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First-Time Home Buyer Mortgage

So you’re a first-time home buyer? There is nothing to be ashamed of and there is little to fear, everyone has had to be a first-time buyer at some point. You’re not alone on this trip and you won’t be without help.

Here at Mortgage For Less our mortgage broker Toronto have assisted and serviced many first-time home buyers purchase their home.

Luckily in this beautiful country there are a variety of benefits to being a first-time home buyer. There are plenty of resources, like this website, and plenty of services to help guide you, like this brokerage and the people behind it. Best of all you’ll benefit from Canada’s various first-time home buyer programs.

First-Time Home Buyer Programs

First-time home buyer mortgage is no different than a home purchase mortgage, other than, in most cases, the mortgage being the buyer's first mortgage loan. A first-time home buyer, by status, is eligible for a variety of government programs, listed below, that help cover costs surrounding a home purchase.

First-time home buying can seem like a daunting journey, although many crucial steps we can help guide and advise. We can advise on a variety of mortgage products and help guide you through the home buying process as personal consultants.

Buy your home with 5% down payment

Through the Canadian Mortgage and Housing Corporation (CMHC) you can purchase a home with 5% down-payment.

The only requirements are:

  • your home purchase price be no more than $500,000
  • you insure your mortgage through CMHC
  • your property must be located in Canada

More than $500,000?

If your home purchase price is more than $500,000 you can purchase your home with a 5% down-payment on the first $500,000 combined with a 10% down-payment on the excess amount between $500,000 and $1,000,000.

More than $1,000,000?

If you are purchasing a home  over $1MM,  you will require a minimum 20%  down-payment.

CMHC Insurance Premiums

  • 5% – 9.99% down-payment = 4.0% of the mortgage amount will be added to your mortgage principal
  • 10% – 14.99% down-payment = 3.1% of the mortgage amount will be added to your mortgage principal
  • 15% – 19.99% down-payment = 2.8% of the mortgage amount will be added to your mortgage principal
  • Any home over $1,000,000 requires a minimum 20% down. In this case no mortgage insurance is required

For more information click the following link: CMHC Homeowner Mortgage Loan Insurance

Borrow you down payment from your RRSP

Traditionally any amount of money that you withdraw from your Registered Retirement Savings Plan (RRSP) is considered taxable income.

The RRSP Home Buyers’ Plan allows you, as a first-time home buyer, to make a tax-free withdrawal (up to $25,000) from your RRSP to use towards the down payment on your home. If applicable, your spouse or common law partner may also withdraw up to $25,000 for a total combination of $50,000.

IMPORTANT NOTE: Any funds borrowed from your RRSP is required to be repaid. The repayment must begin 2 years after your purchase and must be repaid within 15 years.

This is a Canada wide program supported by the Canadian Government.

Do you qualify to borrow your down payment from your RRSP?

  • You must meet the Canada Mortgage and Housing Corporation (CMHC) First-Home Buyers’ Program definitions
  • Your property must be located in Canada and be your principal residence
  • A T1036 application is required to be completed and taken to the institution that holds your RRSP.
  • Your RRSP must be established for at least 90 days before closing the housing transaction

Take advantage of the Land Transfer Tax Rebate for First-Time Home Buyers’

This refund is available to you if you’re buying a home in Ontario, British Columbia and Prince Edward Island. The City of Toronto also has its own land transfer tax rebate that you may receive in combination with Ontario’s rebate. Depending on where you live will determine how much you will recover from your Land Transfer Tax (LTT).

Here’s how the Land Transfer Tax Refund works in Toronto, Ontario and British Columbia:

LTT Rebate



British Columbia

Max Rebate




Covers LTT on home value of:




Partial refund available?

50% refund if spouse doesn't qualify

50% refund if spouse doesn't qualify

50% refund if spouse doesn't qualify

(For B.C. only) Partial refund for homes valued between $500,001 – $525,000, see following link for detailed chart.

For a detailed government definition of each province’s land transfer tax rebate follow the appropriate links below:

Do you qualify for a Land Transfer Tax Rebate?

  • Be at least 18 years or older;
  • Be a Canadian citizen or permanent resident of Canada.
  • Occupy the home within 9 months of the date of transfer.
  • Cannot have owned a home or had ownership interest in a home, anywhere in the world.
  • Your spouse cannot have owned a home or had ownership interest in a home, anywhere in the world, while being your spouse, but they may be a previous home owner. In the case that they were a previous homeowner, this may affect how much you receive.
  • You must apply for the refund within 18 months of purchase.
  • For B.C. only) must have lived in B.C. for 12 consecutive months before the property is registered, or you have filed 2 income taxes in BC in the past six years.

Utilize the First-Time Home Buyers' Tax Credit

A nearly decade old program implemented by the Federal government, it allows first-time home buying Canadians to receive a tax rebate. It helps recover the costs surrounding a home purchase such as:

  • Land Transfer Tax
  • Legal Fees
  • Home Inspection
  • Appraisal

The tax credit will currently help you recover 15% of your closing costs, up to a max of $750.

Do you qualify for a First-Time Home Buyers' Tax Credit?

In order to be eligible for the tax credit you must meet the following requirements:

  • Be a first-time home buyer (obviously) or have not resided within an owned property within four-years, including your spouse’s home.
  • Purchasing a new or existing home (of any type: detached, semi-detached, townhouse, condo, mobile or floating home) within Canada.
  • Have the intention to live in the home within one year of purchase.
  • The home must be registered in your name and, if applicable, your spouse’s name.
  • Have documented proof of your purchase.

