{"id":893,"date":"2026-05-05T18:09:51","date_gmt":"2026-05-05T18:09:51","guid":{"rendered":"https:\/\/wp.springfinancial.ca\/?p=893"},"modified":"2026-05-05T18:12:40","modified_gmt":"2026-05-05T18:12:40","slug":"first-time-homebuyer-benefits-ontario","status":"publish","type":"post","link":"https:\/\/springfinancial.ca\/fr\/blog\/homeowner-finances\/first-time-homebuyer-benefits-ontario\/","title":{"rendered":"First-Time Homebuyer Benefits in Ontario"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Incentives in Canada<\/h2>\n\n\n\n<p>While there are specific incentives for purchasing a home in Ontario, let\u2019s take a look at the incentives all Canadians are eligible for, starting with the reduced <a href=\"https:\/\/www.canada.ca\/en\/financial-consumer-agency\/services\/mortgages\/down-payment.html\">down payment<\/a> required. There is also the First Time Home Buyer Incentive to consider, as well as the Home Buyers\u2019 Plan.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Down Payment Amount<\/h3>\n\n\n\n<p>When purchasing a home, the standard down payment is 20%. However, as a first-time homebuyer, you can put down a minimum down payment of just 5% of the purchase price, instead of 20%. That being said, you can put down only 5% on the first $500,000, and then you must put down 10% on the remaining amount up to $999,999. Even still, this is a lot less than the 20% since you don\u2019t have the equity of a previous home to help with this payment. The only exception to this is if the home is $1 million or more.<\/p>\n\n\n\n<p>One thing you need to consider as a first-time home buyer is mortgage loan insurance. If you are putting down less than 20%, this insurance is required. Your mortgage lender may also require it if you are paying the 20%, if you have poor or limited credit, or even if you are self-employed. The two cases where mortgage loan insurance wouldn\u2019t be available are if the home&rsquo;s cost is over one million or the loan doesn\u2019t meet CMHC mortgage insurance standards. While you don\u2019t need to directly coordinate mortgage insurance (your lender will take care of that), you do need to know that you are required to have a credit score of 600 or higher to qualify.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">First Time Home Buyers Incentive<\/h3>\n\n\n\n<p>The Federal Government offers this incentive and is there to help qualified buyers reduce monthly mortgage payments. It essentially works as a shared equity mortgage for first-time buyers. This incentive offers:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>5% on a new or resold mobile\/manufactured home<\/li>\n\n\n\n<li>5% on a newly constructed home<\/li>\n\n\n\n<li>5% on a resale home<\/li>\n<\/ul>\n\n\n\n<p>That said, because the government is providing the money for shared equity, their portion will go up and down with the property\u2019s fair market value. It can only go up or down, though 8% per year. And it only lasts until the amount has been repaid.<\/p>\n\n\n\n<p>While you can repay this amount to the government whenever you choose, there is a deadline. It must be repaid within 25 years or when you sell the home, whichever comes first.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Do These Apply to all Home Types?<\/h3>\n\n\n\n<p>Yes. In fact, first-time home buyers can be used for all home types, including condos and pre-construction homes. The only stipulation is that the home has to be your principal residence. You\u2019re unable to use the incentives to purchase an investment property.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">First-Time Home Buyers Discount Officially Discontinued in 2024<\/h3>\n\n\n\n<p>In 2024, the first-time home buyer incentive program was discontinued in 2019. It was a shared equity program that helped buyers with their down payment on their first home. The final deadline for new or resubmitted applications was March 21, 2024. If you did happen to qualify for this incentive before it was discontinued, the terms are specified in your written agreement.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Home Buyers\u2019 Plan<\/h3>\n\n\n\n<p>The Home Buyers\u2019 Plan allows you to withdraw up to $60,000 from your RRSP (Registered Retirement Savings Plan) to purchase your first home, either for yourself or a related person with disabilities. This money must be used to purchase or build a home, and you have to pay it back within 15 years.&nbsp;<\/p>\n\n\n\n<p>However, you do not need to start paying the money back right away. You have 2 years before payments are required, and you will be required to claim a minimum amount from your RRSP contributions or from your income tax as repayment for the Home Buyers&rsquo; Plan. When you file your taxes, you can either claim the minimum amount or more every year until it is paid off.<\/p>\n\n\n\n<p>If you do not repay the money from your RRSP, you will be charged tax on it. You can also lose any growth on your RRSP during that time. That being said, it is your money, and you can use it if it helps you make your dream of owning a home a reality. Just keep in mind that it can impact your retirement savings, so take a look at the benefits and drawbacks and make your decision from there.