Every program, refund and rule that helps a first-time buyer in Ontario — FHSA, Home Buyers’ Plan, land transfer tax refunds, the GST rebate, 30-year amortization — and the honest numbers on what a first home costs in the GTA.
Programs and savings accounts
How does the First Home Savings Account (FHSA) work?
The FHSA lets a first-time buyer contribute up to $8,000 a year, to a lifetime maximum of $40,000; contributions are tax-deductible and qualifying withdrawals to buy a first home are tax-free and never repaid. Unused room of up to $8,000 carries forward to the next year, and the account can stay open for up to 15 years.
Full guide: The FHSA in 2026
Last reviewed October 2026 · Jatin Dua, Broker of Record
How much can I take out of my RRSP for a first home?
Up to $60,000 per person under the RRSP Home Buyers’ Plan, so a couple can withdraw up to $120,000. It is a tax-free loan from yourself that must be repaid over 15 years; for withdrawals made between 2022 and 2025, repayments start in the fifth year after the withdrawal.
Full guide: The Home Buyers’ Plan in 2026
Last reviewed October 2026 · Jatin Dua, Broker of Record
Should I use the FHSA or the Home Buyers’ Plan first?
Use both if you can, but the FHSA is the better deal because withdrawals never have to be repaid, while Home Buyers’ Plan money must go back into your RRSP. Fill the FHSA first, then use the Home Buyers’ Plan for any additional down payment.
Full guide: FHSA vs Home Buyers’ Plan
Last reviewed October 2026 · Jatin Dua, Broker of Record
Who counts as a first-time home buyer in Canada?
It depends on the program. For the FHSA, the Home Buyers’ Plan and the federal GST rebate, you generally qualify if you have not lived in a home you or your spouse owned in the current year or the previous four years. Ontario’s land transfer tax refund is stricter: you must never have owned a home anywhere in the world.
Full guide: First-time home buyer programs in Ontario
Last reviewed October 2026 · Jatin Dua, Broker of Record
What first-time home buyer programs are there in Ontario in 2026?
The main ones are the FHSA, the RRSP Home Buyers’ Plan, the Ontario land transfer tax refund (up to $4,000), Toronto’s municipal land transfer tax refund (up to $4,475), the federal First-Time Home Buyers’ GST Rebate on new homes (up to $50,000), the Home Buyers’ Amount tax credit and 30-year insured amortization. The federal First-Time Home Buyer Incentive closed in 2024.
Full guide: First-time buyer programs in Ontario, 2026
Last reviewed October 2026 · Jatin Dua, Broker of Record
What is the Home Buyers’ Amount tax credit?
A federal non-refundable tax credit on a $10,000 amount for first-time buyers, worth up to $1,500 off your income tax in the year you buy a qualifying home. Claim it on your return; spouses can split it.
Full guide: First-time buyer programs
Last reviewed October 2026 · Jatin Dua, Broker of Record
Are there down payment assistance programs in the GTA?
A few, and they change often: some municipal and non-profit shared-equity or forgivable-loan programs open for set income levels and specific developments. Check each program’s own page for what is actually open before you plan around it.
Full guide: Down payment assistance in the GTA
Last reviewed October 2026 · Jatin Dua, Broker of Record
Money: what a first home costs
How much money do I need to buy my first home in Ontario?
The down payment plus closing costs. On a $600,000 home the minimum down payment is $35,000; Ontario land transfer tax is $4,475 after the first-time refund, Toronto adds $4,000 after its refund, and the 8% sales tax on a CMHC premium is about $1,898 in cash. Legal fees and adjustments come on top.
Full guide: First-time home buyer checklistTry it: GTA affordability calculator
Last reviewed October 2026 · Jatin Dua, Broker of Record
How much do I need to earn to buy a condo in Toronto?
It depends on the price, your debts, the condo fee and the stress-test rate. Because lenders count half the condo fee and test you at your contract rate plus 2 points or 5.25%, whichever is higher, a median-priced Toronto condo typically needs a household income well into six figures with a minimum down payment.
