Buying your first home is exciting, and a little overwhelming. The good news: first-time buyers in Canada get access to programs that can save thousands. Here’s what you can use.
First-Time Home Buyers
Everything you need to know about buying your first home in Ontario — programs, rebates and a plan that fits your budget.
First Home Savings Account (FHSA)
Contribute up to $8,000/year (lifetime max $40,000). Contributions are tax-deductible like an RRSP, and withdrawals for your first home are tax-free like a TFSA.
RRSP Home Buyers’ Plan (HBP)
Withdraw up to $60,000 per person from your RRSP tax-free toward your first home. Repay over 15 years, starting in the fifth year after withdrawal.
Land transfer tax rebates
Ontario refunds up to $4,000 of provincial land transfer tax. In Toronto, you also get up to $4,475 back on the municipal tax.
30-year insured amortization
First-time buyers can amortize an insured mortgage over 30 years instead of 25, which lowers your monthly payment and helps you qualify.
Home Buyers’ Amount tax credit
Claim $10,000 on your tax return in the year you buy, worth up to $1,500 in federal tax savings.
New-home GST/HST relief
Buying a newly built home? Ask us about the rebates available to first-time buyers on qualifying new homes.
Program limits as of 2026. Government programs change, so confirm eligibility with us and your accountant.
Stacking programs
A couple can put up to $200,000 toward their first down payment
Using both the FHSA ($40,000 each) and the HBP ($60,000 each), two first-time buyers can use up to $200,000 of tax-advantaged savings, before counting regular savings or family gifts.
Who counts as a first-time buyer?
Generally, you qualify if you haven’t lived in a home that you or your spouse/common-law partner owned in the current year or the previous four calendar years. Rules differ slightly between programs.
First-time buyer checklist
- Check your credit score (aim for 680+)
- Open an FHSA as early as possible
- Save 1.5%–4% extra for closing costs
- Get pre-approved before house hunting
- Budget for maintenance (1%–3% of home value per year)
- Keep your job and credit stable until closing