<\/p>\n\n\n\n<p>To gain access to these funds, you must provide an agreement that you were approved for to buy or build a qualifying home. Once you provide this, your bank will be able to release the funds to you.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">First-Time Home Buyers Tax Credit<\/h2>\n\n\n\n<p>The first-time homebuyer tax credit is a non-refundable tax credit available to first-time home buyers purchasing a home. It allows you to claim up to $10,000 on your first home purchase, which results in a $1,500 tax reduction. For the home to qualify, it must be your principal residence.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">First Home Savings Account<\/h2>\n\n\n\n<p>A tax-free way to save money for your first home purchase is the First-Home Savings Account (FHSA). You can make tax-deductible contributions up to $8,000 per year with a lifetime limit of $40,000. If you withdraw funds from this account to buy your first home, you never have to pay taxes on the money. However, if you don\u2019t withdraw the funds within 15 years, you either have to take them out and pay a penalty or transfer them to an RRSP.&nbsp;<\/p>\n\n\n\n<p>Just like other registered accounts, you can invest the funds using different investment options. Anything you earn on top of your contributions is considered to be tax-free.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Using Your HBP and FHSA Together<\/h2>\n\n\n\n<p>When you\u2019re purchasing your first home, you\u2019re able to use your Home Buyers Amount, also known as the Home Buyers Plan, and your First-Home Savings Account together. Both of these programs are here to support first-time home buyers, and can be used as a down payment or even to cover legal fees. These amounts will vary based on the property\u2019s purchase price.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Can Newcomers and Permanent Residents Qualify for These Benefits?<\/h2>\n\n\n\n<p>Yes. Anyone who qualifies as a first-time home buyer can use these incentives, including the GST\/HST (Goods and Services Tax\/Harmonized Sales Tax) new housing rebate, and may even receive the maximum rebate. This allows eligible buyers to get some of their tax back on new or substantially renovated homes.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Who Qualifies as a First-Time Home Buyer after a Divorce?<\/h2>\n\n\n\n<p>After a divorce, there are some exceptions to the standard first-time home buyer rules. If you\u2019ve been living separately and apart for at least 90 days, you have access to first-time homebuyer programs during your homebuying journey. This includes using RSP amounts during the home-buying process. That said, you can\u2019t currently live in a house owned by a common-law partner.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Incentives in Ontario<\/h2>\n\n\n\n<p>All of these benefits available to Canadians are also available to those living in Ontario. They can be combined with the incentives Ontario offers.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Land Transfer Tax Refund<\/h3>\n\n\n\n<p>In Ontario, just like in other provinces, you must pay land transfer taxes when you purchase a home. The rates for land transfer taxes are based on the home&rsquo;s purchase price.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>0.5% is charged on the first $55,000<\/li>\n\n\n\n<li>1% is then charged on the amounts from $55,000 to $250,000<\/li>\n\n\n\n<li>1.5% is charged from $250,000 to $400,000<\/li>\n\n\n\n<li>2% is charged from $400,000 to $2,000,000<\/li>\n\n\n\n<li>2.5% is charged on anything over $2,000,000, where the land has one or two single-family residences<\/li>\n<\/ul>\n\n\n\n<p>If you qualify as a first-time home buyer in Ontario, you could get up to $ 4,000 back, tax-free, on land transfer taxes. Essentially, this covers taxes for a home up to $360,000. If the home that you purchase has a cost higher than $360,000, you will only receive a portion of your land transfer taxes back.<\/p>\n\n\n\n<p>In order to qualify for this, you must:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Be at least 18 years old<\/li>\n\n\n\n<li>Be a Canadian citizen or a permanent resident<\/li>\n\n\n\n<li>Move into the home within 9 months of purchasing it<\/li>\n\n\n\n<li>Not own or have owned a home anywhere in the world<\/li>\n\n\n\n<li>Purchase a home that qualifies for a home warranty if it is new construction<\/li>\n\n\n\n<li>Apply for the refund within a year and a half of the purchase<\/li>\n<\/ul>\n\n\n\n<p>While these rules apply to you, they also apply to your spouse or common law partner. They can\u2019t currently own a home or have owned a home in the time that you have been together.