First-Time Buyer MortgageScarborough. 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 $650,000 Scarborough condo requires $40,000 down (5% × $500K + 10% × $150K). Homes over $1.5M require 20% down. Below-20% down requires CMHC, Sagen, or Canada Guaranty insurance.

Yes. Scarborough is part of the City of Toronto, so Scarborough buyers pay both the Ontario provincial land transfer tax AND the Toronto municipal land transfer tax. The good news: first-time buyers receive up to $4,000 Ontario rebate + $4,475 Toronto rebate = $8,475 combined first-time buyer rebate. lendsimpl coordinates with your lawyer so the rebates apply at closing.

The First Home Savings Account (FHSA) lets you contribute up to $8,000/year (lifetime max $40,000) toward your first home. Contributions are tax-deductible (like RRSP), withdrawals for a qualifying home purchase are tax-free (like TFSA). Combined with the RRSP HBP ($60,000 each), a couple can pull up to $200,000 tax-free for a Scarborough down payment.

The RRSP HBP lets first-time buyers withdraw up to $60,000 each from RRSPs ($120,000 per couple) tax-free, repayable over 15 years. You can use it alongside the FHSA. A Scarborough couple combining both can pull up to $200,000 tax-free toward their down payment — the single biggest FTHB advantage in Canada.

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

With $40,000 down, $610,000 insured mortgage at 4.59% stress-tested at 6.59%, you typically need ~$125–$135K household income to qualify under GDS (32%) and TDS (40%). 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: Ontario + Toronto land transfer tax (minus up to $8,475 first-time buyer rebate), legal fees ($1,500–$2,500), title insurance ($350–$500), home inspection ($400–$600), CMHC premium PST (Ontario 8% on the premium, paid cash), and closing 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. 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). Scarborough has one of the largest newcomer communities in Canada — lendsimpl works with newcomer-friendly A-lenders that specialize in these files.

Pre-approval is a written commitment from a lender (with a 90–120 day rate hold) confirming your maximum mortgage and rate before you shop. Scarborough sellers and listing agents take pre-approved buyers more seriously. lendsimpl pre-approves you with insurer indication — making the path from accepted offer to closing short and predictable.