First-Time Buyer? These Programs Could Be Your Secret Weapon in the Toronto Market

Let’s be real: navigating Toronto’s real estate scene can feel like climbing Mount Everest, especially if it’s your first time. But don’t stress—there’s good news! Both the federal and provincial governments have a few programs in their toolkit that can actually help make homeownership more accessible.

Here’s a quick rundown of what might work for you:

First Home Savings Account (FHSA)

• Save up to $8K a year, tax-free.

• Lifetime contribution limit of $40K.

• The best part? No repayments. This money is yours to use when you're ready.

Home Buyers' Plan (HBP)

• Borrow up to $60K from your RRSP without paying tax on it( repay within 15 years)

• Combine this with the FHSA to really boost your budget when it’s time to buy.

First-Time Home Buyers' Tax Credit

• You can claim up to $10K on your taxes.

• That’s around $1,500 in tax savings—no extra paperwork required!

Land Transfer Tax Rebates

• Get savings on those often-overlooked land transfer costs. There are both municipal and provincial rebates, so you could save a decent chunk at closing.

Pro Tip: If you’re looking at a newly built or substantially renovated home, don’t miss out on the GST/HST New Housing Rebate! You could recover some of the taxes paid on your new home.

These programs are like stepping stones to homeownership in Toronto’s ultra-competitive market. Need help figuring out how to make the most of these for your own situation?

Let’s chat—I’ve got you covered!