Resources For First-Time Home Buyers

Education For Buyers

What You Need to Know as a First-Time Home Buyer!

Qualifying as a First-Time Buyer

• In Ontario, you’re considered a first-time home buyer if you haven’t owned a home in the four years leading up to your purchase.
• Eligibility criteria may vary for different assistance programs.

Preparation for First-Time Buyers

• Understand the local housing market’s realities, especially pricing and supply.
• In April 2023, Ontario had fewer than 31,000 active residential listings, impacting affordability.
• Canadian buyers must provide a 5% down payment for homes under $500,000, with higher down payments for more expensive properties.
• Consult a mortgage advisor to improve your financial readiness.
• Local real estate agents can provide insights into market conditions and growth potential.

Ontario First-Time Home Buyer Programs

• Ontario Land Transfer Tax Refund offers up to $4,000 for homes priced at $368,000 or higher, with no tax on cheaper homes.
• Toronto First-Time Purchaser Rebate provides additional tax relief, with a maximum of $4,475.

Federal Programs for Ontario First-Time Home Buyers

• First-Time Home Buyer Incentive (FTHBI) allows borrowers to access up to 10% of a home’s value toward the down payment. Reduces borrowing costs.
• The Home Buyers’ Plan permits tax-free withdrawal of up to $35,000 from RRSPs.
• Local homeownership programs and grants vary by municipality, offering financial assistance for certain criteria.

Additional Tips for Ontario First-Time Home Buyers

• Monitor the market for competition and trends.
• Create and stick to a budget to save for a down payment.
• Be patient; homeownership may take time.
• Follow a comprehensive home buying guide.
• Seek assistance from real estate and mortgage professionals for a smoother process.