The Canada Revenue Agency administers the tax credits and registered accounts, while the Canada Mortgage and Housing Corporation sets the mortgage insurance rules that apply to most first-time purchases with less than 20 percent down.
Knowing which programs a buyer is using also helps on the selling side, since a benchmark price of $444,700 keeps a meaningful share of Saskatoon's market inside the range these programs actually reach.
Joel walks first-time buyers through which combination of programs fits their specific down payment and timeline, since the Home Buyers' Plan and the First Home Savings Account, up to $8,000 a year to a $40,000 lifetime limit, can be used together.
Get your hand-reviewed valuation from Joel Dyck.