Minimum Down PaymentOntario. Exact Requirements.5% from $500K. 10% to $1.5M. FHSA + HBP.
Real First-Time Buyers, Real Keys.
5.0/5
client rated
1,500+
first-time buyers
5%
min down payment
“Used FHSA + HBP — $74K combined, closed on $680K Toronto condo.”
FHSA + HBP — Toronto
Your Protection. No Surprises.
Transparent costs
Down payment, CMHC, closing costs itemized
Personalized review
Personalized review until you commit
No-pressure review
Full strategy before you commit
Your First-Home Edge.
Ontario first-time buyer expertise — down payment strategy, FHSA, HBP, and CMHC optimization.
FHSA + HBP Strategy
$74K combined for eligible buyers
CMHC Insured
5% down from $500K purchase
5%
min down
$40K
FHSA limit
5.0/5
rated
Process
Into Your First Home in 3 Steps.
1. Plan
Down payment strategy mapped
2. Match
Right lender for your profile
3. Close
Keys in hand, zero stress
FAQs
Down Payment Questions?
Quick answers on Ontario minimum down payment, FHSA, RRSP HBP, and CMHC rules for 2026.
5% on the first $500K + 10% on the portion above $500K. For a $700K home: $25K + $20K = $45K minimum. Over CMHC limits, 20% required.
Your First-Home Edge.
Ontario first-time buyer expertise — down payment strategy, FHSA, HBP, and CMHC optimization.
FHSA + HBP Strategy
$74K combined for eligible buyers
CMHC Insured
5% down from $500K purchase
5%
min down
$40K
FHSA limit
5.0/5
rated
Process
Into Your First Home in 3 Steps.
1. Plan
Down payment strategy mapped
2. Match
Right lender for your profile
3. Close
Keys in hand, zero stress
Real First-Time Buyers, Real Keys.
5.0/5
client rated
1,500+
first-time buyers
5%
min down payment
“Used FHSA + HBP — $74K combined, closed on $680K Toronto condo.”
FHSA + HBP — Toronto
Your Protection. No Surprises.
Transparent costs
Down payment, CMHC, closing costs itemized
Personalized review
Personalized review until you commit
No-pressure review
Full strategy before you commit
FAQs
Down Payment Questions?
Quick answers on Ontario minimum down payment, FHSA, RRSP HBP, and CMHC rules for 2026.
5% on the first $500K + 10% on the portion above $500K. For a $700K home: $25K + $20K = $45K minimum. Over CMHC limits, 20% required.
Check My Down Payment
Stop Waiting to Save 20% — Ontario's Rules Work in Your Favour
Most Ontario buyers wait too long because they misunderstand the minimum down payment rules. FHSA, HBP, and CMHC rules can get you into a home years earlier.
The Over-Saving Mistake
Waiting to Save 20% While Renting
The Smart Buyer Approach
Minimum Down + FHSA + HBP + CMHC
Client StoriesWhat Ontario First-Time Buyers Say About Our Guidance
Damien Atapattu made my mortgage process completely stress‑free. He prepared all documents ahead of time and clearly understands lender, lawyer, and appraisal requirements. A friendly, energetic pr…
Aruna Bandaranayake
May 2026
Highly recommend! Damien took a lot of time to explain the terms thoroughly. He is very knowledgeable and trustworthy. Looking forward to working with him again!
Tommy Ravindran
Apr 2026
Shamal was amazing throughout the whole process. He is very helpful, knowledgeable and patient. If you need a good reliable mortgage broker he is the guy! He will find you the best solution.
Avy Loc
Mar 2026
Highly recommend. Damien was excellent throughout everything. Walking us through everything step by step. He was extremely well prepared and well versed in everything we needed to get a mortgage at…
John Abraham
Mar 2026
I had a great experience working with Damien. He helped me secure a very competitive mortgage rate through Scotiabank and made the entire process smooth and stress-free. He was knowledgeable, trans…
Rz
Mar 2026
I approached lendsimpl for some financing and was amazed at the quality and time frame of service. Within a matter of days my deal was completed. Thanks to Damien and the team for expediting my bus…
Sunrise Meadows
Dec 2025
Why Ontario First-Time Buyers Choose lendsimpl
Exact Down Payment Calculation
5% on the first $500K + 10% on the portion above $500K. We calculate your exact minimum for any Ontario purchase price.
FHSA Maximization Strategy
$40,000 lifetime tax-free contribution limit. Contributions are tax-deductible. Withdrawals for a qualifying first home are completely tax-free.
RRSP Home Buyers' Plan Access
Up to $35,000/person ($70,000/couple) from your RRSP without immediate tax. Repayable over 15 years.
Gifted Down Payment Guidance
Parental or family gifts are acceptable with proper documentation. We know exactly what each lender requires for gift letters.
CMHC Insurance Explained
If you put less than 20% down, CMHC insurance applies (0.60–4.00% of mortgage). We calculate the exact premium upfront.
FSRA Licensed Brokerage #13763
Regulated Ontario mortgage brokerage. First-time buyer guidance from a licensed advisor — your protection against paying more down payment than necessary.
From Down Payment Planning to Keys — Your Complete Roadmap
STEP 01
Down Payment Assessment
Tell us your purchase price target and available savings. We calculate your exact minimum down payment, FHSA capacity, HBP eligibility, and closing cost budget.