<\/p>\n\n\n\n<p>In order to receive the refund, you can claim an immediate refund when you file the land transfer papers. Alternatively, you can apply through the Minister of Finance. In order to do this you must supply certain documents. These documents are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A copy of the agreement of the purchase of sale<\/li>\n\n\n\n<li>A copy of the registered land transfer deed<\/li>\n\n\n\n<li>Proof of residence<\/li>\n\n\n\n<li>A completed Ontario Land Transfer Tax Affidavit for First Time Purchasers of Eligible Homes form<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Ontario Housing Rebate for First-Time Buyers<\/h2>\n\n\n\n<p>In Ontario, on top of the federal programs, there is also the Ontario rebate. As of April 1, 2026, the full 13% harmonized sales tax applies to first-time buyers on homes valued up to $1 million. This housing rebate covers both the federal and provincial portions of taxes. Depending on the purchase price, you can get tax relief of up to $130,000<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Closing costs Ontario Buyers Should Budget For<\/h2>\n\n\n\n<p>When it comes to closing costs, it\u2019s safe to put aside about 1.5%-4% on the home&rsquo;s purchase price. This is used to cover costs like:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Home inspections<\/li>\n\n\n\n<li>Property title transfer taxes<\/li>\n\n\n\n<li>Title insurance<\/li>\n\n\n\n<li>Legal fees<\/li>\n\n\n\n<li>Appraisal costs<\/li>\n\n\n\n<li>Property insurance<\/li>\n<\/ul>\n\n\n\n<p>Depending on the existing home, there may be other costs to factor in as well.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">First Time Purchaser Rebate in Toronto<\/h3>\n\n\n\n<p>Unlike the rest of Ontario, Toronto has its own municipal land transfer taxes as well as the provincial land transfer taxes. The rates for these land transfer taxes are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>0.5% is charged on the first $55,000<\/li>\n\n\n\n<li>1% is then charged on the amounts from $55,000 to $250,000<\/li>\n\n\n\n<li>1.5% is charged from $250,000 to $400,000<\/li>\n\n\n\n<li>2% is charged from $400,000 to $2,000,000<\/li>\n\n\n\n<li>2.5% is charged on anything over $2,000,000<\/li>\n<\/ul>\n\n\n\n<p>These municipal taxes can also be rebated up to $4,475 , tax free, for first time home buyers. So, as a first time home buyer in Toronto, you can get up to $8,475 back in land transfer taxes, if you qualify.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Local Programs<\/h3>\n\n\n\n<p>Depending on where you live in Ontario, there are plenty of municipalities that offer incentives to help their citizens purchase their first home.<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.regionofwaterloo.ca\/en\/living-here\/funding-to-help-buy-a-home.aspx\">The Region of Waterloo<\/a> offers a 5% loan to those who are eligible. This is to be used as a down payment and can only be used if the property is $506,000 or less. You must have lived within the Region of Waterloo for 12 months and have a combined gross household income of $103,200 or less to be eligible.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.chatham-kent.ca\/community\/housing\/Pages\/Home-Ownership.aspx#:~:text=Housing%20Services%20oversees%20the%20Affordable,loan%20registered%20on%20the%20title.\">Chatha\/Kent <\/a>has something called their Affordable Homeownership Program. This allows applicants to get a 20 year interest free loan. This loan will be 10% of the home purchase price up to $25,000. The gross household income needed to qualify is a maximum of $80,100.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.simcoe.ca\/SocialHousing\/Documents\/Homeownership%20Program%20Application%202022-23%20%28fillable%29.pdf\">Simcoe County<\/a> also has their own Homeownership Program. They will offer a loan of up to 10% of the purchase price of the home. If you live in that home for at least 20 years the loan is forgiven, otherwise you will have to pay the loan back with a percentage of your capital gains. The gross household income to qualify is $103,200 and the cost of the home must be no more than $593,879.<\/li>\n\n\n\n<li>In <a href=\"https:\/\/www.cityofkingston.ca\/-\/become-a-homeowner-or-improve-your-home-apply-to-city-programs\">Kinston or Frontenac<\/a>, if you are a renter with a gross household income of $91,000 or less, you could qualify for a loan of up to 10% of a home with the purchase price of $440,00 or less. There are some restrictions that must be met, but this is a forgivable loan.<\/li>\n\n\n\n<li>The City of Brantford also has an <a href=\"https:\/\/www.brantford.ca\/en\/living-here\/homeownership-program-b-home-fact-sheet.aspx\">Affordable Homeownership Program<\/a>. They will offer a forgivable loan of 5% of the down payment on a purchase price of a home up to $400,000. You must be 18, have a gross household income of $90,000 or less and be a current renter in Brantford or Brant City.<\/li>\n\n\n\n<li><a href=\"https:\/\/dufferincounty.ca\/sites\/default\/files\/housing\/Form%20-%20Dufferin%20Homeownership%20Package%20-%20Fillable.pdf\">Dufferin County<\/a> offers a program that will give an interest free loan of 10% up to $45,500. The home must be a principal residence and you must have a combined gross household income of $97,800 or less.<\/li>\n\n\n\n<li>In the District of Muskoka, they offer the <a href=\"https:\/\/www.muskoka.on.ca\/en\/housing\/gateway-homeownership-program.aspx#Minimum-Household-Eligibility\">Gateway Program<\/a>. This program offers a down payment loan on a home with a purchase price of $435,000 or less. Loans up to $43,500 are available. In order to qualify, you must have a total household income of $97,000 or less.