First-Time Buyer MortgageToronto. FHSA + 5% Down.Insured rates from 4.59%.

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. CMHC, Sagen, or Canada Guaranty insurance is mandatory if down payment is below 20%.

The First Home Savings Account (FHSA) lets you contribute up to $8,000/year (lifetime max $40,000) toward a first home. Contributions are tax-deductible (like RRSP), withdrawals for a qualifying home purchase are tax-free (like TFSA), and you can carry forward unused room. lendsimpl helps you combine FHSA + RRSP HBP for up to $100,000+ per couple toward your Toronto down payment.

Yes — and you should. The RRSP HBP lets first-time buyers withdraw up to $60,000 each from RRSPs ($120,000 per couple) tax-free for a first home, repayable over 15 years. You can also use FHSA at the same time. Combined, a couple can pull up to $200,000 tax-free from registered accounts for a Toronto down payment.

First-time home buyers in Ontario receive up to $4,000 back on the provincial land transfer tax. In Toronto, the rebate doubles — first-time buyers also receive up to $4,475 back on the municipal (Toronto) land transfer tax. Combined Toronto first-time buyer rebate: up to $8,475. lendsimpl coordinates with your lawyer so the rebates are applied at closing.

The federal stress test requires you to qualify at the higher of: your contract rate + 2.00%, or 5.25% (the qualifying rate floor). Example: a 4.59% contract rate is stress-tested at 6.59%. This reduces your maximum mortgage by roughly 18–22% compared to qualifying at the contract rate. lendsimpl runs your stress-tested maximum on the first call so you know your real budget before you shop.

With $45,000 down (5%/10% tiered), $655,000 mortgage at 4.59% stress-tested at 6.59%, you need roughly $135–$145K household income to qualify under GDS (32%) and TDS (40%) limits. lendsimpl runs your exact numbers — income, debts, condo fees, property taxes — and gives you a precise maximum purchase price in writing.

Plan for 1.5–4% of purchase price: land transfer tax (Toronto charges both provincial + municipal — full LTT on a $700K home ≈ $20K, minus up to $8,475 first-time rebate), legal fees ($1,500–$2,500), title insurance ($350–$500), home inspection ($400–$600), CMHC premium PST (Ontario 8% on premium, paid cash), adjustments. lendsimpl sends a written closing-cost estimate before you write any offer.

A-lender insured mortgages typically require 680+. Some A-lenders go down to 660 with strong income. Below 660: B-lenders work with 600+ at slightly higher rates. We pull a soft credit summary on the first call and tell you exactly which tier you qualify for — no unnecessary credit hits.

Yes. Self-employed: A-lenders typically want 2 years T1/NOA showing stable income; B-lenders work with 1 year + bank statements. Newcomers: CMHC, Sagen, and Canada Guaranty all have newcomer programs allowing 5% down with limited Canadian credit history (3–12 months) and valid PR status (and some work permits). lendsimpl matches you to newcomer-friendly A-lenders.

Pre-approval is a written commitment from a lender (and rate hold typically 90–120 days) confirming your maximum mortgage and rate before you shop. Sellers take pre-approved buyers more seriously. lendsimpl pre-approves you with insurer indication so when your offer is accepted, the path to closing is short and predictable.