FTHB Benefits

Buying a home for the first time (First Time Homebuyer – FTHB) can be an exciting yet overwhelming experience. With so many mortgage options and lenders out there, it’s important to understand all the available programs before you make a decision. This FTHB benefits guide will explain the different types of mortgages available in Canada, how to get approved for a loan, and provide resources to help you through the process. We’ll cover topics such as the Home Buyers’ Plan (HBP), tax credits, down payment savings plans, CMHC programs, and working with a mortgage broker in Victoria BC. All key first time homebuyer benefits to consider.

Home Buyers’ Plan (HBP)

The Home Buyers’ Plan is a federal government initiative that allows first-time homebuyers to withdraw up to $35,000 from their Registered Retirement Savings Plan (RRSP) tax-free. The funds must be repaid within 15 years at no interest rate. This program is designed to help those who are saving for a down payment but don’t have enough money saved up yet. This option can be easily combined with the new First Home Savings Plan noted below.

Tax Credits

The Canadian government offers various tax credits for first-time homebuyers. These include GST/HST rebates on new homes, land transfer tax credits in certain provinces or territories, and energy efficiency grants when purchasing an energy-efficient house or condo. It’s important to do your research and find out what credits you may be eligible for before making an offer on a property.

Down Payment Savings Plans

Introduced in 2022, the First Home Savings Plan, allows more and more Canadians to take advantage of tax free growth specifically for first-time buyers who need help building a down payment. There are several different types of these plans available across Canada. They typically allow low or no fees and offer competitive interest rates along with bonus payments when you reach certain goals throughout your savings journey. This option can be easily combined with the RSP Homebuyer Plan noted above. With these options combined, we have some serious FTHB benefits.

CMHC Programs

The Canada Mortgage and Housing Corporation (CMHC) offers several programs specifically tailored towards first-time buyers. Looking to purchase a home in Canada without a large down payment or simply exploring options. Their mortgage default insurance will help significantly reduce the amount of money for your down payment. In addition, CMHC also provides access to lower interest rates through the Start Home Mortgage program which allows you to borrow up to 95% of the purchase price.

Mortgage Brokers in Victoria BC

Working with a local mortgage broker in Victoria BC can also be beneficial when considering all your options.  They often have access to multiple lenders with different products that  suit your needs better than those offered by traditional banks. They will review all possible options based on your financial situation and assist throughout the entire process. This will include obtaining pre-approval lettering if necessary and helping you understand all documentation involved. Additionally, negotiating terms with lenders on your behalf. A professional mortgage broker can make the entire process much smoother.  Saving time now and in the long run by getting you better terms than what would otherwise be available elsewhere .


Navigating through the sometimes complicated world of mortgages as a first-time buyer can seem daunting. Taking advantage of government programs is so important for success. RSP Homebuyer Plan, understanding taxes credits can go along way towards making this process less stressful. All while local Mortgage Broker, Callum Greig while helps you achieve your goal of becoming homeowner.