[zaindo]

I got into a purchase and sale agreement and am looking to sell my condo (not yet registered) on assignment. I have quite limited understanding of how this works, but assuming that i could sell this pre construction on assignment, would i continue to be first time home buyer (if i do choose to buy another home later down the road).

I am guessing the reason doesnt matter but i am not a reseller, I am getting rid of the condo as its smaller now since i have family coming over. I am planning to use HBP when time comes for the big purchase - however if i cease to be a first time home buyer because of having to sign up for this pre construction condo and make the first few down payments, I am pretty much out of luck.

Keen to know what experienced people here have to say. Cheers.

 

[restate]

Here is one of the definition considered first-time home buyers: persons, including former homeowners, who have not owned a home they "occupied" as a principal place of residence at any time during the four-year period before the date of withdrawal of funds. Hope this helps!

 

[jainik jariwala]

Read the clause carefully, hope it will help you..

An individual will be considered a first-time home buyer if neither the individual nor the individual's spouse or common-law partner owned and lived in another home in the calendar year of the home purchase or in any of the four preceding calendar years.

I am a Real Estate Agent with Century21 Titans Realty inc.
416-289-2155 office