Your first home. Without the first-time-buyer stress.
Every Canadian first-time buyer program, stacked: 5% down, tax-free FHSA savings, your RRSP Home Buyers' Plan, and the Ontario + Toronto land transfer tax rebates. One advisor, start to finish.
Canada-wide5% down paymentTax-free FHSA savingsRRSP Home Buyers' Plan30-year amortizationLand transfer tax rebateCMHC-insuredFederal stress test
The hardest part of buying your first home isn’t finding it — it’s the maze: stress test, FHSA, HBP, land transfer rebates, CMHC premiums, qualifying rate vs contract rate. Most banks walk you through one of those. We walk you through all of them, stack the rebates, and make sure you never overpay on a programme you didn’t know existed.
From your first conversation to closing day, we layer every Canadian first-time buyer programme you qualify for: FHSA, RRSP Home Buyers’ Plan, Ontario + Toronto FTHB land transfer rebates, CMHC-insured pricing at 5% down. Same advisor end-to-end. We’ll model the math at the stress-test rate before you ever make an offer — so the only surprise on closing day is how fast it happened.
What you get
Why Canadians choose Mortgage Squad Advisors.
Pre-approval in as little as 24 hours, no bureau pull to begin
120-day rate hold — lock today, find the home later
Down payment from 5% on insured purchases (CMHC, Sagen, Canada Guaranty)
FHSA + RRSP HBP stacked — up to $100K tax-advantaged down payment per spouse
Ontario + Toronto FTHB land transfer tax rebates handled (up to $8,475 combined)
30-year amortization for first-time buyers — the federal reform that replaced the discontinued FTHBI
Stress test simulation before you offer — qualify at contract rate +2% or 5.25%
100+ lender network — the lender most lenient on YOUR income story
Multilingual advisors: English, Punjabi, Mandarin, Cantonese, Arabic, French + more
Maya AI available 24/7 between human touchpoints
Instant check · no credit pull
Are you down-payment ready?
Check the minimum down for your price, then we'll line up FHSA, RRSP HBP and first-time programs.
$40,000
Minimum down required
Yes — within reach
You're ready?
FHSA + RRSP HBP + first-time rebates
Boosters
Estimates only — a licensed advisor confirms your file. FSRA #13737.
5-minute intake, soft credit only. We confirm your stress-tested maximum, lock today’s rate, map your down-payment stack (FHSA, HBP, gifted funds, savings).
2
House hunt with confidence
Search inside your real budget, not the inflated bank one. Your advisor is on speed-dial when an offer goes in and conditions need to clear in 48 hours.
3
Close — and start tracking
Lawyer-ready package, condition coordination, lender follow-through. After funding, the in-app tracker shows your equity grow and pings you 120 days before renewal.
FHSA vs. RRSP Home Buyers' Plan vs. the discontinued FTHBI
Two of these are live and stack with each other. The third is gone — and is still the most common thing first-time buyers ask us about, because it is still all over the internet.
Canadian first-time home buyer programs compared by contribution or withdrawal limit, tax treatment, repayment obligation, and current availability.
Program
Limit
Tax treatment
Repayment
Status
FHSA — First Home Savings Account
$8,000/year, $40,000 lifetime, per person
Deductible going in, tax-free coming out — the only Canadian account that does bothCRA
None
Live — open one in any tax year you are a Canadian resident
RRSP Home Buyers' Plan (HBP)
$60,000 withdrawal, per person
Deductible going in; the withdrawal itself is tax-freeCRA
Repaid to your RRSP over 15 years
Live — and it stacks with the FHSA
First-Time Home Buyer Incentive (FTHBI)
Was 5% or 10% of the purchase price, as government shared equity
Not a tax program — the government took a stake in the home
Repaid at 25 years or on sale, indexed to the home's value
Discontinued — closed to applications March 21, 2024; no approvals after March 31, 2024CMHC
30-year amortization (first-time buyers)
Insured purchases up to a $1.5M price cap
Not a tax program — lowers the monthly payment, raises total interest
Both the FHSA and the HBP are individual accounts, so two spouses can each use both. Nothing replaced the FTHBI one-for-one; the 30-year amortization and the $1.5M insured cap are the reforms that landed in its place. We model the optimal order to draw on your accounts before you withdraw a dollar.
Where Canadian first-time buyers actually stand in 2026
Saving the down payment is the long part, and it is getting longer. CMHC's 2026 Mortgage Consumer Survey — fielded in January 2026 with more than 4,100 Canadians — found buyers took an average of 4.4 years to save a down payment, up from 3.4 years in 2025, and that first-time buyers rented for 7.6 years on average before purchasing, up from 6.3 yearsCMHC. Family help is common but not universal: 27% of first-time buyers received a gift, down from 34%, with a median gift of $30,000CMHC.
The practical reading of those numbers: the gap between renting and owning is closing more slowly than the price of waiting, and the buyers who close it fastest are the ones using the tax-advantaged accounts from the first year they are eligible rather than the last. That is what the table above is for — and it is why we model the FHSA and HBP sequence at pre-approval, not at closing.
How do I stack the FHSA and the RRSP Home Buyers’ Plan?
These two accounts are the backbone of a tax-smart down payment, and they stack — you do not have to choose. The First Home Savings Account lets you contribute up to $8,000 per year to a $40,000 lifetime maximum. Contributions are deductible against your income like an RRSP, and qualifying withdrawals come out completely tax-free like a TFSA. That dual benefit is unique to the FHSA.