<\/li>\n<\/ol>\n\n\n\n<p>These programs are more common in smaller municipalities that have housing that falls under $1 million for average purchase prices. Many of these towns, though, have average purchase prices below $500,000. Larger municipalities like Missesauga and Ottawa, don\u2019t have the same kinds of programs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Ways to Prepare to Purchase a Home<\/h2>\n\n\n\n<p>If purchasing a home is something you are actively interested in, there are a few things you can do to prepare. Even though there are many fantastic options when it comes to covering the down payment of a home, you need to consider the other costs associated with purchasing a home. There are lawyer fees, partial property taxes, provincial sale taxes and other fees that are all included in the closing costs. These costs will need to come out of your pocket.<\/p>\n\n\n\n<p>It is also important to ensure that your credit score is where it should be to be approved for mortgage loan insurance. If you have a score of at least 600 then you are okay, otherwise there are plenty of steps you can take to improve your credit score in order to be approved for a home loan. Sometimes it can be as simple as consolidating any debt you have or moving your debt around in a way that makes it easier to pay off in a reasonable amount of time.<\/p>\n\n\n\n<p>It is also important to figure out how you are going to cover the down payment and consult a professional to see what you can reasonably afford. They will be able to help you find the best way to move forward.<\/p>\n\n\n\n<p>Even if purchasing isn\u2019t something you are actively looking into, that\u2019s okay too. You can start to get yourself prepared for when you are ready to purchase. The market is always changing so even if now isn\u2019t the right time for you to purchase, paying attention to prices and what you can afford will help you when you are ready to make that leap.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How Much a First-Time Home Buyer Can Afford<\/h2>\n\n\n\n<p>When you\u2019re looking to get into the housing market, the total amount is based on the lump sum payment that you can afford as a down payment. Your monthly payments shouldn\u2019t exceed 32% of your monthly income, and your total debt service ratio shouldn\u2019t exceed more than 44%. All of this information is used by lenders to determine the total amount that you can afford.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">CMHC Mortgage Insurance Rates by Down Payment<\/h3>\n\n\n\n<p>When you\u2019re a first-time home buyer, a great way to save money on upfront costs is to get mortgage default insurance with the Canada Mortgage and Housing Corporation. In order to meet the eligibility criteria, the home owned must be your principal residence.<\/p>\n\n\n\n<p>For home purchases, only 5% is required for a down payment for the first $500,000. On the portion above $500,000 to $1.5 million, then 10% is required for insured mortgages.&nbsp;<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Incentives in Canada While there are specific incentives for purchasing a home in Ontario, let\u2019s take a look at the incentives all Canadians are eligible for, starting with the reduced down payment required. There is also the First Time Home Buyer Incentive to consider, as well as the Home Buyers\u2019 Plan. Down Payment Amount When purchasing a home, the standard down payment is 20%. However, as a first-time homebuyer, you can put down a minimum down payment of just 5% of the purchase price, instead of 20%. That being said, you can put down only 5% on the first $500,000, and then you must put down 10% on the remaining amount up to $999,999. Even still, this is a lot less than the 20% since you don\u2019t have the equity of a previous home to help with this payment. The only exception to this is if the home is $1 million or more. One thing you need to consider as a first-time home buyer is mortgage loan insurance. If you are putting down less than 20%, this insurance is required. Your mortgage lender may also require it if you are paying the 20%, if you have poor or limited credit, or even if you are self-employed. The two cases where mortgage loan insurance wouldn\u2019t be available are if the home&rsquo;s cost is over one million or the loan doesn\u2019t meet CMHC mortgage insurance standards. While you don\u2019t need to directly coordinate mortgage insurance (your lender will take care of that), you do need to know that you are required to have a credit score of 600 or higher to qualify. First Time Home Buyers Incentive The Federal Government offers this incentive and is there to help qualified buyers reduce monthly mortgage payments. It essentially works as a shared equity mortgage for first-time buyers. This incentive offers: That said, because the government is providing the money for shared equity, their portion will go up and down with the property\u2019s fair market value. It can only go up or down, though 8% per year. And it only lasts until the amount has been repaid. While you can repay this amount to the government whenever you choose, there is a deadline. It must be repaid within 25 years or when you sell the home, whichever comes first. Do These Apply to all Home Types? Yes. In fact, first-time home buyers can be used for all home types, including condos and pre-construction homes. The only stipulation is that the home has to be your principal residence. You\u2019re unable to use the incentives to purchase an investment property.