First Time Buyers

Ontario First Time Home Buyers Program 2024 / 2025

Ontario First Time Home Buyers Program 2024 / 2025

Do you meet the requirements below? If so, then homeownership may be closer than you think!

As a first-time home buyer, you’ll want to be familiar with various programs that Ontario offers that may apply to your situation. Whether it’s a rebate you may qualify for, a tax-efficient way of funding your down payment, or the minimum you must put down for your home purchase, there’s information you need to know to navigate the buying process and potentially save yourself some money along the way.

Buying a home is often one of the biggest financial investment decisions  one will make in his/her lifetime.  The First-Time Home Buyer Incentive can help you purchase your first home. This incentive aims to help first-time home buyers without adding to their financial burdens. There are no additional monthly payments. Participants must meet minimum insured mortgage down payment requirements.

What benefits do first-time home buyers get in Ontario?

In Ontario, the First Time Home Buyers incentive, courtesy of the Government of Canada provides:

  • 5% or 10% for a first-time buyer’s purchase of a newly constructed home
  • 5% for a first-time buyer’s purchase of a resale (existing) home
  • 5% for a first-time buyer’s purchase of a new or resale mobile/manufactured home

The incentive is available to first-time homebuyers with qualified annual incomes of $120,000 or less. A participant’s insured mortgage and the incentive amount cannot be greater than four times the participant’s qualified annual income.

Here’s an example.

Sharon wants to buy a new home for $400,000.
Under the Ontario First-Time Home Buyer Incentive, Sharon can apply to receive $40,000 in a shared equity mortgage (10% of the cost of a new home) from the Government of Canada. This lowers the amount she needs to borrow and reduces her monthly expenses.
As a result, Sharon’s mortgage is $228 less a month or $2,736 a year.

Who qualifies as a first-time home buyer in Ontario?

You are considered a first-time home buyer in Ontario if, in the last four-year period, you have not owned a home you occupy or your current spouse or common-law partner owned.

How much do first-time home buyers have to put down in Ontario?

What is the minimum down payment required in Ontario:
Purchase price of your home Minimum amount of down payment
$500,000 or less 5% of the purchase price
$500,000 to $999,999 5% of the first $500,000 of the purchase price 10% for the portion of the purchase price above $500,000
$1 million or more 20% of the purchase price

If you have any more questions regarding buying a home contact Realtor Sean Findlay using the form below.

Century 21 VIP Home Buyer's Access

Sign up for the Century 21 VIP Home Buyers Program and get the buyer's advantage with exclusive access to the Ontario MLS REALM System, Real Estate Stats, Sold History & More!

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For more information or to book a free Century21 Home Buyers Consultation contact:

Sean Findlay – Professional Realtor | Sales Representative

CENTURY 21 Millennium Inc., Brokerage *

Office Phone: 905-450-8300 or Toll Free:1 888-450-8301 | Fax: 905-450-6736

Toronto Real Estate Office Located: 181 Queen St E Brampton, Ontario (by Appointment Only)

Stoney Creek Real Estate Office Located: 280 Barton St, Stoney Creek, ON L8E 2K6 (by Appointment Only)

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