Do first-time buyers in Ontario get help with closing costs?
Yes! First-time buyers may be eligible for incentives such as:
Ontario Land Transfer Tax Rebate (up to $4,000)
First-Time Home Buyers’ Tax Credit (a federal non-refundable credit)
RRSP Home Buyers’ Plan (HBP): Withdraw up to $60,000 (as of 2024) from your RRSP to put toward your down payment, which can free up more money for closing costs.
How can Sudbury homebuyers prepare for closing costs?
The best way to prepare is to budget early. When planning your purchase, set aside at least 2–3% of the home price for closing costs. A Sudbury realtor or mortgage advisor can help you estimate these numbers more accurately based on the property you’re buying.
Why is it important to understand closing costs before buying?
Many first-time buyers focus only on their down payment, only to feel stressed on closing day. By planning for these expenses in advance, you’ll avoid surprises and feel more confident moving into your new home.
Key Takeaway: When buying your first home in Sudbury, don’t forget to factor in closing costs. They typically add up to 1.5%–4% of the purchase price, but rebates and tax credits can help reduce the total.
📞 Want help navigating the process? Reach out to a local Sudbury real estate agent, such as Tanya Vanden Berg who can guide you through every step of buying your first home.
