Purchase

aDiamondMortgage – The Difference Mortgage^TM

Do you know your options when you are making one of the largest purchases in your life? At aDiamondMortgage, we show you the options that can save you thousands on the life of your mortgage.

At aDiamondMortgage, we understand that purchasing a home is one of the most significant financial decisions you’ll make in your life. We’re here to guide you through the process and help you save thousands over the life of your mortgage. Here’s what you need to know when making your home purchase in Canada:

Mortgage Types

1. High-Ratio Mortgages: Ideal for first-time buyers with less than 20% down payment.
2. Conventional Mortgages: For those with 20% or more down payment, avoiding mortgage default insurance.
3. Insurable Mortgages: Offers potential for lower rates on homes under $1 million with 20% down.

Government Programs

Take advantage of first-time home buyer programs in Canada for 2025:

• Extended amortization periods up to 30 years for all first-time buyers.
• Increased maximum purchase price for insured mortgages to $1.5 million1.
• First Home Savings Account (FHSA) for tax-advantaged savings.

First Home Savings Account (FHSA)

• Allows you to save up to $8,000 per year, with a lifetime limit of $40,000.
• Contributions are tax-deductible and withdrawals for home purchases are tax-free.
• Unused contribution room can be carried forward to future years.

Home Buyers’ Plan (HBP)

• Allows first-time buyers to withdraw up to $60,000 tax-free from their RRSPs.
• Withdrawals must be repaid within 15 years1
• For withdrawals made between January 1, 2022, and December 31, 2025, repayment starts in the fifth year following the withdrawal.

Registered Retirement Savings Plan (RRSP)

• Annual contribution limit is 18% of previous year’s income or $32,490 for 2025, whichever is lower9
• Contributions are tax-deductible, reducing your taxable income
• Can be used in conjunction with the HBP for home purchases

Tax-Free Savings Account (TFSA)

• Annual contribution limit is $7,000 for 2025
• Allows tax-free growth and withdrawals for any purpose, including home purchases
• Unused contribution room carries forward

These programs offer various tax advantages and flexibility for Canadians saving for their first home. The FHSA and HBP are specifically designed for home purchases, while RRSPs and TFSAs can be used for multiple savings goals, including buying a home.

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