First-Time Buyer Benefits

As a first-time buyer, did you know that there are various benefits and incentives to help you purchase your first home? Here is some helpful information to help you save money and make the reality of homeownership a reality.


Buying a property is a significant investment and can feel overwhelming. The Government of Canada offers Canadians incentives when buying your first home. As programs and incentives change, be sure to check with one of our real estate agents for the most up to date information or visit the Canadian Government website.

  • First-time Home Buyer Incentive: The Government of Canada offers this incentive program to help Canadians when buying their first home. The incentive program is a shared-equity mortgage with the Government of Canada, which offers:
  • The Home Buyers’ Plan (HBP): As a new home buyer, did you know you can leverage your Registered Retirement Savings Plan (RRSP) to help with your down payment? As a part of the HBP, eligible Canadians can withdraw up to $35K from their RRSP, tax-free, to buy your first home. If you have a partner or spouse, they can also withdraw up to $35K, totalling $70K. This loan is interest-free, and you have up to 15 years to pay it back. 
  • Tax-Free Home Savings Account (FHSA): Saving for your first home? Canadians would be allowed to open a Tax-free Home Savings Account (FHSA) that would enable them to save up to $40k towards buying your first home.


    • 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

Tax Benefits

To help first-time home buyers, the Government has also implemented a variety of tax benefits to aid in the purchase of your first home. 

  • Land Transfer Tax Refund: For Ontario residents, first-time home buyers can  receive a rebate on their land transfer tax for up to $4k. 
  • GST/HST Housing Rebate: When buying a home, first-time buyers may be eligible to receive a provincial and federal rebate on part of the GST or HST paid on the cost of the new property. First-time home buyers mustapply to this program and will require the required documents to verify their eligibility. 


Have more questions? Contact one of our Right at Home Realty sales professionals today!