THINKING OF BUYING YOUR FIRST HOME OR RENTING AGAIN?
Discover first-time home buyer benefits, mortgage information and helpful resources to make an informed decision.
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FIRST-TIME HOME BUYER BENEFITS IN ONTARIO
Who Qualifies?
Generally, you qualify as a first-time home buyer if you haven't occupied a home you owned in the previous four calendar years. Different programs may have additional eligibility rules.
First Time Home Buyer Benefits
1. FHSA: Save up to $40,000 toward your first home, with eligible tax deductions and tax-free withdrawals.
2. Home Buyers' Plan (HBP): Withdraw up to $60,000 from your RRSP toward purchasing a qualifying home, subject to repayment rules.
3. Ontario Land Transfer Tax Refund: Eligible first-time buyers may receive a refund of up to $4,000.
4. Home Buyers' Tax Credit: Eligible buyers may claim up to $10,000 on their federal income tax return.
5.First-Time Home Buyers' GST/HST Rebate: Eligible buyers of qualifying new homes may receive substantial tax savings.
Eligibility and benefits may vary. Verify with official sources.
Have Questions? Ask Nav!
Not sure which first-time home buyer benefits you qualify for?
Chat with Nav, my Virtual AI Assistant at 1-365-364-2345, available 24/7.
Nav can explain available benefits, answer your questions, and help you explore your home-buying options.
Start a conversation with Nav today!
MORTGAGE INFORMATION — YOUR PATH TO HOMEOWNERSHIP
Mortgage information is for general reference only. Rates, eligibility, payments and lending requirements may vary. For professional mortgage advice, please ask Nav to connect you with our mortgage expert.
DOWN PAYMENT & CLOSING COSTS
Minimum Down Payment:
$500,000 home — $25,000
$600,000 home — $35,000
$700,000 home — $45,000
For homes priced between $500,000 and $1.5 million, the minimum down payment is 5% on the first $500,000 and 10% on the remaining amount.
Additional Costs:
Land transfer tax (refunds may apply)
Legal fees and disbursements
Home inspection and appraisal, if required
Title insurance and adjustments
Mortgage default insurance generally applies when your down payment is less than 20%.
Ask Nav about your estimated upfront costs.
MORTGAGE QUALIFICATION & PRE-APPROVAL
What Do Lenders Consider?
1. Income: Employment, self-employment and other qualifying income.
2. Credit History: Credit score, payment history and outstanding obligations.
3. Existing Debts: Car loans, credit cards and other monthly payments.
4. Down Payment: Available savings and acceptable sources of funds.
5. Mortgage Stress Test: Your ability to qualify at the applicable qualifying interest rate.
Why Get Pre-Approved?
Understand your potential borrowing capacity, estimated monthly payments and available mortgage options before shopping for a home.
Final mortgage approval depends on lender requirements and property assessment.
MORTGAGE RELATED GENERAL QUESTIONS? ASK NAV!
Wondering if you qualify for a mortgage or how much home you can afford?
Chat with Nav, my Virtual AI Assistant at 1-365-364-2345, available 24/7. She Can Help You Understand:
Minimum down payment requirements
Mortgage qualification and pre-approval
Estimated monthly mortgage payments
Credit and income requirements
Closing costs and available buyer benefits
Need a Mortgage Document Checklist?
Ask Nav for a list of documents commonly required for mortgage pre-approval, including income verification, employment records, down payment confirmation and identification.
Chat with Nav today and explore your next steps toward homeownership!
