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Are you a first-time homebuyer in Newfoundland? With rising real estate prices and mortgage rates, buying your first home can feel overwhelming—but there’s help! In this video, I break down the best first-time homebuyer programs in Canada & in Newfoundland for 2025, including:
-The First Home Savings Account (FHSA): Save up to $40,000 tax-free!
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-The Home Buyers’ Plan (HBP): Access up to $35,000 from your RRSP tax-free for a down payment.
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-The First-Time Home Buyers’ Tax Credit (HBTC): Get up to $1,500 back for closing costs and legal fees
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Secondary and Basement Suite Incentive Program:
For homeowners looking to create affordable rental units, this program provides financial assistance
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-First-Time Homebuyers Program (FHP):
A repayable loan worth 5% Purchase Price & $1500 towards closing costs
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The First-Time Home Buyer Incentive (FTHBI): Interest-free loan options for 5–10% of your home’s purchase price.
I’ll explain how each program works, who qualifies, and how they can help you save money and get closer to owning your dream home.
Video Content:
00:00 - Intro
00:28 - Qualifying
01:09 - First Home Savings Account
02:18 - Home Buyers Plan
02:55 - First Time Home Buyers Plan
04:59 - 2-Apartment Incentive Program
06:53 - First Time Home Buyers Incentive
08:05 - Outro
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