How much do I need for a down payment in Ontario?

For homes priced under $500,000, the minimum is 5%. For homes between $500,000 and $999,999, you need 5% on the first $500,000 and 10% on the remainder. Homes at $1 million or above require 20% minimum. With less than 20% down, you'll pay CMHC mortgage default insurance.

What is the First Home Savings Account (FHSA)?

The FHSA is a registered account allowing first-time buyers to save up to $8,000 per year (maximum $40,000 lifetime) for a home purchase. Contributions are tax-deductible like an RRSP, and withdrawals for a qualifying home purchase are tax-free like a TFSA.

Can I use my RRSP for a down payment?

Yes, through the Home Buyers' Plan (HBP), first-time buyers can withdraw up to $60,000 from their RRSP tax-free. The amount must be repaid over 15 years, starting two years after the withdrawal.

What Land Transfer Tax rebates are available?

Ontario offers first-time buyers a rebate of up to $4,000 on provincial Land Transfer Tax. Toronto first-time buyers can also claim up to $4,475 in municipal LTT rebate, for a combined savings of up to $8,475.

How does CMHC insurance work?

When your down payment is less than 20%, lenders require mortgage default insurance from CMHC, Sagen, or Canada Guaranty. The premium (typically 2.8% to 4% of the mortgage) can be added to your mortgage amount and protects the lender if you default.

What credit score do I need as a first-time buyer?

Most A-lenders require a minimum credit score of 680 for insured mortgages. However, scores of 720 or higher typically access the best rates. If your score is below 680, alternative lenders may still approve you at different terms.

SERVICE

First-time home buyer mortgages, guided.

Your first home purchase in Ontario deserves thoughtful guidance. From understanding down payment requirements to maximizing government incentives, every detail shapes your foundation.

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The journey from renting to owning requires more than financing — it requires understanding.

OVERVIEW

What does a first-time buyer mortgage involve?

Purchasing your first home in Ontario represents one of life's most significant financial decisions. Beyond the excitement of ownership lies a complex landscape of down payment requirements, insurance obligations, and government programs designed specifically for first-time buyers. Understanding these elements transforms an overwhelming process into a structured path forward.

The Canadian mortgage market offers substantial advantages to first-time purchasers. The First Home Savings Account (FHSA) allows tax-free savings specifically for home purchases, while the RRSP Home Buyers' Plan permits withdrawing up to $60,000 from registered retirement savings without immediate tax consequences. Ontario and Toronto each offer Land Transfer Tax rebates that can save thousands at closing.

Working with a Level 2 mortgage agent provides access to dozens of lenders — not just the major banks. This breadth of options means finding the rate, terms, and conditions that genuinely align with your circumstances rather than accepting whatever a single institution offers. In Toronto, Richmond Hill, Vaughan, and across the Greater Toronto Area, first-time buyers face unique market conditions that require tailored approaches.

CONSIDER THIS PATH IF

Is this right for you?

Renters ready to build equity

You've been paying someone else's mortgage and want to start building your own wealth.

Those with 5% or more saved

You've accumulated enough for the minimum down payment and want to understand your options.

Buyers navigating CMHC insurance

You need to understand how mortgage default insurance works with down payments under 20%.

FHSA and RRSP HBP candidates

You want to maximize tax-advantaged savings programs before purchasing.

Pre-construction purchasers

You're considering a new build and need financing structured around extended closing dates.

Those seeking professional guidance

You value working with someone who explains each step rather than rushing to close.

ADVANTAGES

Why this solution

Access to multiple lenders

Compare rates and terms from over 30 lenders rather than accepting one bank's offer. This competition often yields better rates and more favorable conditions.

Government incentive optimization

Navigate FHSA contributions, RRSP Home Buyers' Plan withdrawals, and Land Transfer Tax rebates strategically to maximize your purchasing power.

Pre-approval confidence

Enter negotiations knowing exactly what you can afford, with documentation that sellers and their agents recognize as credible.

Long-term perspective

Structure your mortgage with renewal timing and prepayment privileges that serve your five and ten-year goals, not just today's rate.

HOW IT UNFOLDS

Your path forward

Initial consultation

We review your financial picture — income, debts, savings, and goals. This conversation establishes what's realistic and identifies any steps needed before approval.

Pre-approval and rate hold

With your documents gathered, we secure pre-approval with a rate hold of 90 to 120 days, giving you confidence to make offers in competitive markets.

III

Property search and offer

As you search for your home across Ontario, I remain available to discuss how specific properties fit your approved budget and long-term plans.

Final approval and closing

Once your offer is accepted, we finalize lender approval, coordinate with your lawyer, and ensure a smooth closing day.

5% minimum down payment for homes under $500,000

DOCUMENTATION

What to gather

Government-issued photo ID
Recent pay stubs (last 30 days)
Letter of employment confirming position and salary
T4 slips from the past two years
Notice of Assessment from CRA (last two years)

Bank statements showing down payment savings
FHSA or RRSP statements if using for down payment
Proof of other assets (investments, property)
Signed Agreement of Purchase and Sale
MLS listing for the property

View complete documentation guide →

QUESTIONS

Frequently asked

ALSO CONSIDER

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Every situation is unique. Let's discuss your circumstances and find the right path forward together.

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