04/08/2025
🏡 Buying Your First Home in Montreal in 2025? Here’s How You Can Save!🇨🇦
Feeling overwhelmed by the real estate market in Montreal? We get it. But don’t worry—there are programs, tax breaks, and grants that can help ease the financial pressure of buying your first home. Here’s what you should know:
1️⃣ Home Buyers’ Plan (HBP):
As of April 2024, you can withdraw up to $60,000 from your RRSP to help purchase or build your first home. This is an increase from the previous $35,000, giving you more funds to work with!
2️⃣ First Home Savings Account (FHSA):
Save up to $8,000 per year with a lifetime contribution limit of $40,000. Contributions are tax-deductible, and withdrawals for purchasing your first home are tax-free—perfect for Montreal first-time buyers!
3️⃣ Tax Credits & Rebates:
• Home Buyers’ Tax Credit (HBTC): You could get up to $1,500 back when purchasing your first home.
• GST/HST New Housing Rebate: If you’re buying a new or substantially renovated home in Montreal, you may qualify for a rebate on part of the GST or HST.
4️⃣ Provincial & Municipal Programs:
Quebec has several provincial programs that could provide assistance, as well as specific municipal programs in Montreal. Check with your local authorities for details!
5️⃣ Extended Mortgage Amortization & Increased Insured Mortgage Cap:
In 2024, changes were made to mortgage rules to improve housing affordability. This could make it easier for first-time buyers in Montreal to qualify for a mortgage.
Buying a home in Montreal is still possible with the right tools and information! If you’re ready to take the next step, reach out to us directly. We’re here to help guide you through the process and find the best options for your dream home!
