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

Can I use first-time buyer grants to buy a home in Saskatoon?

Saskatoon does not offer a cash grant program for first-time buyers, so what actually helps here is the Home Buyers' Plan, an RRSP withdrawal of up to $60,000 repaid over 15 years, and the First Home Savings Account, up to $8,000 a year to a $40,000 lifetime limit, both administered by the Canada Revenue Agency.

Neither of those is a grant in the strict sense, since one is a repayable withdrawal and the other is a tax-sheltered savings account, but used together they can close a meaningful part of the gap between savings and the 5 percent minimum down payment.

A new-build purchase adds the GST new housing rebate, which can reduce the tax owed on a newly constructed or substantially renovated home, an option a resale property does not have.

Joel Dyck coordinates these tools with your mortgage broker so the timing actually works for your purchase. Get your hand-reviewed valuation from Joel Dyck.

Get your hand-reviewed valuation from Joel Dyck.

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