&nbsp; First-Time Home Buyers Discount Officially Discontinued in 2024 In 2024, the first-time home buyer incentive program was discontinued in 2019. It was a shared equity program that helped buyers with their down payment on their first home. The final deadline for new or resubmitted applications was March 21, 2024. If you did happen to qualify for this incentive before it was discontinued, the terms are specified in your written agreement.&nbsp; Home Buyers\u2019 Plan The Home Buyers\u2019 Plan allows you to withdraw up to $60,000 from your RRSP (Registered Retirement Savings Plan) to purchase your first home, either for yourself or a related person with disabilities. This money must be used to purchase or build a home, and you have to pay it back within 15 years.&nbsp; However, you do not need to start paying the money back right away. You have 2 years before payments are required, and you will be required to claim a minimum amount from your RRSP contributions or from your income tax as repayment for the Home Buyers&rsquo; Plan. When you file your taxes, you can either claim the minimum amount or more every year until it is paid off. If you do not repay the money from your RRSP, you will be charged tax on it. You can also lose any growth on your RRSP during that time. That being said, it is your money, and you can use it if it helps you make your dream of owning a home a reality. Just keep in mind that it can impact your retirement savings, so take a look at the benefits and drawbacks and make your decision from there. To gain access to these funds, you must provide an agreement that you were approved for to buy or build a qualifying home. Once you provide this, your bank will be able to release the funds to you. First-Time Home Buyers Tax Credit The first-time homebuyer tax credit is a non-refundable tax credit available to first-time home buyers purchasing a home. It allows you to claim up to $10,000 on your first home purchase, which results in a $1,500 tax reduction. For the home to qualify, it must be your principal residence.&nbsp; First Home Savings Account A tax-free way to save money for your first home purchase is the First-Home Savings Account (FHSA). You can make tax-deductible contributions up to $8,000 per year with a lifetime limit of $40,000. If you withdraw funds from this account to buy your first home, you never have to pay taxes on the money. However, if you don\u2019t withdraw the funds within 15 years, you either have to take them out and pay a penalty or transfer them to an RRSP.&nbsp; Just like other registered accounts, you can invest the funds using different investment options. Anything you earn on top of your contributions is considered to be tax-free. Using Your HBP and FHSA Together When you\u2019re purchasing your first home, you\u2019re able to use your Home Buyers Amount, also known as the Home Buyers Plan, and your First-Home Savings Account together. Both of these programs are here to support first-time home buyers, and can be used as a down payment or even to cover legal fees. These amounts will vary based on the property\u2019s purchase price.&nbsp; Can Newcomers and Permanent Residents Qualify for These Benefits? Yes. Anyone who qualifies as a first-time home buyer can use<\/p>\n","protected":false},"author":23,"featured_media":3485,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[59],"tags":[],"class_list":["post-893","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-homeowner-finances"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>First-Time Homebuyer Benefits in Ontario - Spring Financial<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/springfinancial.ca\/fr\/blog\/homeowner-finances\/first-time-homebuyer-benefits-ontario\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First-Time Homebuyer Benefits in Ontario - Spring Financial\" \/>\n<meta property=\"og:description\" content=\"Incentives in Canada While there are specific incentives for purchasing a home in Ontario, let\u2019s take a look at the incentives all Canadians are eligible for, starting with the reduced down payment required. There is also the First Time Home Buyer Incentive to consider, as well as the Home Buyers\u2019 Plan. Down Payment Amount When purchasing a home, the standard down payment is 20%. However, as a first-time homebuyer, you can put down a minimum down payment of just 5% of the purchase price, instead of 20%. That being said, you can put down only 5% on the first $500,000, and then you must put down 10% on the remaining amount up to $999,999. Even still, this is a lot less than the 20% since you don\u2019t have the equity of a previous home to help with this payment. The only exception to this is if the home is $1 million or more. One thing you need to consider as a first-time home buyer is mortgage loan insurance. If you are putting down less than 20%, this insurance is required. Your mortgage