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Resources For First-Time Home Buyers

First-Time Home Buyers Discover valuable insights, guides, and tools to ensure you’re well-prepared for your first step into homeownership.

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.

Resources For First-Time Home Buyers

Set Realistic Expectations

Ontario First-Time Home Buyer’s Guide

This guide provides essential information for Ontario’s first-time home buyers, from qualifications to financial readiness and available programs, along with valuable tips for a successful home-buying journey.

Try my Mortgage Calculator to determine monthly payments.

Simply enter your prospective purchase information to calculate mortgage payments. You can even save and share the results!







Monthly Payment

Principal & Interest $1421

Monthly Taxes $1421

Monthly HOA $1421

Monthly Insurance $1421

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