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.

For more information follow the link to the government website, First-Time Home Buyers’ Tax Credit (HBTC)

Use the GST/HST New House Rebate, if applicable

Though this is not a rebate exclusive to first-time home buyers, we recommend that you take advantage of it if you’re purchasing a newly built home.

This rebate helps Canadian who paid GST or HST on their new home, renovating an existing home or rebuilding a home due to loss by fire. Canadians who qualify can receive a rebate on the GST they paid on their new home.

In Ontario you can receive a rebate on the HST you paid to renovate an existing home or the purchase of a new home.

Do you qualify for a GST/HST New House Rebate?

In order to be eligible for the GST/HST New House Rebate  you must meet the following requirements:

  • Your home is built in Canada
  • Your home must be your primary residence

For more information follow the link to the government website, GST/HST new housing rebate.

Required documents for a First-Time Home Buyer Mortgage


Why is it required?

Important things to note

Income Verification

Why is it required?

Important things to note

Proof of Down Payment

Why is it required?

Important things to note

MLS Listing

Why is it required?

Important things to note

Property Appraisal

Why is it required?

Important things to note

Signed Purchase and Sale Agreement

Why is it required?

Important things to note

Void Cheque

Why is it required?

Important things to note


If you're self-employed we can help get you mortgage financing.

Have a question?

Feel free to send us an email with any questions you may have about the required documents for a first-time home buyer mortgage.

We'd be happy to help!

How to get started with a mortgage

Read our mortgage guides

We have a variety of useful guides that are essential and helpful for all your mortgage needs and questions. We cover everything from basic mortgage concepts to the functions and components of a mortgage to in-depth mortgage guides and strategies.

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Determine what you can afford

We have a few excellent options to determine what you can afford to borrow. We offer an easy to use Mortgage Qualifier Calculator. Simply input the required information and let our calculator give you an idea of how much you can afford to borrow.

If you want to get the most accurate idea of how much you can afford to borrow, contact us or fill out our online mortgage pre-approval form.

Get pre-approved

To determine what you can afford get a mortgage pre-approval. Along with qualifying you for a mortgage amount, a pre-approval will also lock in an interest rate for 120 days.

Decide on a mortgage loan

There are a variety of mortgage types and purposes. Deciding on the best mortgage for you is essential to getting the most logical loan for your financial needs, goals and future.

If you don't know what you want or need in a mortgage, we can assess your finances and  in consideration of your financial needs and goals, we'll provide the best mortgage and rate for you.

Contact us for advice

We can assess your situation and advise on a mortgage product that will meet your financial goals and needs into the future.

Contact us for mortgage consultation

We can be contacted by phone, email or directly through our website. We do consultations through email, phone and meetings. To begin a consultation fill out a form pertaining to your mortgage needs.

We've been helping Canadians obtain financing at the best terms and rate for 30 years and we'd be happy to help you get the best mortgage.

Fill out an online form

We have a variety of forms and applications at your disposal. We do everything from mortgage applications to mortgage assessments to helping to improve credit ratings.

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Fill out our online mortgage application

We assess your financial information

We chat about your mortgage financing options

We collect your required documents

We shop for your best mortgage and rate

We submit your application to a lender

You get approved for mortgage financing

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A summary of our mortgage service

We navigate the mortgage market for you. As professionals we shop for you and in doing so we provide proficient service and advice.

Nick and his staff were very efficient and helpful. Nick in my opinion went above and beyond what was required in arranging my new mortgage.  This has been my experience over the past 25 years when dealing with Mortgage for Less and Nick specifically.

Steven Hensman

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Nick Mitskopoulos was professional, trustworthy, efficient and proactive. His expertise as a broker was evident from the moment we met him. We had encountered 2 other brokers before but we decided to go with Nick because of his professionalism and sense of ethics. He was also patient and answered our numerous questions. We definitely recommend him as a mortgage broker. Keep up the good work Nick!

Sylvie Leung

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At no cost to you, we work on your behalf with your best interests in mind, until the mortgage transaction is closed and you are funded.

We asses your situation, advise on a mortgage product, find your best rate and provide you with options to customize your mortgage.

Nick was great to deal with. Professional, knowledgeable, polite and quick to answer any questions we had. Throughout the process from mortgage pre approval all the way through to closing day he stayed in touch making sure we had all the information necessary.
Would highly recommend Nick.

David Lowcock

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I have used Mortage For Less for all my mortgages since purchasing my first home nearly 15 years ago. From our first experience Nick has always been amazing at providing advice and negotiating great deals, and we have been a loyal customers ever since. Nick also jumped in quickly to help us work out a line of credit through our mortgage when we inquired a few years ago, and he provides interesting updates on the market. I plan on sticking with Nick for as long as I own a home.

Rob Taniwa

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We consider your financial needs and goals to provide a proficient service of strategic mortgage customization.

We provide advice before and after a mortgage. We're dedicated to answering and advising on all your mortgage inquiries.

What a pleasure it is to do business with Nick. I have used Nick as my mortgage broker several times now and wouldn't think of using anyone else. He is knowledgeable, professional and always timely on any questions or inquires I have. He makes you feel like you are a special customer through the entire process. Nick thanks again for all you expertise and making this a smooth transaction.

Much appreciated !

Danny Phillips

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It's always been a pleasure to work with you. Everything was made very easy for us even though you are in a different province. I believe I always got a great rate without me having to negotiate with several different banks. All the work was done for me. Thank you.

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We provide a continued service of advice to strategically save tens of thousands over the life of a mortgage.

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