705-787-5060 tdocherty@sutton.com

Links

Land Transfer Tax Credit

When you buy land or an interest in land in Ontario, you pay land transfer tax. First-time home buyers of an eligible home may be eligible for a refund of all or part of the tax.

For more information click here

Home Buyers Plan

The Home Buyers’ Plan (HBP) is a program that allows you to withdraw up to $25,000 in a calendar year from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability.

For more information click here

Mortgage Loan Insurance

Mortgage loan insurance is typically required by lenders when homebuyers make a down payment of less than 20% of the purchase price. Mortgage loan insurance helps protect lenders against mortgage default, and enables consumers to purchase homes with a minimum down payment starting at 5%* — with interest rates comparable to those with a 20% down payment.

The CMHC Mortgage Loan Insurance premium is calculated as a percentage of the loan and is based on the size of your down payment.

Loan-to-Value
Premium on Total Loan Premium on Increase to Loan Amount for Portability and Refinance
Up to and including 65% 0.60% 0.60%
Up to and including 75% 0.75% 2.60%
Up to and including 80% 1.25% 3.15%
Up to and including 85% 1.80% 4.00%*
Up to and including 90% 2.40% 4.90%*
Up to and including 95% 3.60% 5.65%*
90.01% to 95% —
Non-Traditional Down Payment**
3.85% *

For more information click here

 

 

Translate »