lender may also require it if you are paying the 20%, if you have poor or limited credit, or even if you are self-employed. The two cases where mortgage loan insurance wouldn\u2019t be available are if the home&rsquo;s cost is over one million or the loan doesn\u2019t meet CMHC mortgage insurance standards. While you don\u2019t need to directly coordinate mortgage insurance (your lender will take care of that), you do need to know that you are required to have a credit score of 600 or higher to qualify. First Time Home Buyers Incentive The Federal Government offers this incentive and is there to help qualified buyers reduce monthly mortgage payments. It essentially works as a shared equity mortgage for first-time buyers. This incentive offers: That said, because the government is providing the money for shared equity, their portion will go up and down with the property\u2019s fair market value. It can only go up or down, though 8% per year. And it only lasts until the amount has been repaid. While you can repay this amount to the government whenever you choose, there is a deadline. It must be repaid within 25 years or when you sell the home, whichever comes first. Do These Apply to all Home Types? Yes. In fact, first-time home buyers can be used for all home types, including condos and pre-construction homes. The only stipulation is that the home has to be your principal residence. You\u2019re unable to use the incentives to purchase an investment property.&nbsp; First-Time Home Buyers Discount Officially Discontinued in 2024 In 2024, the first-time home buyer incentive program was discontinued in 2019. It was a shared equity program that helped buyers with their down payment on their first home. The final deadline for new or resubmitted applications was March 21, 2024. If you did happen to qualify for this incentive before it was discontinued, the terms are specified in your written agreement.&nbsp; Home Buyers\u2019 Plan The Home Buyers\u2019 Plan allows you to withdraw up to $60,000 from your RRSP (Registered Retirement Savings Plan) to purchase your first home, either for yourself or a related person with disabilities. This money must be used to purchase or build a home, and you have to pay it back within 15 years.&nbsp; However, you do not need to start paying the money back right away. You have 2 years before payments are required, and you will be required to claim a minimum amount from your RRSP contributions or from your income tax as repayment for the Home Buyers&rsquo; Plan. When you file your taxes, you can either claim the minimum amount or more every year until it is paid off. If you do not repay the money from your RRSP, you will be charged tax on it. You can also lose any growth on your RRSP during that time. That being said, it is your money, and you can use it if it helps you make your dream of owning a home a reality. Just keep in mind that it can impact your retirement savings, so take a look at the benefits and drawbacks and make your decision from there. To gain access to these funds, you must provide an agreement that you were approved for to buy or build a qualifying home. Once you provide this, your bank will be able to release the funds to you. First-Time Home Buyers Tax Credit The first-time homebuyer tax credit is a non-refundable tax credit available to first-time home buyers purchasing a home. It allows you to claim up to $10,000 on your first home purchase, which results in a $1,500 tax reduction. For the home to qualify, it must be your principal residence.&nbsp; First Home Savings Account A tax-free way to save money for your first home purchase is the First-Home Savings Account (FHSA). You can make tax-deductible contributions up to $8,000 per year with a lifetime limit of $40,000. If you withdraw funds from this account to buy your first home, you never have to pay taxes on the money. However, if you don\u2019t withdraw the funds within 15 years, you either have to take them out and pay a penalty or transfer them to an RRSP.&nbsp; Just like other registered accounts, you can invest the funds using different investment options. Anything you earn on top of your contributions is considered to be tax-free. Using Your HBP and FHSA Together When you\u2019re purchasing your first home, you\u2019re able to use your Home Buyers Amount, also known as the Home Buyers Plan, and your First-Home Savings Account together. Both of these programs are here to support first-time home buyers, and can be used as a down payment or even to cover legal fees. These amounts will vary based on the property\u2019s purchase price.&nbsp; Can Newcomers and Permanent Residents Qualify for These Benefits? Yes. Anyone who qualifies as a first-time home buyer can use\" \/>\n<meta property=\"og:url\" content=\"https:\/\/springfinancial.ca\/fr\/blog\/homeowner-finances\/first-time-homebuyer-benefits-ontario\/\" \/>\n<meta property=\"og:site_name\" content=\"Spring Financial\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/springfinancial\/\" \/>\n<meta property=\"article:published_time\" content=\"2026-05-05T18:09:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-05-05T18:12:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/springfinancial.ca\/wp-content\/uploads\/2023\/01\/63c1b6a7f2392.