First-time home buyer steps in Ontario (2026)

How much down payment do you need?

Canada’s minimum down payment is tiered by purchase price:

• 5% on the first $500,000 of the price.
• 10% on the portion between $500,000 and $1,500,000.
• 20% on homes priced over $1,500,000 (these can’t be insured).

On a $600,000 Woodstock home, that’s $25,000 + $10,000 = $35,000 minimum down. With less than 20% down, your mortgage is insured (CMHC or a private insurer), which adds a premium to the loan but lets you buy sooner.

The programs that lower your costs

• Ontario Land Transfer Tax refund — first-time buyers get back up to $4,000 of the provincial land transfer tax.
• First Home Savings Account (FHSA) — contribute up to $8,000/year (to a $40,000 lifetime max); contributions are tax-deductible and withdrawals for a first home are tax-free.
• RRSP Home Buyers’ Plan (HBP) — withdraw up to $60,000 per person ($120,000 for a couple) from your RRSP toward a first home, repaid back into your RRSP over time.

Budget for closing costs

Beyond the down payment, plan for roughly 1.5%–4% of the price in closing costs:

• Land transfer tax (buyer pays in Ontario) — minus the first-time-buyer refund.
• Real estate lawyer — about $1,000–$2,500 + HST and disbursements.
• Home inspection — about $400–$600.
• Title insurance, appraisal, and adjustments — a few hundred dollars.

The steps, in order

TeamBeckett are Accredited Buyer’s Representatives (ABR®). We guide first-time buyers and experienced buyers through every step — patiently, and with no pressure.

• Get pre-approved so you know your budget and lock a rate hold.
• Choose an agent who knows your neighbourhoods (a buyer’s agent is typically paid by the seller).
• Tour homes and make an offer — usually with financing and inspection conditions.
• Firm up the deal, then your lawyer closes and you get the keys.