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First-Time Buyers

Your First Home, Without the Guesswork

Between down payment rules, land transfer tax rebates, and the First Home Savings Account, first-time buyers face more moving parts than any other type of purchase. We walk through all of it before you shop for a home.

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Up to $4,000
Ontario Land Transfer Tax Rebate
5%
Minimum Down Payment
FHSA
Tax-Free Savings Strategy
Quick Answer

First-time homebuyers in Ontario can access several government programs, including a land transfer tax rebate of up to $4,000, minimum down payments as low as 5% on insured mortgages, and the First Home Savings Account (FHSA) for tax-advantaged saving. iDream Financial coordinates mortgage pre-approval alongside these programs to maximize what buyers can access.

  • Ontario land transfer tax rebate up to $4,000 for eligible first-time buyers
  • Minimum 5% down payment on homes under $500,000 (insured mortgages)
  • FHSA allows tax-deductible contributions and tax-free qualifying withdrawals
  • Pre-approval clarifies your real budget before you start viewing homes
Programs Worth Knowing About

Government Programs Built to Help You Get In

Most first-time buyers leave money or leverage on the table simply by not knowing these exist.

Land Transfer Tax Rebate

Eligible first-time buyers can receive up to $4,000 back on Ontario's provincial land transfer tax.

FHSA Strategy

The First Home Savings Account combines RRSP-style deductions with TFSA-style tax-free withdrawals for a home purchase.

Lower Minimum Down Payment

Insured mortgages allow as little as 5% down on homes under $500,000, opening the door sooner.

How It Works

Your First Purchase, Step by Step

Getting pre-approved before house hunting changes how the whole process feels.

01

Budget & Program Review

We review your income, savings (including FHSA/RRSP), and eligible government programs.

02

Pre-Approval

A pre-approval confirms your real budget and locks a rate hold while you shop.

03

Offer & Firm Approval

Once you have an accepted offer, your pre-approval converts to a firm mortgage commitment.

04

Closing & Rebate Applied

Your lawyer applies eligible rebates at closing as your mortgage funds and keys are handed over.

Eligibility

First-Time Buyer Eligibility Basics

Most government first-time buyer programs share similar core requirements.

  • Have not owned a home (or your spouse has not) in the current or prior four years, for most programs
  • Minimum 5% down payment for homes under $500,000 (higher for pricier homes)
  • Property intended as your primary residence
  • Reasonable, verifiable income supporting the mortgage payment
  • Canadian citizen or permanent resident for most rebate and FHSA programs
Run Your Own Numbers

Ontario Land Transfer Tax Calculator

Estimate your land transfer tax and first-time buyer rebate before you make an offer.

First-time buyer rebates: up to $4,000 provincial, plus up to $4,475 municipal in Toronto (stacks with the provincial rebate). Figures current as of August 2026 — Toronto's municipal brackets last changed April 1, 2026.

Estimates are illustrative only and do not constitute a mortgage offer or commitment. Actual rates, terms, and figures depend on underwriting and confirmation from your lender.

Estimated Result
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FAQ

First-Time Buyer FAQ

What first-time buyers ask before starting their home search.

As little as 5% on the first $500,000 of a home's price (with mortgage default insurance), rising in stages for higher-priced homes. We calculate your exact minimum based on your target price range.
Ontario offers a rebate of up to $4,000 on provincial land transfer tax for eligible first-time buyers; Toronto has an additional municipal rebate. Your lawyer applies it at closing once eligibility is confirmed.
It depends on your savings timeline and tax situation — we walk through how the First Home Savings Account and the RRSP Home Buyers' Plan can be combined or sequenced for your specific numbers.
That's common for first-time buyers — we can also explore B-Lender options or a savings timeline that gets you to prime qualifying.
It depends on the specific program — some benefits look at whether you personally have owned in the qualifying period, while others consider your spouse's history too. We'll check the specific rules against your situation before you count on any particular rebate.
Yes — a new federal GST rebate for first-time buyers on new-construction homes became law in March 2026, worth up to roughly $50,000 on homes up to $1 million (phasing out to $1.5 million). The CRA hasn't yet published full administrative guidance, so exact eligibility can still shift — see our full breakdown of what's confirmed so far.

Related Solutions

Prime Purchase Mortgages Switch & Save Refinance Mortgage Calculators How It Works Blog: First-Time Homebuyer Programs Most Miss Blog: New GST Rebate for First-Time Home Buyers
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Start Your First-Time Buyer Plan

Tell us your timeline and savings so far — we'll map the path to your first home.

Jessica · iDream Financial
AI Assistant · Ontario mortgages
General information only, not a mortgage commitment. Rates and calculator results shown are illustrative starting points.