First Home Savings Account (FHSA)
Eligible buyers can save in an FHSA. Contributions are generally tax-deductible; qualifying withdrawals for a first home are tax-free. Check your available contribution room.
Read the official rulesFirst-time home buyers
Your first home should feel planned, not panicked.
Before you shop, understand what you can afford, how much cash you need, which rebates may apply, and whether a lower down payment, 20% down, or down payment support makes the most sense.
First buyer checklist
5%+
Minimum down payment can start below 20%, depending on price and insurance rules.
30 years
Eligible first-time buyers may access 30-year insured amortization.
FHSA + RRSP
Eligible buyers can use both for the same home when each program's rules are met.
Rebates
Land transfer and new-build tax relief can change closing cash.
A simple way to start
Buying your first home and want a clearer starting point?
Share your name and one way to reach you. Sean can help map affordability, down payment sources, government programs, and closing costs before the detailed application.
Sean Khatibi · Mortgage Agent Level 1
8Twelve Mortgage Corp · 13072 · Verify licensing with FSRA
Sean will review the context and suggest the right next conversation. Please do not send SIN details, passwords, or sensitive documents here.
What you may be able to use
First-time buyers get more than just a mortgage approval.
The right plan brings together affordability, rebates, tax accounts, closing costs, and down payment structure so you know the real cost before making an offer.
RRSP for a first home
The Home Buyers' Plan (HBP) is an RRSP withdrawal program, not a separate account. Eligible buyers can withdraw up to $60,000 without immediate tax, then repay it over 15 years. Missed repayments can become taxable.
Read the official rulesOntario land transfer tax refund
Eligible first-time buyers may receive up to $4,000 back on Ontario land transfer tax. Toronto has a separate municipal rebate; Ottawa does not charge Toronto's municipal tax.
Read the official rulesFirst-time buyer new-home rebate
Eligible new or substantially renovated primary homes can qualify for a rebate of the federal GST or federal HST portion: up to $50,000 on homes at or below $1 million, phased out by $1.5 million. Ontario relief has separate rules.
Read the official rules30-year insured amortization
Eligible first-time buyers with less than 20% down may be able to spread an insured mortgage over 30 years. Monthly payments can be lower, but total interest costs are higher.
Read the official rulesFederal home buyers' tax credit
Eligible buyers can claim the Home buyers' amount on their tax return. It is non-refundable, so its value depends on the tax year and the federal income tax owed.
Read the official rulesDown payment structure
Less than 20% down gets you in sooner. 20% down changes the cost.
There is no single correct answer. A smaller down payment can help you enter the market earlier, but it usually means mortgage default insurance. With 20% or more down, you usually avoid that insurance premium and may lower the monthly payment, but you need more cash upfront.
Under 20% down
High-ratio mortgage
- Can start with a smaller down payment.
- Mortgage default insurance is generally required.
- Insurance premium can be added to the mortgage.
- May help you buy sooner if waiting for 20% down is unrealistic.
20% down or more
Conventional mortgage
- Mortgage default insurance is usually not required.
- Lower loan amount can mean lower monthly payments.
- More equity from day one.
- Requires more cash, so closing costs and emergency savings still matter.
Cash needed to close
The down payment is only one part of the first purchase.
A first-time buyer plan should show the full cash picture before the offer: down payment, rebates, insurance, taxes, lawyer costs, and a reserve after closing.
Down payment
Minimum down payment depends on purchase price. Less than 20% usually means an insured mortgage.
Mortgage insurance
If required, the premium is usually added to the mortgage, but it still affects payment and qualification.
Land transfer tax
Ontario buyers should estimate tax and any first-time buyer refund before making offers.
Legal and adjustments
Lawyer fees, title insurance, property tax adjustments, appraisal, moving, and setup costs should be planned.
Province and property matter
Rebates can change your closing cash.
Ontario is the default for most of Sean's clients, but first-time buyer programs can vary by province, city, and whether the home is resale or new construction.
Estimate closing costsOntario
Provincial land transfer tax refund may be available, commonly up to $4,000 for eligible first-time buyers.
FHSA and RRSP for a first home
The FHSA is a savings account; the Home Buyers' Plan is a qualifying RRSP withdrawal program. Check contribution room, withdrawal timing, and RRSP repayment rules before relying on either.
New builds
Eligible new homes may have GST/HST rebate considerations. Builder pricing can already include some rebate assumptions, so the purchase agreement matters.
Other provinces
Programs vary by province and city. I review the province, property type, price, and closing date before estimating rebates or closing cash.
If down payment is the problem
Strong income, short on down payment? Look at Ourboro.
Some buyers can carry the mortgage but cannot reach the down payment needed for the home they want. Ourboro may help eligible buyers by contributing part of the down payment in exchange for sharing in the future appreciation or loss when the home is sold.
Down payment gap
Useful when saving more would delay the purchase or change the home search.
Shared upside and downside
The agreement needs to be understood before the offer, refinance, renovation, rent, or sale.
Still needs mortgage fit
Income, credit, property, lender, and legal review still matter.
Sean's first buyer process
Get clear before you write the offer.
A pre-approval should be more than a rate quote. It should show how much you qualify for, what you are comfortable paying, what documents are needed, and what cash needs to be ready on closing.
1
Confirm income, credit, debts, and down payment source.
2
Estimate qualification and comfortable monthly payment.
3
Check FHSA, RRSP for a first home, gift, Ourboro, or other down payment options.
4
Review rebates, closing costs, insurance premium, and cash needed on closing.
5
Get a pre-approval plan before making offers.
Ready to compare numbers?
Use the calculator, then send Sean the file.
The calculator estimates payment, land transfer tax, mortgage insurance, and affordability. Sean confirms lender fit and the documents needed for your approval.
Important information
This guide is for general education only, not personal tax, legal, financial, or mortgage advice. Program rules, eligibility, limits, and tax treatment can change. No rebate, withdrawal, or approval is guaranteed. Confirm your circumstances with the relevant government agency, lender, and qualified tax or legal professional before acting. The Broker Guy is not responsible for decisions made solely in reliance on this general information.
Talk to Sean
Tell me what you have in mind. We'll start there.
No documents or detailed figures needed to say hello. I'll help compare lender options, structure, affordability, and timing with plain-English advice.
Call514-746-9496
Emailsean@thebrokerguy.ca
Brokerage8Twelve Mortgage Corp 13072
Service areasBarrhaven, Nepean, Kanata, Stittsville, Ottawa West, and Ontario
Office45 Sheppard Ave. E, Suite 211, Toronto, ON M2N 5W9
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