Hello first-time homebuyer, welcome to the wonderful world of mortgages and financing! We’re here to provide the support and resources you need to succeed in buying your first home, and to prove that it really can be a fun, exciting experience. As a first-time homebuyer (FTHB), you may not be aware you’re eligible for some key advantages in Ontario, which is why we’re here to help you understand and explore these options. 

Land Transfer Tax

In Ontario, every residential real estate transaction comes with a Provincial Land Transfer Tax.  This is a tax that is paid by the buyers, and is calculated at a certain percentage of the overall purchase price.  The City of Toronto is the only Municipality in Ontario that not only charges the Provincial Land Transfer Tax but also a Municipal Land Transfer Tax (so the amount doubles).  As a FTHB, you are eligible to receive an automatic rebate up to $4,000 towards the cost of the Land Transfer Tax.

Check out the Land Transfer Tax Calculator to find out what you'd be paying as a FTHB. 

FTHB Federal Incentive

If you are ready to purchase your first home but need some assistance increasing your down payment, you may qualify for the Federal Government’s First-Time Home Buyer Incentive. The incentive varies depending on your income, how much of a down payment you have, what type of home you are looking to buy and where the home is located, so we’ve broken it down for you. Want to know more? We’re happy to help.

Take a look at the Federal Government's First-Time Home Buyer Incentive for more information. 

Homebuyers Plan RRSP Withdrawal

First-Time Homebuyers are eligible to withdraw up to a maximum of $35,000 each out of their RRSP, tax free. You have 15 years to re-contribute the amount you withdrew back into your RRSP, so this offers an advantage for home buyers looking to get into the market ASAP.