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!

"*" indicates required fields


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)

This Article is now complete, click here to return Real Estate to Blog Home Page

FindlayRealEstate

Recent Posts

How to Build and Improve Your Credit Score Before Buying a Home

When it comes to buying a home, your credit score can be one of the…

3 days ago

Featured Stoney Creek Home For Sale: 151 Green Rd South Stoney Creek, ON

Bright, Spacious Townhouse in Tranquil Setting: The Ideal Family Home for $669,990 Are you seeking…

4 days ago

Best Investments for Boosting Property Value in GTA

When it comes to boosting property value in GTA, you can make plenty of smart…

1 month ago

Featured Grimsby Condo for sale: 560 North Service Rd Grimsby, ON

Waterview Condo in Grimsby – Modern Living with Lake Ontario Views Are you searching for…

2 months ago

Top 10 Mistakes First-Time Home Buyers Make (And How to Avoid Them)

Buying your first home is an exciting milestone, but the process can be overwhelming and…

2 months ago

Hamilton Market Watch: Real Estate Housing Update September 2024

Hamilton Market Watch: Real Estate Housing Update September 2024 As we enter September 2024, Hamilton’s…

2 months ago

Welcome To FindlayRealEstate.ca | This website uses cookies.