First Time Home Buyers Ontario:
Updated Advice & Resources
Understanding the Ontario Real Estate Market
Ontario’s housing market continues to evolve, with regional variations in price, availability, and demand. Urban areas like the Greater Toronto Area (GTA) remain competitive, while smaller towns and suburban communities offer more affordable entry points. First-time buyers should be aware of current market trends, mortgage rates, and local housing policies before making a decision.
It’s also important to note that new buyers are now more likely to compete with investors, out-of-province buyers, and immigrants, especially in high-growth areas. As a result, being prepared, pre-approved for a mortgage, and working with a knowledgeable local agent gives you a crucial advantage.
First-Time Buyer Incentives in Ontario
Ontario and the federal government offer several incentives to help make homeownership more affordable for first-time buyers. These include:
- First-Time Home Buyer Incentive (FTHBI): A shared equity mortgage with the government to reduce monthly mortgage payments.
- Home Buyers’ Plan (HBP): Withdraw up to $60,000 (combined if buying with a partner) from your RRSP without penalty for a down payment.
- Land Transfer Tax Rebates: Ontario and Toronto offer rebates for land transfer taxes, saving you thousands.
- First Home Savings Account (FHSA): A new registered account allowing tax-free savings for your first home.
Step-by-Step Guide for First Time Home Buyers
Here’s a simplified outline of the home buying journey for first time home buyers in Ontario:
- Set a Budget: Know how much you can afford, including down payment, closing costs, and monthly expenses.
- Get Pre-Approved for a Mortgage: This helps define your price range and shows sellers you're serious.
- Find a Real Estate Agent: Choose an agent with experience helping first-time buyers in Ontario.
- Search and View Homes: Explore listings, attend showings, and compare neighborhoods.
- Make an Offer: Once you find the right home, your agent will guide you through the offer process.
- Complete a Home Inspection and Appraisal: Ensure the property’s condition and value are sound.
- Finalize Your Mortgage and Close the Deal: Work with your lender and lawyer to complete all documents.
Expert Help When You Need It
Working with an experienced real estate advisor ensures you don’t miss any details, deadlines, or savings opportunities. From mortgage pre-approval to closing day, we help you every step of the way. We also understand the emotional side of buying your first home — the doubts, questions, and excitement — and we’re here to make the experience smooth and successful.