Several government programs can assist first-time homebuyers in Peterborough, Ontario, at both the federal and provincial levels, as well as some local initiatives.

Federal Programs:

• Home Buyers' Plan (HBP): This program allows you to withdraw up to $60,000 (as of Budget 2024, applicable to withdrawals after April 16, 2024) from your Registered Retirement Savings Plan (RRSP) tax-free to buy or build a first home. If you're buying with a partner, each person can withdraw up to $60,000 for a total of $120,000. You typically have 15 years to repay the amount.
• First Home Savings Account (FHSA): This relatively new registered account allows first-time homebuyers to save up to $40,000 tax-free for a down payment, with an annual contribution limit of $8,000. Unlike the HBP, no repayment is required.
• First-Time Home Buyers' Tax Credit (HBTC): This is a non-refundable tax credit of up to $1,500 that can be claimed on your income tax return in the year you purchase a home. It helps offset closing costs.
• GST/HST New Housing Rebate: If you're purchasing a newly built home or substantially renovating an existing one, you may be eligible for a rebate of a portion of the GST or the federal part of the HST paid on the home.

Provincial Programs (Ontario):

• Ontario Land Transfer Tax Refund for First-Time Homebuyers: When you purchase a property in Ontario, you pay a Land Transfer Tax (LTT). As a first-time homebuyer, you are eligible for a rebate of up to $4,000 on this tax. This can cover the LTT entirely for homes priced up to approximately $368,000.
• Affordable Home Ownership Program: While availability can vary, some provincial initiatives aim to help low- to moderate-income individuals and families with a forgivable loan for a portion of the down payment. You'd need to check with local housing authorities or social services for current availability and eligibility in Peterborough.

Local/Community Initiatives (Peterborough specific):

• City of Peterborough - Homeownership Assistance Loan Program: This program has been noted as currently closed, but it's worth checking the City of Peterborough's website for any updates or similar programs that may open in the future.
• Habitat for Humanity Peterborough & Kawartha Region: Habitat for Humanity partners with individuals and families to help them achieve affordable homeownership through a unique solution that often involves "sweat equity" (volunteer hours). They have specific eligibility criteria, including income thresholds, and may have upcoming projects in Peterborough.
• Métis Nation of Ontario (MNO) Home Buyers Contribution (HBC) Program: For eligible MNO citizens, this program can contribute up to 15% of the home's purchase price (to a maximum of $50,000) as a no-payment loan registered as a second mortgage.

Important Considerations for First-Time Homebuyers:

• Eligibility Requirements: Each program has specific eligibility criteria regarding income, residency status, whether you've owned a home before, and the type of property. Always review these carefully.
• Mortgage Pre-Approval: Before actively searching for a home, it's highly recommended to get pre-approved for a mortgage. This will give you a clear idea of your budget.
• Financial Advice: Consult with a mortgage broker, financial advisor, or real estate agent to understand which programs you may qualify for and how to best utilize them for your specific situation.

It's crucial to research the most up-to-date information on these programs as details and availability can change.