Implemented
Way Forward Commitment:
Buying a home is the largest purchase most people will ever make. Homes are more than shelter – they provide secure spaces for individuals and families to focus on their futures. To help Newfoundland and Labrador build a stronger economic outlook, our government will make it easier to buy a home. Through the new Home Purchase Program, we will provide grants of $3,000 toward the down payment of a newly constructed or never-before-purchased home valued up to $400,000 (including HST) to the first 330 homebuyers who qualify.
What We’ve Accomplished:
- On March 26, 2018, government announced new programs to make it easier for new home buyers to purchase their first home:
- Home Purchase Program – provides grants of $3,000 to individuals and families to go toward the down payment of newly constructed or existing new homes never sold or occupied that are valued under $400,000 including HST. The 330 grants provided in 2018-19 will be issued to the first home buyers who apply and qualify. In 2018-19, 183 applicants have qualified and received grants under this program.
- First-time Homebuyers Program – goal to ensure home ownership is more accessible for first-time homebuyers. The program will be extended to March 31, 2019, with available funding of $1.25 million, and will assist an estimated 100 households to secure home ownership. In 2018-19, 149 applicants have qualified and received grants under this program.
News Releases: