First-Time Buyer Mortgage Toronto. FHSA + 5% Down.

5% on the first $500,000 of the purchase price, then 10% on the portion above $500,000 up to $1.5M. Example: a $700,000 Toronto condo requires $45,000 down (5% × $500K + 10% × $200K). Homes over $1.5M require 20% down. Default insurance from CMHC or another insurer is mandatory if your down payment is below 20%.

The First Home Savings Account (FHSA) lets you contribute up to $8,000 a year toward a first home, with a lifetime limit of $40,000 and up to $8,000 of unused room carried forward. Contributions are tax-deductible, and qualifying withdrawals for a first home are tax-free. For more detail, read our FHSA guide.

Yes. The RRSP Home Buyers' Plan lets first-time buyers withdraw up to $60,000 each from their RRSPs, so up to $120,000 per couple, without tax on the withdrawal as long as it is repaid over 15 years. You can use it together with your FHSA. Combined, that is up to $100,000 per buyer, or $200,000 per couple, toward a down payment, depending on what you have saved.

First-time buyers in Ontario can get up to $4,000 back on the provincial land transfer tax. In Toronto, first-time buyers can also get up to $4,475 back on the municipal land transfer tax, for up to $8,475 combined. The amount depends on your purchase price and eligibility. We coordinate with your lawyer so the rebates are applied at closing.

The stress test means you qualify at a higher rate than the one you will actually pay: the higher of your contract rate plus 2% or the minimum qualifying rate set by the regulator. That lowers the maximum mortgage you can qualify for compared with qualifying at your contract rate. We run your stress-tested maximum on the first call so you know your real budget before you shop.

It depends on your debts, condo fees, property taxes, down payment, the mortgage rate and the stress test, so there is no single income number. Lenders look at how much of your income goes to housing costs and to total debts. We run your exact numbers and give you a maximum purchase price in writing.

Plan for roughly 1.5% to 4% of the purchase price. Typical items are land transfer tax (Toronto charges both provincial and municipal; on a $700,000 home the full tax is about $21,000, minus up to $8,475 in first-time buyer rebates), legal fees, title insurance, a home inspection, and 8% Ontario sales tax on the CMHC premium, which is paid in cash at closing. We can walk you through a written closing-cost estimate before you write an offer.

Credit requirements vary by lender and insurer. A-lenders generally prefer stronger credit, especially on insured mortgages with a small down payment. B-lenders are more flexible on credit score. We usually start with a soft credit review and tell you which tier you are likely to qualify for.

Often yes. Self-employed borrowers can qualify with A-lenders when they can document stable income, usually with two years of tax assessments, and other lenders may work with bank statements. Newcomers may qualify under insurer and lender newcomer programs that allow a smaller down payment with limited Canadian credit history. Eligibility depends on the lender and your situation, and we match you to lenders that fit.

A pre-approval is a lender's conditional confirmation of your maximum mortgage and rate before you shop, and many lenders hold the rate for up to 120 days. Sellers and agents generally take pre-approved buyers more seriously, and you know your budget before you make an offer. For details, read our mortgage pre-approval guide.