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. 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 the FHSA and the RRSP Home Buyers' Plan toward your Toronto down payment.

Yes, many first-time buyers do. The HBP lets first-time buyers withdraw up to $60,000 each from their RRSPs ($120,000 per couple) without immediate tax, and the amount is repaid to your RRSP over 15 years. You can use it alongside the FHSA, whose qualifying withdrawals are tax-free. Together, a couple can draw up to $200,000 from registered accounts toward a Toronto down payment, though the HBP portion must be repaid.

First-time home buyers in Ontario receive up to $4,000 back on the provincial land transfer tax. In Toronto, first-time buyers can 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 stress test requires you to qualify at the higher of your contract rate plus 2% or the minimum qualifying rate set by OSFI, so your maximum mortgage is lower than it would be at your contract rate. We run your stress-tested maximum on the first call so you know your real budget before you shop.

The income you need depends on your down payment, the rate, property taxes, condo fees, and your other debts. Lenders apply GDS and TDS limits at the stress-tested rate, so the income needed is usually higher than people expect. We run your exact numbers and give you a maximum purchase price in writing.

Plan for 1.5 to 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 to $2,500), title insurance ($350 to $500), home inspection ($400 to $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 need a score in the 680 range, though some A-lenders go lower with strong income. Below that, B-lenders work with a wider range of scores at somewhat higher rates. We review your credit with your consent and tell you which tier you're likely to qualify for.

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 to 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 to 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.