🏡 First-Time Home Buyer Programs in Ontario

Are you a first-time homebuyer in Toronto or anywhere in Ontario? There are several government programs and rebates designed to make your first home purchase more affordable. Whether you're buying a condo or detached home, these incentives can help reduce your upfront costs and long-term financial burden.

✅ Who Qualifies as a First-Time Home Buyer?

You are considered a first-time homebuyer if:

• You’ve never purchased a home before

• You’ve recently gone through a separation or divorce

• In the last 4 years, you haven’t lived in a home owned by you or your current spouse/common-law partner

🏦 First-Time Home Buyer Incentive (FTHBI)

The First-Time Home Buyer Incentive is a shared equity mortgage with the Government of Canada, helping qualified buyers reduce their monthly payments without increasing their down payment.

• You must have the minimum down payment for an insured mortgage

• You can finance 5% or 10% of the home’s purchase price

• Repayment is required when you sell or after 25 years

Learn more at First-Time Home Buyer Incentive.

💰 First-Time Home Buyers' Tax Credit (FTHB Tax Credit)

Eligible first-time buyers can claim a $5,000 non-refundable tax credit, providing up to $750 in federal tax relief.

Visit CRA’s Home Buyers' Credit for eligibility details.

🏠 Home Buyers’ Plan (HBP)

Use your RRSPs to buy your first home! The Home Buyers' Plan allows you to withdraw up to $35,000 tax-free from your RRSP for your down payment.

• Must be repaid within 15 years

• You must meet eligibility criteria

More info at Home Buyers' Plan.

🧾 Land Transfer Tax Rebate

First-time buyers in Ontario may qualify for a land transfer tax rebate of up to $4,000.

• You must be at least 18 years old

• Neither you nor your spouse can have owned a home before

• Applies to Ontario LTT and potentially Toronto LTT if buying in the city

Learn more about eligibility

🧾 HST New Housing Rebate

You may be eligible for a rebate on GST/HST if:

• You buy a newly constructed home

• You substantially renovate an existing home

• You convert a non-residential property into a home

Find full details at GST/HST New Housing Rebate.

📞 Ready to Buy Your First Home?

Let us help you take the next step toward homeownership.
Contact Alex Prasoulis at 📱 416-901-8777 or 📧 info@iListRealEstate.ca
We're here to guide you through every step of your first-time home buying journey in Toronto and the GTA!