Ontario Homeowner Benefits & Subsidies

by Cathy Tse

Homeowner Benefits, Homeowner Subsidies, Property Tax Relief, Mortgage Subsidy, First-Time Homebuyer Incentives, Government Grants, Homeownership Programs, Housing Assistance, Down Payment Assistance, Energy Efficiency Rebates, Home Improvement Grants, Tax Credits for Homeowners, Affordable Housing, Home Financing Support, Property Tax Credits, Homebuyer Benefits, Subsidized Housing, Home Renovation Grants, Home Loan Assistance, Home Ownership Support

Ontario Homeowner Benefits and & Subsidies

Homeowners in Ontario have access to various government financial assistance and support programs. Here’s an overview of some key benefits and subsidies available:

1. Canada Greener Homes Grant

This program offers grants to eligible homeowners for recommended retrofits (such as home insulation, windows and doors, heat pumps, and renewable energy systems). In Ontario, the Canada Greener Homes Grant is co-delivered by Natural Resources Canada and Enbridge Gas under the Home Efficiency Rebate Plus (HER+) program.

natural-resources.canada.ca

2. Home Accessibility Tax Credit

If you’re renovating your home to improve accessibility for individuals with disabilities, you may be eligible for a tax credit. This credit applies to expenses such as installing ramps, widening doorways, or modifying bathrooms to enhance mobility.

canada.ca

3. GST/HST New Housing Rebate

Homeowners who have purchased a new or substantially renovated home may be eligible to recover a portion of the GST or the federal part of the HST paid. This rebate applies to the primary place of residence.

canada.ca

4. Home Buyers’ Amount

First-time homebuyers can claim an amount of up to $10,000 for the purchase of a qualifying home. This benefit also extends to individuals with disabilities.

canada.ca

5. Home Buyers’ Plan (HBP)

The HBP allows you to withdraw funds from your Registered Retirement Savings Plans (RRSPs) to buy or build a qualifying home. This can be particularly beneficial for first-time homebuyers looking to supplement their down payment.

canada.ca

6. Canada-Ontario Housing Benefit (COHB)

The COHB provides eligible households with a housing benefit to assist with the cost of rent. The benefit amount is determined by the province and paid directly to clients or their landlords. For more information, you can visit the City of Toronto’s website on subsidized housing and housing benefits.

toronto.ca

7. Financial Support for Homeowners

If you’re facing high utility bills or need assistance with home safety items like smoke alarms or carbon monoxide detectors, programs are available to provide financial help. For instance, homeowners receiving Ontario Works Assistance may receive a one-time payment to buy these safety items. To apply, speak to your caseworker and provide receipts for the purchased items.

toronto.ca

It’s important to note that program availability and eligibility criteria can change. For the most current information, consult official government websites or contact a housing help center in your area.

By taking advantage of these programs, Ontario homeowners can alleviate some financial burdens and make necessary improvements to their homes.

Cathy Tse

Direct: 647-463-8810 – Email: cathy.tse@century21.ca

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Buying a Home • First Time Home Buyer • First Time Home Buyer • January 28, 2025

Common Homebuyer Mistakes to Avoid (1)

by Cathy Tse

Home Buyer Mistakes, Skip Home Inspection, Home Inspection Importance, Real Estate Advice, Home Buying Tips, Property Inspection, Home Inspection Risks, First-Time Home Buyer, Home Purchase Mistakes, Home Inspection Tips, Avoid Buying Issues, Home Inspection Checklist, Homebuyer Protection, Real Estate Mistakes, Property Condition, Home Buying Process, Inspection Report, Homebuyer Education, Smart Home Buying, Home Investment Risks

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Skipping a Home Inspection

Buying a home is one of the biggest financial decisions you’ll ever make, and it’s easy to get swept up in the excitement of finding your dream property. The house may look perfect—everything from the curb appeal to the modern interior might seem ideal. But before you sign on the dotted line, there’s one crucial step you should never skip: the home inspection.

What Is a Home Inspection?

A home inspection is a thorough assessment of the property you’re interested in purchasing. A certified inspector evaluates the structural integrity, plumbing, electrical systems, and other critical components of the house. They check for any issues that could affect the safety, livability, and long-term value of the home. The goal is to provide you with an in-depth understanding of the property’s condition before you commit to buying it.

Why Skipping the Inspection Is Risky

While it may seem like an unnecessary expense or hassle, skipping a home inspection can lead to serious problems later on. Here’s why:

1. Hidden Problems May Cost You Big

You might fall in love with the way the house looks, but what’s lurking behind the walls or under the floors? Common issues like foundation cracks, roofing problems, plumbing leaks, or electrical issues can be expensive to repair. If you don’t know these problems exist, you may end up with costly surprise repairs after you’ve already moved in.

2. Negotiation Leverage

One of the most valuable benefits of a home inspection is that it gives you leverage when negotiating with the seller. If the inspection uncovers major problems, you can ask the seller to make repairs or lower the price. Without an inspection, you have no way of knowing what you’re getting into, leaving you with fewer options to protect your investment.

3. Peace of Mind

A home inspection offers peace of mind knowing that your new home doesn’t have hidden issues that could cause you trouble down the road. It’s much better to face potential problems before you move in than to find out later when you’re already settling in and paying mortgage payments.

What Does a Home Inspection Include?

During a typical home inspection, the inspector will look at various elements of the home, including:

Structural integrity: Foundation, walls, roof, and overall construction.
Plumbing system: Pipes, fixtures, water pressure, and drainage.
Electrical system: Wiring, outlets, and circuit breakers.
HVAC system: Heating, ventilation, and air conditioning.
Appliances: Ensuring they work properly.
Exterior: Windows, doors, siding, and roof condition.
Interior: Ceilings, floors, walls, and attic spaces.

What Happens After the Inspection?

Once the inspection is completed, you’ll receive a detailed report highlighting any issues found. If there are major problems, you can choose to:

Request repairs: Ask the seller to fix the issues before finalizing the sale.
Negotiate the price: Request a reduction in price to cover the cost of repairs.
Walk away: If the problems are too severe, you can walk away from the deal entirely.

In Conclusion: Protect Your Investment

Buying a home is a big investment, and the last thing you want is to face unexpected costs right after moving in. A home inspection may seem like an additional expense or a time-consuming task, but it’s well worth it in the long run. By ensuring that your new home is in good condition, you protect both your finances and your peace of mind.

So, before you commit to a property, make sure to schedule a home inspection. It could save you from a world of headaches—and expenses—down the road. Remember, the house may look perfect, but the inspection will tell you if it’s really as good as it seems.