Summervale Blog

Benefits Of Townhomes For First Time Buyers

Benefits Of Townhomes For First Time Buyers

If you're a first-time buyer, a townhome may be the perfect option to help you get your foot into the home ownership door. With a lower price tag, and a lower down payment/mortgage, towns are a great opportunity to build equity, which is the amount of money you can sell the home for, minus what you still owe – of course.

To top it all off, if you're a first-time buyer there are a multitude of financial benefits that you can take advantage of:

First-Time Home Buyers Tax Credit

The Home Buyers Tax Credit assists first-time buyers with costs, such as legal fees, disbursements and land transfer taxes, which can be especially difficult for first-time home buyers. This $5,000 non-refundable credit provides up to $750 in federal tax relief.

RRSP Home Buyers Plan

The Home Buyers' Plan allows you to withdraw money from your Registered Retirement Savings Plan to use towards a down payment; you can use a maximum of $25,000. The withdrawal doesn't need to be included in your income on your annual income tax return – and no tax is taken from the money you withdraw.

Transfer Tax Rebates

When you buy land or an interest in land in Ontario, you pay land transfer tax. First-time homebuyers may be eligible for a refund of all or part of the tax, up to a maximum of $2,000.

Our builder, Falconcrest, has three 25' freehold townhome designs available: Azalea, Lily, and Buttercup.With spacious, open concept layouts – and either three or four bedrooms – these towns certainly don't skimp on space or style. If you're interested in learning more about what Summervale has to offer, take a drive over to our New Home Centre – we'd love to meet you! 

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