Full guide: Income needed in each GTA cityTry it: GTA affordability calculator
Last reviewed October 2026 · Jatin Dua, Broker of Record
Can I buy a first home on one income in Toronto?
Often yes for a condo, harder for freehold. Single buyers in the GTA usually start with a condo apartment or look east to Durham or west to Peel and Halton, where prices and closing costs are lower.
Full guide: Buying on one income
Last reviewed October 2026 · Jatin Dua, Broker of Record
Where can first-time buyers afford to buy in the GTA?
On TRREB’s August 2026 figures, Durham Region offered the lowest prices for houses — Oshawa’s detached median was $699,999 — and condo medians were $457,500 in Durham, $500,000 in Mississauga and $550,000 in the City of Toronto. Outside Toronto there is also no municipal land transfer tax.
Full guide: Most affordable places for a first home
Last reviewed October 2026 · Jatin Dua, Broker of Record
What can a first-time buyer get for $500,000, $700,000 or $900,000 in the GTA?
Roughly: around $500,000 buys a condo apartment in most of the GTA; around $700,000 reaches freehold townhouses in Durham and parts of Peel and larger condos in Toronto; around $900,000 opens up semi-detached and some detached homes outside Toronto. Exact options change with each month’s sales.
Full guide: What $500K, $700K and $900K buy
Last reviewed October 2026 · Jatin Dua, Broker of Record
What does the first year of owning a home cost?
Beyond the mortgage: property tax, home insurance, utilities, condo fees if any, maintenance and the surprises that come with a new-to-you home. A common rule of thumb is to set aside 1% to 2% of the home’s value each year for maintenance on a freehold house.
Full guide: The first-year cost of owning
Last reviewed October 2026 · Jatin Dua, Broker of Record
The process
What are the steps to buying a first home in Ontario?
Set a budget and check your credit, build the down payment (FHSA and Home Buyers’ Plan), get a written pre-approval, choose an area and home type, make an offer with the right conditions, firm up, hire a lawyer, and close — usually six to twelve months from start to keys.
Full guide: The first-time buyer checklist
Last reviewed October 2026 · Jatin Dua, Broker of Record
What mistakes do first-time buyers make most?
Shopping before a pre-approval, forgetting closing costs, waiving conditions they cannot afford to waive, skipping the condo status certificate review, and stretching to the maximum approval so there is nothing left for repairs.
Full guide: First-time buyer mistakes
Last reviewed October 2026 · Jatin Dua, Broker of Record
Is it better to rent or buy in Toronto?
It depends on how long you will stay and what the same home rents for. Buying usually wins only if you stay long enough — often five years or more — to outrun closing costs and early mortgage interest; renting and investing the difference can win over shorter horizons.
Full guide: Rent vs buy: the arithmetic
Last reviewed October 2026 · Jatin Dua, Broker of Record
Should a first-time buyer buy a condo, townhouse or semi?
A condo is usually the cheapest entry and has the least upkeep but carries a monthly fee; a townhouse adds space and sometimes freehold ownership; a semi gives you land and a full house for less than a detached home. Compare the total monthly cost, not just the price.
Full guide: Condo vs townhouse vs semi
Last reviewed October 2026 · Jatin Dua, Broker of Record
Can I buy a home with a friend or family member?
Yes. Co-buyers hold title as joint tenants or tenants in common and should sign a co-ownership agreement covering contributions, expenses and what happens if one wants out. Lenders assess everyone on the mortgage together.
Full guide: Joint tenancy vs tenants in common
Last reviewed October 2026 · Jatin Dua, Broker of Record
Can my parents co-sign my mortgage?
Yes, as a co-signer or a guarantor. A co-signer is usually on title and fully liable; a guarantor is liable if you default but is not on title. Either way their debt ratios and credit are affected, and being on title can affect their own first-time buyer status and taxes.
Full guide: Co-signer vs guarantor
Last reviewed October 2026 · Jatin Dua, Broker of Record
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Jatin Dua · Broker of Record · RE/MAX Quantum Realty · Toronto and the GTA