Every program in this guide is one I’ve helped real clients use across Toronto and the GTA. I’m Jatin Dua, Realtor with RE/MAX Quantum Realty — here’s the 2026 first-time buyer toolkit, in plain English.
1. The First Home Savings Account (FHSA)
The FHSA is the single best tool available: contribute up to $8,000 per year (lifetime maximum $40,000), deduct contributions from your taxable income like an RRSP, and withdraw everything — growth included — tax-free for a qualifying first home. A couple can each open one, doubling the potential. If homeownership is even a maybe in the next few years, open an FHSA now to start accruing contribution room.
2. The RRSP Home Buyers’ Plan (HBP)
First-time buyers can withdraw up to $60,000 from an RRSP tax-free toward a home purchase (repayable over 15 years). Combined with the FHSA, a couple could put well over $150,000 of registered savings toward a down payment.
3. Land transfer tax rebates
Ontario refunds first-time buyers up to $4,000 of provincial land transfer tax. Buying in Toronto? The city’s separate municipal tax also carries a first-time buyer rebate of up to $4,475. Outside Toronto — in Mississauga, Brampton or Vaughan — there’s no municipal tax at all. See what you’d pay with my land transfer tax calculator.
4. 30-year amortizations on insured mortgages
First-time buyers purchasing with an insured mortgage can access 30-year amortizations, lowering monthly payments versus the standard 25 years. It costs more interest over the life of the loan — but for many buyers it’s the difference between qualifying and waiting. Model both scenarios in my mortgage calculator.
5. Minimum down payments, demystified
Under $500,000: 5% down. Between $500,000 and $1.5 million: 5% on the first $500,000 and 10% on the remainder. Homes at $1.5 million or above require 20%. Under 20% down means mortgage default insurance — a cost worth understanding before you set your budget ceiling.
What I do for first-time buyers
Beyond the paperwork: I build a neighbourhood strategy around your real budget (Etobicoke condo? Brampton townhome? Mississauga semi?), connect you with mortgage professionals who move fast, and negotiate like it’s my own money on the table. Browse my community guides, read how I help, or book a free first-time buyer consultation — bring your questions.
About Jatin Dua
Jatin Dua is a Realtor with RE/MAX Quantum Realty serving Toronto and the GTA. From first-time buyers in Etobicoke and Mississauga to move-up families in Vaughan and investors across the GTA, Jatin combines local market knowledge with a modern, data-driven approach. Learn more about Jatin or book a free consultation.