Question 1

How much down payment do I need as a first-time buyer in Toronto?

Accepted Answer

For homes under $500K: minimum 5% down. For $500K–$999K: 5% on the first $500K + 10% on the remainder. For $1M+: minimum 20% down. On a $700K Toronto home, you need at least $45,000 down. We help first-time home buyers with discounted moving and benefits — call Sam at 647-784-7924.

Question 2

What is the First Home Savings Account (FHSA)?

Accepted Answer

The FHSA lets you contribute up to $8,000/year (lifetime max $40,000) with tax-deductible contributions AND tax-free withdrawals for a home purchase. It combines the best of an RRSP and TFSA. Open one immediately — every year you delay costs you $8,000 in contribution room.

Question 3

Can I use my RRSP to buy my first home in Toronto?

Accepted Answer

Yes — the Home Buyers' Plan (HBP) lets you withdraw up to $35,000 from your RRSP tax-free for a first home purchase. You and a partner can each withdraw $35K for a combined $70K. You have 15 years to repay starting 2 years after withdrawal.

Question 4

What land transfer tax rebates are available for first-time buyers?

Accepted Answer

First-time buyers in Toronto receive up to $4,000 provincial rebate + up to $4,475 Toronto municipal rebate = up to $8,475 total savings. These are applied at closing by your lawyer, reducing your upfront costs significantly.

Question 5

Does Sam Sethi offer cashback to first-time buyers?

Accepted Answer

Yes, we do give cashback to qualifying buyers. We also help first-time home buyers with discounted moving and benefits. Contact Sam at 647-784-7924 to learn about current cashback offers available to first-time buyers in Toronto.

Question 6

How long does it take to buy a home in Toronto?

Accepted Answer

Typically: mortgage pre-approval (1–3 days), house hunting (2–8 weeks), offer accepted to closing (30–60 days). With Sam handling both your real estate and mortgage, the process is streamlined — no coordinating between separate agents and brokers.

Question 7

What is the mortgage stress test for first-time buyers?

Accepted Answer

The stress test qualifies you at your contract rate + 2% (or 5.25%, whichever is higher). This reduces your maximum purchase price by roughly 15–20%. As your mortgage agent, Sam works with 30+ lenders to maximize your qualifying amount.

Question 8

What closing costs should first-time buyers budget for?

Accepted Answer

Budget 1.5–4% of purchase price: land transfer tax (rebated for first-time buyers), legal fees ($1,500–2,500), title insurance ($200–500), home inspection ($400–600), and moving costs. On a $700K home, budget $10K–28K before rebates.

Buy Your First Home
in Toronto
The Smart Way

First-Time Buyer Programs in Ontario

First-Time Buyer Calculator

First-Time Buyer FAQ

Ready to Buy Your First Home in Toronto?

Buy Your First Homein TorontoThe Smart Way

First-Time Buyer Programs in Ontario

First-Time Buyer Calculator

First-Time Buyer FAQ

Ready to Buy Your First Home in Toronto?

Buy Your First Home
in Toronto
The Smart Way