Joel DyckReal Broker SK Ltd.
Saskatoon · From the topic map

Can first-time buyers get grants to buy in Saskatoon?

First-time buyers in Saskatoon do not receive a cash grant at closing, but the Saskatchewan First-Time Homebuyers' Tax Credit, the federal Home Buyers' Amount, a First Home Savings Account and the Home Buyers' Plan combine to meaningfully reduce the real cost of a first purchase.

To qualify as a first-time buyer for most of these programs, the Canada Revenue Agency generally requires that you, and often your spouse, have not owned and lived in a home as a principal residence in the previous four calendar years, so a buyer returning to ownership after time renting can still qualify.

Timing changes which programs help most. The FHSA, which allows up to $8,000 a year to a $40,000 lifetime limit, and the Home Buyers' Plan both require money set aside before you buy, so a buyer several months from a purchase gets more benefit from opening an FHSA now than a buyer who is ready to make an offer this week. The tax credits, by contrast, apply automatically at tax time regardless of when you opened any account.

Talk to a mortgage broker or accountant about which combination fits your timeline before you assume none of this applies to you. Get your hand-reviewed valuation from Joel Dyck.

Get your hand-reviewed valuation from Joel Dyck.

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