Guide ยท 7 steps + calculator
No jargon, no 40-page PDF. The rules that apply in 2026, the money you can unlock, and the order to do things in, from someone who walks first-time buyers through this every month.
Is $700K realistic for you? Send me this scenario. I'll text you a realistic price range, the programs you qualify for, and a broker who can pre-approve you this week.
Rather text me yourself? Open Messages with these numbers
Down payment and insurance rules per CMHC (December 2024 changes), rebates per Ontario Ministry of Finance, City of Toronto and the CRA. Checked September 6, 2026; new-home rebates checked September 22, 2026.
Two numbers matter: what a lender will give you, and what you can live with. Lenders stress-test you at the higher of your rate plus 2% or 5.25%, and cap your housing costs around 39% of gross income and total debts around 44%. That is the ceiling, not the target. Run the calculator above with the payment you'd be comfortable with, then work backwards to the price.
| Program | What it's worth | The catch |
|---|---|---|
| First Home Savings Account (FHSA) | $8,000/yr, $40,000 lifetime. Deductible in, tax-free out. | Open it now even with $0; room only starts accruing once it exists. |
| RRSP Home Buyers' Plan | Withdraw up to $60,000 tax-free (each, for a couple). | Repay over 15 years starting the second year; funds must sit 90 days first. |
| Ontario land transfer tax refund | Up to $4,000; no provincial tax at all up to $368,000. | Never owned a home anywhere, ever. Spouse rule applies. |
| Toronto land transfer tax rebate | Up to $4,475; no municipal tax up to $400,000. | City of Toronto purchases only. |
| First-Time Home Buyers' Tax Credit | $10,000 amount, worth up to $1,500 on your return. | Claim it the year you buy. |
| First-time buyer GST rebate, new homes (federal) | Federal GST fully rebated up to $1M (at most $50,000), phasing out by $1.5M. | First-time buyers, new construction only; apply within two years. |
| Ontario enhanced HST rebate, new homes | The 8% Ontario part of the HST fully rebated up to $1M (at most $80,000), a flat $80,000 to $1.5M, phasing out by $1.85M. | Agreements signed April 1, 2026 to March 31, 2027. Any buyer, first-time or not, who will live there or have a relative live there. |
| 30-year insured amortization | Lower monthly payment on the same mortgage. | +0.20% on the insurance premium; more interest over time. |
Use the closing costs calculator to see the rebates applied to a real price.
A pre-approval is a lender saying "we'd lend you up to X at this rate" after actually looking at your income, credit and documents. It holds a rate for 90 to 120 days and tells a seller you're real. Bring: two recent pay stubs, last year's T4 and notice of assessment, three months of statements showing the down payment, and ID. Self-employed? Two years of returns. I'll connect you with a broker who shops several lenders; you don't have to take the first bank's offer.
Lowest entry price, predictable monthly cost, strongest rental fallback if life changes. Read how fees work before comparing buildings.
More space and often a private entrance and parking, with a smaller fee than a tower. The sweet spot for many first buyers in Scarborough, Markham and Etobicoke.
No condo fee, full control, and full responsibility for the roof, furnace and basement. Budget 1% of the price per year for upkeep.
Tour in batches: four to six homes in an afternoon so comparisons are fresh. On each, I check the things listings don't say: noise, water in the basement, how the building's fees have moved, what the last three comparable sales actually closed at. You will lose interest in most of them within ten minutes, which is the point. Browse current listings or the area guides to build your shortlist.
In Toronto an offer is a written agreement of purchase and sale with a deposit (typically 5%, paid within 24 hours of acceptance), an irrevocable time, a closing date, and conditions. The three conditions worth having when you can: financing, inspection (houses), and status certificate review (condos). In a multiple-offer situation you may be asked to drop them; I'll tell you when that is reasonable and when it is not. Before we write anything, we look at what sold, not what's listed.
Conditions usually run five business days. Your lender finalizes the approval, the inspector or lawyer does their review, and you either firm up or walk with your deposit. Then your lawyer takes over: title search, insurance, land transfer tax and rebates, the statement of adjustments. Two weeks before closing you'll wire the balance of the down payment plus closing costs. On closing day, keys are released once funds clear, usually mid-afternoon.
A first call to understand your budget and timeline. A pre-approval the same week. A shortlist and a first tour within two. Honest numbers on every home, including the ones I'd skip. In most purchases the seller's side pays my commission, so this costs you nothing out of pocket.
At least 5% of the first $500,000 plus 10% of the portion between $500,000 and $1,499,999, if you use mortgage default insurance. A $750,000 condo needs $50,000 minimum. From $1.5 million up, the mortgage can't be insured and you need 20% down. Under 20% down, the insurance premium is added to your mortgage.
The First Home Savings Account (FHSA) lets you save $8,000 a year to a $40,000 lifetime cap, tax-deductible going in and tax-free coming out for a first home. The RRSP Home Buyers' Plan lets you withdraw up to $60,000 tax-free, repaid over 15 years. On closing you get land transfer tax rebates of up to $4,000 from Ontario and up to $4,475 from Toronto. The federal First-Time Home Buyers' Tax Credit returns up to $1,500 on your tax return. Buying new construction, first-time buyers also get the separate federal GST rebate: the full GST on homes up to $1 million, phasing out to $1.5 million. Ontario's enhanced HST rebate is its own program: it covers new homes bought under agreements signed from April 1, 2026 to March 31, 2027, for any buyer, first-time or not, who will live there or have a relative live there. It returns the full 8% Ontario part of the HST up to $1 million, a flat $80,000 from $1 million to $1.5 million, and phases out by $1.85 million. Source: CRA Notice 346, Ontario Enhanced New Housing Rebate. First-time buyers can also take a 30-year insured amortization.
Yes, before the first showing. A pre-approval tells you the real ceiling, locks a rate for 90 to 120 days, and makes your offer credible. In Toronto, a listing that gets three offers goes to the buyer whose financing is already done. I work with several mortgage brokers and can connect you the same day.
From first conversation to keys, two to four months is typical: two to three weeks to get pre-approved and organized, three to eight weeks of looking, a week of negotiation and conditions, then 30 to 90 days to closing. Condos can move faster; houses in competitive pockets take longer because you may lose an offer or two.
In almost every Toronto purchase, the seller's brokerage pays the buyer agent's commission out of the sale price, so my representation costs you nothing out of pocket. You sign a buyer representation agreement that sets this out clearly before we start viewing homes.
In Toronto at first-buyer budgets, the honest answer is usually a condo or a condo townhouse: lower entry price, predictable costs, easier resale. A freehold house comes with no condo fee but 100% of the roof, furnace and foundation. The right answer depends on your five-year plan, and I'll tell you if I think you're stretching.
Both land transfer taxes with rebates, CMHC and the tax on it, legal and adjustments.
ExplainerWhat the fee covers, typical ranges by building age, and how to spot an underfunded building.
CalculatorPlay with price, down payment and rate.
New buildsBuying new? The projects I'm tracking, the HST rebate window, and the clauses to check before you sign.
Text me your numbers or call. I reply fast, usually within the hour during the day.
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