Is there any benefit to being a first time home buyer when purchasing a Pre-Construciton Condo?

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Is there any benefit to being a first time home buyer? A first time home buyer is eligible for a rebate on the Land Transfer Tax. To qualify for the rebate, you:

  • Must be at least 18 years of age;
  • Must occupy the home as your principal residence within 9 months of the date of the transfer; and
  • Cannot have ever owned a home, or an interest in a home, anywhere in the world. Note: your spouse cannot have owned a home, or an interest in a home, anywhere in the world while being your spouse.

A first time home buyer can also get a tax credit from the federal government.

This question was answered by Shaffiq Dar (Real Estate Lawyer)

Roy Bhandari