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"358\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jessica Steer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jessica Steer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Dur\u00e9e de lecture estim\u00e9e\" \/>\n\t<meta name=\"twitter:data2\" content=\"12 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/springfinancial.ca\\\/fr\\\/blog\\\/homeowner-finances\\\/first-time-homebuyer-benefits-ontario\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/springfinancial.ca\\\/fr\\\/blog\\\/homeowner-finances\\\/first-time-homebuyer-benefits-ontario\\\/\"},\"author\":{\"name\":\"Jessica Steer\",\"@id\":\"https:\\\/\\\/springfinancial.ca\\\/fr\\\/#\\\/schema\\\/person\\\/33a6ea920a4b1c4924d6b2de718e5c2b\"},\"headline\":\"First-Time Homebuyer Benefits in Ontario\",\"datePublished\":\"2026-05-05T18:09:51+00:00\",\"dateModified\":\"2026-05-05T18:12:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/springfinancial.ca\\\/fr\\\/blog\\\/homeowner-finances\\\/first-time-homebuyer-benefits-ontario\\\/\"},\"wordCount\":2539,\"publisher\":{\"@id\":\"https:\\\/\\\/springfinancial.ca\\\/fr\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/springfinancial.ca\\\/fr\\\/blog\\\/homeowner-finances\\\/first-time-homebuyer-benefits-ontario\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/springfinancial.ca\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/63c1b6a7f2392.jpeg\",\"articleSection\":[\"Homeowner Finances\"],\"inLanguage\":\"fr-FR\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/springfinancial.ca\\\/fr\\\/blog\\\/homeowner-finances\\\/first-time-homebuyer-benefits-ontario\\\/\",\"url\":\"https:\\\/\\\/springfinancial.ca\\\/fr\\\/blog\\\/homeowner-finances\\\/first-time-homebuyer-benefits-ontario\\\/\",\"name\":\"First-Time Homebuyer Benefits in Ontario - 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She has years of personal finance experience, particularly with personal loans and credit-building products. Jessica also has an Associate of Arts Degree, specializing in English and Writing. Along with her experience writing financial articles, her publications have been linked to by The Globe and Mail, Forbes and Yahoo Finance.\",\"url\":\"https:\\\/\\\/springfinancial.ca\\\/fr\\\/blog\\\/author\\\/jessica\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"First-Time Homebuyer Benefits in Ontario - Spring Financial","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/springfinancial.ca\/fr\/blog\/homeowner-finances\/first-time-homebuyer-benefits-ontario\/","og_locale":"fr_FR","og_type":"article","og_title":"First-Time Homebuyer Benefits in Ontario - Spring Financial","og_description":"Incentives in Canada While there are specific incentives for purchasing a home in Ontario, let\u2019s take a look at the incentives all Canadians are eligible for, starting with the reduced down payment required. There is also the First Time Home Buyer Incentive to consider, as well as the Home Buyers\u2019 Plan. Down Payment Amount When purchasing a home, the standard down payment is 20%. However, as a first-time homebuyer, you can put down a minimum down payment of just 5% of the purchase price, instead of 20%. That being said, you can put down only 5% on the first $500,000, and then you must put down 10% on the remaining amount up to $999,999. Even still, this is a lot less than the 20% since you don\u2019t have the equity of a previous home to help with this payment. The only exception to this is if the home is $1 million or more. One thing you need to consider as a first-time home buyer is mortgage loan insurance. If you are putting down less than 20%, this insurance is required. Your mortgage lender may also require it if you are paying the 20%, if you have poor or limited credit, or even if you are self-employed. The two cases where mortgage loan insurance wouldn\u2019t be available are if the home&rsquo;s cost is over one million or the loan doesn\u2019t meet CMHC mortgage insurance standards. While you don\u2019t need to directly coordinate mortgage insurance (your lender will take care of that), you do need to know that you are required to have a credit score of 600 or higher to qualify. First Time Home Buyers Incentive The Federal Government offers this incentive and is there to help qualified buyers reduce monthly mortgage payments. It essentially works as a shared equity mortgage for first-time buyers. This incentive offers: That said, because the government is providing the money for shared equity, their portion will go up and down with the property\u2019s fair market value. It can only go up or down, though 8% per year. And it only lasts until the amount has been repaid. While you can repay this amount to the government whenever you choose, there is a deadline. It must be repaid within 25 years or when you sell the home, whichever comes first. Do These Apply to all Home Types? Yes. In fact, first-time home buyers can be used for all home types, including condos and pre-construction homes. The only stipulation is that the home has to be your principal residence. You\u2019re unable to use the incentives to purchase an investment property.