First-Time Home Buyer Info: Incentives & Programs
- jessegibbonsrealto
- Aug 11
- 2 min read
First-Time Home Buyer? These Programs Could Save You Thousands! Buying your first home is exciting — but navigating the financial side can feel overwhelming. The good news? If you’re a first-time buyer in Newfoundland (or anywhere in Canada), there are several programs and incentives designed to make homeownership more affordable. From tax-free RRSP withdrawals to extended mortgage terms and government rebates, these tools can help lower your upfront costs and monthly payments. Let’s break down the most up-to-date programs available to you in 2025— including recent changes you might not know about!
#1 - RRSP Home Buyers’ Plan (HBP)
If you're a first-time homebuyer, you can borrow from your Registered Retirement Savings Plan (RRSP) under the Home Buyers' Plan (HBP):
Withdraw up to $60,000 tax-free to use toward your down payment.
Couples can withdraw up to $120,000 combined.
Repayment period: 15 years.
Recent HBP Changes:
The withdrawal limit increased from $35,000 to $60,000 (effective April 16, 2024).
Repayment starts five years after withdrawal (for purchases made between January 1, 2022, and December 31, 2025).
#2 - Mortgage Amortization
The mortgage amortization has been extended. As of December 15, 2024, first-time homebuyers can extend their mortgage amortization to 30 years (previously 25 years).
Insured Mortgages:
The maximum purchase price for insured mortgages increased.
The maximum home price for insured mortgages has increased from $1 million to $1.5 million.
#3 - Government Programs for First-Time Buyers
The Canadian government offers several programs to help first-time buyers enter the market:
First-Time Home Buyers’ Incentive: Shared-equity loan to reduce mortgage payments.
First-Time Home Buyers’ Tax Credit (HBTC): Up to $1,500 in tax relief.
GST/HST New Housing Rebate: Partial rebate on taxes for new homes.
Not Sure Which Program You Qualify For?
I Can Help. Every home buyer’s journey is different — and the programs that are right for you will depend on your goals, income, and timeline.
Whether you're just starting to explore your options or ready to apply, I’m here to simplify the process and connect you with the right tools, lenders, and advice every step of the way.
Let’s chat— no pressure, just real advice from someone who knows this market inside and out!
Email: jesse@hanlonrealty.ca
Call or Text: (709) 770-7653
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