Do financial aide programs exist?
There are some financial aide programs available to help you purchase a property. However, this aide is not always available and/or can be delayed for several months up to a year.
Currently, the most popular financial aide program is the HBP (Home Buyers? Plan), which is offered by the federal government through your RRSP. The other programs available are usually offered by local governments in order to entice you to relocate into their area. These programs can be in the form of municipal tax breaks or subsidies.
In order to better inform yourself about existing program types, requirements, restrictions and other specific details, contact the local municipal office. They will be able to provide you with all of the necessary documents. Also, some real estate agents will inform themselves on the available programs in order to better to serve their clients. Ask your agent if they provide this service.
Most of the known programs are designed to help in the purchase of new properties, a property that has never been lived in before. This is to allow for local regional development, new job creation and new citizens who will eventually pay municipal taxes.
However, there are also programs designed to help buyers purchase used properties as well. These subsidies are generally allowed for the restoration of abandoned properties or those located in protected historical areas. Cities want to conserve these historical sites in their local areas. The financial aide granted can be up to 50% of the projected costs or a fixed amount (ex: $50,000).
Always verify with the government and local municipal office what is available for your specific situation. You can only receive what you ask for.
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