Ontario offers several programs designed to make homeownership more accessible for first-time buyers. As your mortgage agent, I help clients maximize these benefits — here's what you should know.
First-Time Home Buyer Incentive
The federal government offers a shared-equity mortgage of 5% (existing homes) or 10% (new construction). This reduces your monthly payments but requires repayment after 25 years or when you sell.
Land Transfer Tax Rebates
Toronto: Up to $4,475 rebate for first-time buyers
Ontario: Up to $4,000 rebate for first-time buyers
If you're buying in Toronto, you can claim both rebates for a total of $8,475 in savings.
First Home Savings Account (FHSA)
Contribute up to $8,000 annually (lifetime max $40,000) with tax-deductible contributions and tax-free withdrawals for home purchases. This is the most powerful savings tool for first-time buyers.
Home Buyers' Plan (HBP)
Withdraw up to $35,000 from your RRSP for a down payment, with 15 years to repay. This can be combined with the FHSA for maximum down payment power.
Don't leave money on the table. I'll help you navigate all available programs. Call 647-784-7924 to get started.
