What Qualifies as a First-Time Homebuyer in Canada?

What Qualifies as a First-Time Homebuyer in Canada?

To qualify as a first-time homebuyer in Canada: You cannot have previously owned a property in Canada or abroad.

However, there are exceptions!

It is possible to qualify as a first-time home buyer again after owning a home under the following circumstances:

  1. If you have separated from and no longer live with a spouse or partner.

  2. If you purchased your first home more than four years ago, you may be able to make use of government programs to buy for a second time.

It’s important to note that the above criteria may vary depending on the program or incentive you want to access as a first-time homebuyer. For example, some programs may have additional eligibility requirements or different definitions of what qualifies as a first-time homebuyer.

For instance, the Home Buyers’ Plan (HBP) defines a first-time home buyer as this: “You are considered a first-time home buyer if, in the four year period, you did not occupy a home that you owned, or one that your current spouse or common-law partner owned.”

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