Buying your first home is exciting! Learn about available programs, incentives, and what you need to know as a first-time buyer in Ontario.
Start the ApplicationGovernment Programs
As a first-time buyer, you may qualify for several government programs designed to make homeownership more accessible.
Withdraw up to $60,000 tax-free from your RRSP for your first home down payment. Must be repaid over 15 years.
New account that combines benefits of RRSP and TFSA. Contributions are tax-deductible and withdrawals for home purchase are tax-free.
Government shared-equity mortgage where CMHC contributes 5-10% toward your down payment in exchange for the same share of your home's value.
Federal tax credit of up to $1,500 ($10,000 x 15%) for first-time home buyers who purchased a qualifying home.
First-time buyers in Ontario can receive a rebate of up to $4,000 on the provincial Land Transfer Tax, plus up to $4,475 on the Toronto municipal tax.
Make sure you're prepared before starting your home search.
Know The Requirements
| Purchase Price | Min. Down Payment | Example |
|---|---|---|
| Up to $500,000 | 5% of purchase price | $25,000 on $500K |
| $500,000 - $999,999 | 5% of first $500K + 10% of remainder | $50,000 on $750K |
| $1,000,000+ | 20% minimum | $200,000 on $1M |
With less than 20% down, mortgage default insurance (CMHC) is required and added to your mortgage.Less than 20% down requires CMHC insurance.
We specialize in helping first-time buyers navigate the process. Let's find the right mortgage for you.
Schedule a free, no-obligation consultation. Pick a time that works for you and let's talk about your mortgage goals.
