First-time home buyers in Ontario
Your first home, with every number on the table.
What each program actually is, who qualifies, when the money shows up, and what you will pay before the offer, at closing and every month after.
Each program shows its own manual last-checked date. This page does not check your eligibility automatically.
- 1
Open an FHSA early
Room only starts once the account exists.
- 2
Get pre-approved
Know your budget and rate hold before touring.
- 3
Make an offer
Deposit due quickly. Conditions protect you.
- 4
Firm up financing
Lender reviews the home and your file.
- 5
Close with your lawyer
Funds move, keys arrive, refunds applied.
Programs and incentives
Some are savings. Some are refunds. Few are free money.
"First-time buyer" is defined differently by each program; not every program requires that you never owned a home. Each card shows the short version. Open the details for eligibility, then read the official source. Rules change; confirm with your lawyer or tax advisor before relying on any of them.
Loading reviewed program information…
Down payment
The minimum, by price.
Your lender may ask for more. With less than 20% down, mortgage default insurance is generally required. It protects the lender, not you.
30-year insured amortization
Available to eligible first-time buyers or for newly built homes. It lowers the monthly payment but increases total interest and the insurance premium. It is not a grant.
CMHC: HomeStart fact sheet (PDF) Ontario: 8% tax on insurance premiums| Purchase price | Minimum down payment |
|---|---|
| $500,000 or less | 5% of the price |
| $500,000 to under $1.5 million | 5% of the first $500,000 + 10% of the rest |
| $1.5 million or more | 20% of the price |
The full cost picture
Before, during and after.
Money that moves early
Deposit
Part of your down payment, not extra. Must be available quickly under the offer terms, often within 24 hours.
Pre-approval
Ask about any applicable fees. A pre-approval is not a final approval: the lender still reviews the property and your documents.
Home inspection
Illustration: $400 to $700+. Not a quote.
Condo status certificate review
If buying a condo, your lawyer may charge to review it.
Worked example
A $600,000 resale home, outside Toronto.
Assumptions: an eligible first-time buyer, minimum down payment, illustrative 25-year amortization, 4% CMHC premium. Static illustration only.
- Base mortgage
- $565,000
- CMHC premium (4%, financed)
- $22,600
- Total mortgage
- $587,600
Cash you need
- $35,000
Minimum down payment
5% of $500,000 + 10% of $100,000. Includes the deposit already paid.
- $8,475
Ontario land transfer tax (gross)
- -$4,000
First-time buyer refund
- $4,475
Ontario LTT after refund
- $1,808
8% Ontario tax on insurance premium
Paid in cash, not financed.
- $3,000
Assumed other closing costs
Legal, title, adjustments. An assumption, not a quote.
Inside Toronto? Add gross MLTT $8,475 less the $4,475 rebate if eligible: $4,000 more, for a total of $48,283.
Excludes moving, reserves, inspection and special fees. Not a promise you will qualify.
Not sure which of these apply to you?
Ask anything, even if you are a year away. No application, no credit check.
Static down-payment guidance and budget illustration last checked October 3, 2026; program review dates appear on each card. Educational estimates in Canadian dollars. Not lending, tax or legal advice, and not a guarantee of eligibility or approval. Program rules change; confirm with your real estate lawyer and tax advisor before you sign.