Divorced or Separated? Or, have you not owned a house in 5 years? You might still be a first time buyer.
In the fall of 2024, the government rolled out a number of changes to make buying a home easier for first-time buyers. But here’s the thing—a lot of people think “first-time home buyer” only means someone who’s never owned a home before.
That’s not actually true! Let’s break it down:
Never Owned a Home Before?
Of course—you’re a first-time home buyer. That’s the easiest definition!
Haven’t Owned in the Last 5 Years?
Even if you have owned a home before, but it hasn’t been in the last five years, you now qualify as a first-time home buyer!
Going Through a Marital Breakdown or Divorce?
If you’re separating or divorcing, you can qualify as a first-time home buyer—even if you’ve owned before. The key is that you have to be living apart for at least 90 days.
Buying a Home for a Family Member?
This one surprises a lot of people. If you’re purchasing a home for a disabled family member, you can be considered a first-time home buyer.
Why does this matter?
These new rules mean you could qualify for things like a 30-year amortization even with less than 20% down—which can really help keep monthly payments more manageable. Unfortunately it does not not apply to the Land transfer tax rebate; that is a one and done benefit.
And only one person on the mortgage needs to meet the first-time buyer criteria for you to benefit!