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Special Programs

Buy Your Home With 5% Down

At Mortgage For Less we have assisted many first-time home buyers purchase their first home with only 5% down. Since the 5% down program was started by the Canadian Mortgage and Housing Corporation it has given people right across Canada the opportunity to own their own home – and it was changed recently to allow anybody to buy with 5% down so you no longer even have to be a first-time home buyer to take advantage (Canada Mortgage and Housing Corporation insurance fees of 3.85% of the mortgage amount will be added to the home mortgage in this case).

Using Your RRSPs for Down Payment of a Home

The Canadian government allows a tax-free withdrawal from a Registered Retirement Savings Plan (RRSP) that can be used as a down payment for first time home buyers, and then repaid over 15 years. It’s actually a great way to buy your first home. There are specific guidelines for the buyer(s) to follow to qualify for this program:

  • Buyers must meet Canada Mortgage and Housing Corporation (CMHC) First-Home Buyers’ Program definitions
  • Each buyer may use up to $25,000 from their RRSP for down payment – that’s $50,000 per couple
  • The new property must be located in Canada and be the buyer’s principal residence
  • A T1036 application is required to be completed and taken to the institution that holds the buyer’s RRSP. This Program may be used with the CMHC’s First-Home Buyer’s Program (5% down payment). The RRSP must be established for at least 90 days before closing the housing transaction

A mortgage specialist from Mortgage for Less can help you figure out if your mortgage loan qualifies for this program and assist you with the process.

ONTARIO Land Transfer Tax Refund for First-Time Home Buyers

Land Transfer Tax Rebate
In some cities and provinces, there is a rebate available to help first-time homebuyers offset the cost of their land transfer tax. If you qualify, land transfer tax rebates are available to first-time homebuyers in the provinces of Ontario, British Columbia. There is also a land transfer tax rebate available for first-time homebuyers in the city of Toronto. Here’s how each province and city’s rebate works:

Region Ontario Toronto British Columbia
Maximum rebate $4,000 $3,725 $7,500
Rebate will cover Land Transfer Tax to a maximum home value of $227,500 $400,000 $475,000
Partial refund available? 50% refund if spouse does not qualify 50% refund if spouse does not qualify Partial refund for homes valued between $475,001 – $499,999

How much is the Refund?
The maximum amount of the refund is $2,000 in Ontario. If the refund is claimed at time of registration, it may offset the land transfer tax ordinarily payable. No interest is paid on this refund.

Who Qualifies?
To claim a refund, you:

  • Must be at least 18 years or older;
  • You must occupy the home within 9 months of purchase.
  • Cannot have owned a home, or an interest in a home, anywhere in the world.
  • Your spouse cannot have owned a home while being your spouse (but may be a previous home owner).
  • If the home is newly constructed, it must be eligible for home warranty.
  • Home buyers must apply for the refund within 18 months of purchase.
First-Time Home Buyers’ Tax Credit – Up to $750

This tax credit exists to assist first-time home buyers with the closing costs related to purchasing their first home.

With this credit, you can receive up to 15% of your closing costs (to a maximum of $750) as a tax credit.

An individual will be considered a first-time home buyer if neither the individual nor the individual’s spouse or common-law partner owned and lived in another home in the calendar year of the home purchase or in any of the four preceding calendar years.

For more information contact Service Canada at 1-800-662-6232 or visit


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