ZENY MANINANG

Sales Representative

HomeLife/Bayview Realty Inc., Brokerage*

Mobile:
(905) 889-2200
Office:
905-889-2200
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Government Programs for Home Buyers

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A home is usually the single largest investment that most people make in their lives. Achieving your dream can be made easier by taking advantage of various Government Programs for home buyers and property owners. Some of the programs are targeted to first-time buyers, while others apply more generally. Other programs benefit those in the industrial, commercial and multi-unit property market. Your REALTOR can provide information on these programs and help you to determine your eligibility.


 

CMHC Purchase Plus Improvements

According to the Mortgage Consumer Survey, 37% of mortgage consumers didn’t know their renovation costs could be added to their mortgage (up from 31% in 2018).

Canada Mortgage and Housing Corporation (CMHC) insured mortgage loans are available to cover the purchase price of a home as well as an amount to pay for immediate major renovations or other improvements that the purchaser may wish to make to the property.

This option eliminates the need to obtain secondary financing after the purchase to pay for improvements. The homebuyer obtains a single first mortgage, makes a single mortgage payment, and benefits from first mortgage interest rates.

  • Flexible advancing options for small- or large-scale improvements and new construction.
  • Insured financing up to 95% of “as-improved” value for 1 or 2 unit owner-occupied properties, and up to 90% for 3 to 4 unit owner-occupied properties.
  • Down payment requirements are based on the lending value as determined by CMHC, which is the lower of the market value or the purchase price/cost of construction.

Energy efficiency rebate

CMHC Green Home offers a premium refund up to 25% to borrowers who buy, build or renovate for energy efficiency using CMHC-insured financing.

For more information call CMHC at (416) 221-2642 or www.cmhc.ca.

EXAMPLE:

Purchase Price $100,000
Renovations/improvements costs $25,000
Total cost $125,000
 
Lending Value $125,000
Maximum Mortgage (95%) $118,750
Minimum 5% down payment $6,250


 


 

HST New Housing Rebate

Program

You may be eligible to claim a rebate for a part of the HST you pay on the purchase price or cost of building your home if:

  • You buy a new or substantially renovated home (including the land or if you lease the land) from a builder.
  • You buy a new mobile home (including a modular home) or a floating home from a builder or vendor.
  • You buy a share of capital stock of a co-operative housing corporation.
  • You construct or substantially renovate your own home, or carry out a major addition (or hire another person to do so).
  • Your home is destroyed in a fire and is subsequently rebuilt.

Details

  • Resale homes are exempt from the 6% HST.
  • New homes are subject to the 6% HST. New home buyers can apply for a 36% rebate of the 6% HST applicable to the purchase price to a maximum of $7,560 for homes costing $350,000 or less before HST.
  • For new homes priced between $350,000 and $450,000 before HST, the HST rebate would be reduced proportionately.
  • New homes priced $450,000 before HST or higher would not receive a rebate.

 

NOTE:

In the GTA, most builders include the HST in the price of the house, and any rebate would be assignable to the builder as they would be absorbing the net HST cost.


Featured Listings

129 Regatta Ave,  N5433315, Richmond Hill,  for sale, , ZENY MANINANG, HomeLife/Bayview Realty Inc., Brokerage*

Impeccable Custom Built Home Offers An Open Plan W/Over 6000 Sq Ft Of Living Space,Freshly Painted,Magnificent Entertainer's Kitchen B/I High-End Appliances,Breakfast Area W/Walk Out, Terrace Overlooking Massive Yard,Superior Workmanship And Materials,Surround Speakers,Limestone & Brazilian Hardwood Flooring, Ambient Hallway Lighting, Coffered Ceiling, Gas Fireplace, Built In Water Filter, 2nd Flr Laundry,Sprinkler System,Finished Bsmt, W/Walk Up.

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Featured Listings

Ptlot 3 Turk Rd,  X5457935, Hamilton Township,  for sale, , ZENY MANINANG, HomeLife/Bayview Realty Inc., Brokerage*

Fantastic Opportunity To Have Your Own Piece Of Heaven! Over 70 Acres Of Mixed Mature Trees & Wetlands, With 2 Frontages On Turk Rd & Over 2900 Feet Along Alnwick Hills Rd. Quick Access To 401, Ganaraska, Rice Lake, Cobourg, And So Much More!

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Featured Listings

897 Lockwood  Circ , Newmarket,  for sale, , ZENY MANINANG, HomeLife/Bayview Realty Inc., Brokerage*
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Featured Listings

14 Coolhurst Dr,  W5470703, Toronto,  for sale, , ZENY MANINANG, HomeLife/Bayview Realty Inc., Brokerage*

Prime Location! 3 Bedroom + Den Bungalow-Raised On Quiet Street In Family Neighborhood. Walking Distance To Ttc, Restaurants, Shops, Schools, Places Of Worship. Open Concept Living/Dining Room/Kitchen With Large Bright Windows. Separate Entry To Lower Level And 3 Pc Bath. Private Backyard. Patio. Mature Yard With Fruit Trees. Attached Single Car Garage.

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