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Your complete guide to navigating the Ontario real estate market as a first-time buyer. Learn about programs, rebates, and expert tips to make your homeownership dreams a reality.
Ontario offers a rebate on the land transfer tax for first-time buyers, up to $4,000. In Toronto, you pay TWO separate land transfer taxes but also get TWO separate rebates of up to $4,475 for the municipal tax.
| Purchase Price | Tax Rate |
|---|---|
| Up to $55,000 | 0.5% |
| $55,000.01 - $250,000 | 1.0% |
| $250,000.01 - $400,000 | 1.5% |
| $400,000.01 - $2,000,000 | 2.0% |
| Over $2,000,000 | 2.5% |
Home Price: $500,000
• Ontario Land Transfer Tax: $6,475
• First-Time Buyer Rebate: -$4,000
• Your Cost: $2,475
Home Price: $500,000
• Ontario Land Transfer Tax: $6,475
• Toronto Municipal Land Transfer Tax: $6,475
• Total Before Rebates: $12,950
• Ontario First-Time Buyer Rebate: -$4,000
• Toronto First-Time Buyer Rebate: -$4,475
Ready to Start Your Home Buying Journey• Your Cost: $4,475
Toronto buyers pay double the tax but get double the rebates!Complete a secure online application or speak with a mortgage professional.
Find out your maximum purchase price and lock in a rate for up to 120 days.
Shop for homes within your budget and make an offer (include a financing condition).
After your offer is accepted, your lender will review the details and may require an appraisal.
Your lawyer finalizes the transaction, and you receive the keys to your new home!
Minimum 5% for the first $500,000, 10% for any amount above. Less than 20% down requires mortgage insurance.
Budget at least 1.5% of the purchase price for closing costs (lenders may require proof of funds).
Aim for at least two credit lines with a $2,500 limit and a two-year history of timely payments.
Lenders consider your gross annual income, including bonuses and commissions (averaged over two years).
Your housing costs should not exceed 39% of your income (GDS), and total debts should not exceed 44% (TDS).
If you need to boost your borrowing power, a co-signer or guarantor can help increase your approval chances.
"What Can I Get for 800k in Toronto"
"Where can I find a Detached Home under 900k"
The minimum down payment is 5% of the first $500,000 of the purchase price, and 10% for any amount above that. If your down payment is less than 20%, mortgage insurance is required.
Plan for at least 1.5% of the purchase price for closing costs, which may include legal fees, land transfer taxes, and adjustments. Lenders may require you to show these funds are available.
Yes, gifted down payments from family are allowed. The lender may require a signed letter confirming the gift is not a loan.
The HBP lets you withdraw up to $60,000 from your RRSP (or $120,000 as a couple) to use as a down payment, which must be repaid over 15 years.
Maintain a good credit history, pay down existing debts, save for a larger down payment, and ensure your income is stable and well-documented.
Mortgage brokers can compare rates and products from multiple lenders, often securing better deals than banks offer directly. Their services are typically free for buyers.
"Listo made it easy to narrow down my search — each listing had all the info needed for a first-time buyer."
"I loved the 'What I can buy for $1M' feature. It helped me understand what was possible and take advantage of first-time buyer programs."
"Thanks to Listo for the clear info and guidance. It made the whole process way less overwhelming for a first-time buyer like me."