Joel DyckReal Broker SK Ltd.
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Who qualifies as a first-time home buyer in Saskatoon?

For the Home Buyers' Plan and First Home Savings Account, Canada Revenue Agency generally defines a first-time buyer as someone who has not owned and lived in a home as their principal residence in the four preceding calendar years, even if they owned a home earlier than that.

This means someone who sold a home 5 years ago and has been renting since can still qualify as a first-time buyer under both programs, which surprises a lot of people who assume the label only applies if they have truly never owned before.

A spouse's ownership history can also affect eligibility for the Home Buyers' Plan specifically, so a couple where one partner owned a home recently should confirm both partners' eligibility separately with Canada Revenue Agency or a mortgage professional before assuming the program applies.

The rule is about the last 4 years, not your entire life, which opens the door for more Saskatoon buyers than the term first-time suggests. Get your hand-reviewed valuation from Joel Dyck.

Get your hand-reviewed valuation from Joel Dyck.

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