First-Time Home Buyer Guide (Ontario)
Everything an Ontario first-time buyer needs to know — from saving the down payment to closing day.
Programs and incentives available
FHSA (tax-free first home savings), Home Buyers' Plan (RRSP withdrawal up to $60,000), Land Transfer Tax rebates (provincial $4,000 + Toronto $4,475), 30-year amortization for insured first-time buyers on new builds, and the GST New Housing Rebate on qualifying new builds.
The pre-approval first
Get pre-approved before house hunting. A written pre-approval with a rate hold gives you negotiating power, prevents heartbreak (looking at homes you can't actually afford), and sets a clear budget for your real estate agent.
Building your down payment
Combine FHSA (up to $40K), RRSP HBP (up to $60K), and TFSA savings. Gifts from family are accepted. Most first-time buyers in the GTA combine multiple sources to hit their target.
Choosing your first property
First homes don't have to be forever homes. Many first-time buyers benefit from buying a starter property they can hold for 3–5 years while building equity, then leveraging that equity into a long-term home. Run the math on holding cost vs renting before deciding.
Closing day and beyond
Plan 1.5–4% of purchase price as closing costs (highest within Toronto). Line up insurance, utility transfers, and movers 2–3 weeks ahead. Your first mortgage payment comes out roughly 30 days after closing — make sure the account is funded.
Have questions about your situation?
Every mortgage file has its own story. A 15-minute call with Jay is enough to know your real options.