STEP 02
Down Payment Strategy
We map how to combine FHSA, RRSP HBP, personal savings, and gifts to maximize your down payment and minimize CMHC premium.
STEP 03
Pre-Approval + Rate Hold
We apply for pre-approval with the best lender for your down payment amount. Your rate is locked for up to 120 days while you search.
STEP 04
RRSP HBP Coordination
If using RRSP funds, we coordinate the timing of your withdrawal so funds are available at your closing date.
STEP 05
Offer + Full Application
When you find your home and go firm, we convert your pre-approval to a full application and manage all documentation.
STEP 06
Closing + Ongoing Support
We coordinate with your lawyer for smooth closing. 90 days before your renewal, we reach out proactively.
We Remove Every Reason to Hesitate
FSRA Licensed #13763
Fully regulated Ontario mortgage brokerage. Our advice is governed by fiduciary standards — we are legally required to act in your best interest.
100% Transparent Comparison
Every rate, spread, penalty, and lender restriction is disclosed before you commit. You see the full picture — not just the headline number.
No Pressure to Proceed
Our analysis is lender-paid. If you don't like the options we find, you walk away with zero fees, zero penalties, zero pressure.
Your Data Stays Private
We never share your personal information with lenders without your consent. Your information stays confidential throughout the process.
Six Commitments That Protect You
Best Rate Commitment
We shop 50+ lenders to find you the lowest rate. If you find a better rate for the same terms elsewhere, we'll match it or beat it.
Rate Hold Commitment
We lock your rate for up to 120 days. If rates fall before you close, we re-apply at the lower rate automatically.
No Hidden Fee Commitment
Every cost is disclosed in writing before you sign. Our brokerage fee is paid by the lender — not by you.
Renewal Outreach Commitment
90 days before your renewal date, we reach out proactively so you're never auto-renewed into a bad rate.
Full Comparison Commitment
We compare all relevant options for every client — you always see the full analysis before deciding.
Plain English Commitment
We explain every term, rate, spread, and penalty in plain language. You make a confident decision, not an anxious guess.
Today's Best Insured Mortgage Rates — Ontario First-Time Buyers
5% Down — Insured
Up to 95% LTV OAC
- Minimum down payment eligible
- CMHC insurance required
- 30-year amortization available
10% Down — Insured
Up to 90% LTV OAC
- Reduced CMHC premium
- Above $500K portion requirement
- Lower lifetime interest cost
20%+ Down — Conventional
Up to 80% LTV OAC
- No CMHC insurance
- All purchase prices eligible
- Lowest total cost over time
Minimum Down Payment Ontario — Frequently Asked Questions
5% on the first $500,000 of purchase price, plus 10% on any portion above $500,000 (up to CMHC insured limits). For a $700,000 home: 5% of $500K ($25,000) + 10% of $200K ($20,000) = $45,000 minimum. Purchases above the CMHC insured limit require at least 20% down.
Not exactly. For a $700,000 purchase, minimum is 5% on the first $500,000 ($25,000) plus 10% on the next $200,000 ($20,000) = $45,000 minimum (6.43% of purchase price).
The First Home Savings Account allows first-time buyers to contribute up to $8,000/year (lifetime max $40,000), tax-deductible like an RRSP. Withdrawals for a qualifying first home purchase are completely tax-free. A couple can accumulate $80,000 combined.
Yes. First-time buyers can use both: FHSA (up to $40,000 per person, tax-free withdrawal) AND RRSP Home Buyers' Plan ($35,000 per person withdrawal, repaid over 15 years). A couple can access up to $150,000 combined.
Yes — gift funds are accepted from immediate family members with proper documentation. The gift must be non-repayable and documented with a signed gift letter. Most lenders require the funds to be in your account for 30–90 days before closing.
CMHC mortgage default insurance is required if your down payment is less than 20%. The premium ranges from 0.60% to 4.00% of the mortgage amount. It's typically added to your mortgage and paid over the amortization period.
In addition to your down payment, budget for: Ontario land transfer tax (+ Toronto LTT if buying in Toronto), legal fees ($1,500–$2,500), title insurance (~$300), home inspection ($400–$600). First-time buyers qualify for Ontario LTT rebates up to $4,000.
As of August 2024, 30-year amortization is available for CMHC-insured mortgages for first-time buyers purchasing new construction. This reduces monthly payments and improves affordability. Eligibility rules apply.
Request Your Rate Comparison
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Ontario-Wide First-Time Buyer Support
Minimum Down Payment Guidance — Serving All of Ontario
lendsimpl helps Ontario first-time buyers calculate down payments, maximize FHSA and HBP contributions, and secure the best insured mortgage rates — across the GTA, Hamilton, Ottawa, London, and beyond.
Not seeing your city? We serve every Ontario community. Call (416) 299-6096 — FSRA Licensed Brokerage #13763.
Legal
Important Disclosures
Rates & Approvals
All mortgage approvals are subject to lender conditions and underwriting review. Rates shown are for illustrative purposes only, subject to change without notice, and may vary depending on credit profile, income type, property type, and LTV. Not all applicants will qualify for the lowest advertised rates.
FSRA Licensed Brokerage
lendsimpl is a licensed mortgage brokerage (FSRA #13763), operating under the Mortgage Architects network. All lending is subject to applicable provincial regulations and industry guidelines.
Rates and information current as of June 2026. Always confirm rates and program eligibility directly with your licensed mortgage broker.
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