Laminate Flooring, 9' Airy Ceilings, And Stunning Light ....More details
303 - 295 Cundles Rd E
2+0
1
800-899 Sq Ft
Presenting Suite 303 @ 299 Cundles Rd E. Convenience As A Bonus, Suite 303 Is The Perfect Place To Start And End Your Day. (2 Bedrooms, 1 Bathroom), Open Concept With A Large Island In The Kitchen, 9' Ceilings, And Modern Finishes. Stylish Finishes Include; Double Edge Granite Countertop, S/S Appliances, Soft Close Drawers, Laminate Flooring, And P....More details
602 - 306 Essa Rd
3+0
2
1400-1599 Sq Ft
This 3 Bedroom, 2 Bathroom Ph Suite Boasts 1454 Sq Ft, Making This The Largest Model In The Development. Airy 9' Ceilings, A Large Balcony To Bbq On, And Underground Parking + Storage Locker. Upgrades Include: Engineered Hardwood, Stone Counters In Both Kitchen And Bathrooms. Custom Kitchen With An Extended Island, Kitchen Backsplash, High End Stai....More details
208 - 43 Ferndale Dr S
2+0
2
1000-1199 Sq Ft
Suite 208 Offers 1102 Sq. Ft Of Open Concept Living With The 2 Bedrooms And 2 Bathrooms. Laminate Flooring, Rounded Corner Beads, Crown Mouldings, Light Fixtures And Ceiling Fan, Kitchen Features S/S Appliances, Glass/Ceramic Back Splash, Under Cabinet Lighting, Upgraded Kitchen Cabinetry With Space Savers And Soft Close, Double Edge Granite Counte....More details
21 Billiter Rd
3+1
3
Beautiful Free Hold Town Home With Extraordinary Big Size Double Car Garage,Near Mt Pleasant Go Station, Separate Living & Family Room,Spacious Kitchen With A Center Island, Extended Terrace/Patio, Master Bedroom With 2 Closets And 4 Piece En Suites. Main Floor Laundry Room, Ample Storage Space. No Carpet In The Entire House. Garage Access From Ins....More details
7 Andruss Lane
3+0
3
1500-2000 Sq Ft
Stunning Freehold Townhouse Loaded With Upgrades! 3 Bedrooms, 3 Bathrooms, Hardwood Floors, Solid Oak Stairs Up And Down. Central Air Condition, Oversized Garage, Basement Walk-Out, Granite Countertop Kitchen With Walk-Out Deck. Spacious Open Concept Living/Dining. Master Bedroom With 4Pc Ensuite And W/I Closet. Laundry On Main Floor.
509 - 3533 Derry Rd
3+0
2
1000-1199 Sq Ft
Location Location A Great Opportunity For 1st Time Home Buyers,3 Bedroom , 2 Washrooms,En Suite Laundry,Large Size Living Room,Laminated Floor,Pot Lights,Hard To Find Unit Like. This One Well Kept End Unit, Huge Full Balcony. Great View Very Spacious Layout ,Close To Medical Center, Close To All Amenities And Main Hwy 427 & 407. Close To Bus Stop ....More details
89 - 2701 Aquitaine Ave
3+0
2
1000-1199 Sq Ft
Totally Upgraded 3 Bdrm Condo W/ Pride Of Ownership In Prime Meadowvale Location. Mins To Meadowvale Go & Meadowvale T.C. This Unit Boosts 3 Bedrm, 1.5 Bath W/ Lrg Dining Area Inside & Out. Carpet Free, 2 Car Parking 1 Garage 1 Driveway, Snow Removal, Landscape, Vip Cable Pkg, Water All Included
28 Carlton Dr
4+0
3
1100-1500 Sq Ft
Open House Sunday Sept 15th 1-3Pm........Check Out This Spacious 4 Bedroom, 2.5 Bath Semi Close To All Amenities! This Home Boasts A Large Fenced Yard And Side Door Entrance....A Great Opportunity For First Time Home Buyers To Enter The Market And Make This House A Home.