&nbsp; First-Time Home Buyers Discount Officially Discontinued in 2024 In 2024, the first-time home buyer incentive program was discontinued in 2019. It was a shared equity program that helped buyers with their down payment on their first home. The final deadline for new or resubmitted applications was March 21, 2024. If you did happen to qualify for this incentive before it was discontinued, the terms are specified in your written agreement.&nbsp; Home Buyers\u2019 Plan The Home Buyers\u2019 Plan allows you to withdraw up to $60,000 from your RRSP (Registered Retirement Savings Plan) to purchase your first home, either for yourself or a related person with disabilities. This money must be used to purchase or build a home, and you have to pay it back within 15 years.&nbsp; However, you do not need to start paying the money back right away. You have 2 years before payments are required, and you will be required to claim a minimum amount from your RRSP contributions or from your income tax as repayment for the Home Buyers&rsquo; Plan. When you file your taxes, you can either claim the minimum amount or more every year until it is paid off. If you do not repay the money from your RRSP, you will be charged tax on it. You can also lose any growth on your RRSP during that time. That being said, it is your money, and you can use it if it helps you make your dream of owning a home a reality. Just keep in mind that it can impact your retirement savings, so take a look at the benefits and drawbacks and make your decision from there. To gain access to these funds, you must provide an agreement that you were approved for to buy or build a qualifying home. Once you provide this, your bank will be able to release the funds to you. First-Time Home Buyers Tax Credit The first-time homebuyer tax credit is a non-refundable tax credit available to first-time home buyers purchasing a home. It allows you to claim up to $10,000 on your first home purchase, which results in a $1,500 tax reduction. For the home to qualify, it must be your principal residence.&nbsp; First Home Savings Account A tax-free way to save money for your first home purchase is the First-Home Savings Account (FHSA). You can make tax-deductible contributions up to $8,000 per year with a lifetime limit of $40,000. If you withdraw funds from this account to buy your first home, you never have to pay taxes on the money. However, if you don\u2019t withdraw the funds within 15 years, you either have to take them out and pay a penalty or transfer them to an RRSP.&nbsp; Just like other registered accounts, you can invest the funds using different investment options. Anything you earn on top of your contributions is considered to be tax-free. Using Your HBP and FHSA Together When you\u2019re purchasing your first home, you\u2019re able to use your Home Buyers Amount, also known as the Home Buyers Plan, and your First-Home Savings Account together. Both of these programs are here to support first-time home buyers, and can be used as a down payment or even to cover legal fees. These amounts will vary based on the property\u2019s purchase price.&nbsp; Can Newcomers and Permanent Residents Qualify for These Benefits? Yes. Anyone who qualifies as a first-time home buyer can use","og_url":"https:\/\/springfinancial.ca\/fr\/blog\/homeowner-finances\/first-time-homebuyer-benefits-ontario\/","og_site_name":"Spring Financial","article_publisher":"https:\/\/www.facebook.com\/springfinancial\/","article_published_time":"2026-05-05T18:09:51+00:00","article_modified_time":"2026-05-05T18:12:40+00:00","og_image":[{"width":640,"height":358,"url":"https:\/\/springfinancial.ca\/wp-content\/uploads\/2023\/01\/63c1b6a7f2392.jpeg","type":"image\/jpeg"}],"author":"Jessica Steer","twitter_card":"summary_large_image","twitter_misc":{"\u00c9crit par":"Jessica Steer","Dur\u00e9e de lecture estim\u00e9e":"12 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/springfinancial.ca\/fr\/blog\/homeowner-finances\/first-time-homebuyer-benefits-ontario\/#article","isPartOf":{"@id":"https:\/\/springfinancial.ca\/fr\/blog\/homeowner-finances\/first-time-homebuyer-benefits-ontario\/"},"author":{"name":"Jessica Steer","@id":"https:\/\/springfinancial.ca\/fr\/#\/schema\/person\/33a6ea920a4b1c4924d6b2de718e5c2b"},"headline":"First-Time Homebuyer Benefits in Ontario","datePublished":"2026-05-05T18:09:51+00:00","dateModified":"2026-05-05T18:12:40+00:00","mainEntityOfPage":{"@id":"https:\/\/springfinancial.ca\/fr\/blog\/homeowner-finances\/first-time-homebuyer-benefits-ontario\/"},"wordCount":2539,"publisher":{"@id":"https:\/\/springfinancial.ca\/fr\/#organization"},"image":{"@id":"https:\/\/springfinancial.ca\/fr\/blog\/homeowner-finances\/first-time-homebuyer-benefits-ontario\/#primaryimage"},"thumbnailUrl":"https:\/\/springfinancial.ca\/wp-content\/uploads\/2023\/01\/63c1b6a7f2392.jpeg","articleSection":["Homeowner Finances"],"inLanguage":"fr-FR"},{"@type":"WebPage","@id":"https:\/\/springfinancial.ca\/fr\/blog\/homeowner-finances\/first-time-homebuyer-benefits-ontario\/","url":"https:\/\/springfinancial.ca\/fr\/blog\/homeowner-finances\/first-time-homebuyer-benefits-ontario\/","name":"First-Time Homebuyer Benefits in Ontario - 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