The RRSP Home Buyers’ Plan lets you withdraw up to $60,000 from your RRSP for a first home, repaid interest-free over 15 years. A common move is to contribute to your RRSP, claim the deduction, then withdraw it through the HBP — effectively a deductible top-up to your down payment.
Because both accounts are individual, two spouses can each max out both. Sequencing matters for taxes and repayment, so we model your exact order before you withdraw a dollar. Get pre-approved and we will map your stack.
How much down payment do I actually need in Canada?
The federal minimums are tiered by purchase price. You need 5% on the first $500,000, then 10% on the portion between $500,000 and $1.5 million, and 20% on any amount above $1.5 million. On a $700,000 home that math is 5% of $500,000 plus 10% of $200,000 — $45,000, not a flat 5%.
Anything under 20% down is a high-ratio purchase and legally requires default insurance through CMHC, Sagen, or Canada Guaranty. The premium is a percentage of the loan, financed into your mortgage rather than paid up front. It is not a fee for nothing: it is what unlocks 5%-down access and the sharpest insured rates on the market.
We price your file across all three insurers and both insured and uninsured structures, because the lowest rate is not always the lowest lifetime cost. Run the numbers first with our CMHC premium calculator.
What does the stress test mean for what I can afford?
Every federally regulated lender must qualify you at the greater of your contract rate plus 2%, or 5.25% — whichever is higher. So if your offered rate is 4.39%, you are not approved on 4.39%; you are tested as though you were paying 6.39%. That qualifying rate, not your real rate, sets your maximum mortgage.
This is why the bank’s pre-approval number and your real comfortable payment can diverge. Lenders also apply debt-service caps — broadly a GDS around 39% and TDS around 44% of gross income at that qualifying rate. Those two ceilings, not your gut feel, decide the file.
We simulate your file at the qualifying rate before you ever write an offer, so you shop inside a number that will actually fund. Some credit unions and provincial lenders are not bound by the federal test — when it helps your story, we shop those too. Try our stress test calculator first.
What are the full first-time costs beyond the down payment?
First-timers are most often blindsided by the gap between the down payment and the true cash-to-close. Plan for the whole stack. If you put under 20% down, the default insurance premium is added to your loan (and in some provinces the premium is subject to provincial sales tax payable at closing).
Next is land transfer tax. In Ontario you pay provincial LTT, and inside Toronto a second municipal LTT on top. The good news: as a first-time buyer you can claim the Ontario rebate (up to $4,000)Ontario and the Toronto rebate (up to $4,475)Toronto, which together can erase the tax on a modestly priced home. Where you buy changes that bill: outside the City of Toronto boundary there is no municipal LTT at all, so a first-time buyer in a Halton market such as Burlington pays the provincial tax only, and the $4,000 rebate covers a proportionally larger share of it. A mortgage broker in Burlington can price the whole closing stack against local values before you write an offer. We handle the rebate paperwork so nothing is left on the table.
Then come closing costs — legal fees, title insurance, a home inspection, appraisal, and adjustments for prepaid property tax. Budget roughly 1.5% to 4% of the price. Model your provincial bill with our land transfer tax calculator.
Insured vs uninsured — and why does a broker beat the branch?
Your file usually runs one of two paths. Insured (under 20% down) carries a premium but typically earns the lowest available rates because the lender’s risk is covered. Uninsured (20%+ down, no insurance) frees you from the premium but often prices slightly higher and can face a tighter qualifying standard. Neither is universally better — the right path depends on your price point, amortization, and how long you will hold the mortgage.
A branch can only offer you that one bank’s products and that one bank’s answer to your income story. We are an FSRA-licensed brokerage (#13737) with access to 100+ lenders, so we place your file with the lender most lenient on your specific situation — newcomer income, self-employment, gifted funds, thin credit. Buying your first home in a regulated profession? There are dedicated programs that qualify you on projected or contract income: see the doctor mortgage, the dentist mortgage, or — if you are still in training — the resident & new-grad program that approves you on your signed contract.
There is no fee to you on standard A-lender files; the lender pays us, and any fee on a specialized file is disclosed in writing before you commit. We advise in 50+ languages, so nothing about your biggest purchase gets lost in translation. Start your pre-approval free.
“We were turned away by two banks and honestly thought homeownership wasn't going to happen for us. The team walked us through FHSA, RRSP HBP, and the first-time-buyer rebates, found us a lender, and locked in a great rate. We got our keys three weeks later. They explained everything in Punjabi — that mattered.”
— Simran & Harjot P., First-time buyers, Brampton ON — 5% down, 21 days to keys
“First condo purchase in downtown Toronto. The FHSA + RRSP HBP stacking strategy saved us about $4,500 in taxes on top of the down payment. The Toronto MLTT rebate covered most of our closing costs. Smooth file from pre-approval to keys.”
— Alex M., First-time buyer, Toronto ON — $4,500 saved via the FHSA stack
“We bought a duplex as our first home — live upstairs, rent downstairs. The team structured it as owner-occupied with 10% down (insured) and the rental income from the basement unit covered most of the mortgage. House-hack done right.”
— Tony K., First-time buyer, Vaughan ON — duplex, 10% down, rental income counted
“I'd been pre-approved by my bank but the rate they quoted didn't match what I was seeing online. Mortgage Squad Advisors got me 35 bps lower with a different lender — about $11,700 over the 5-year term on a $700K mortgage, and roughly $40,000 if I hold the same pace to the end of the amortization. Wish I'd called them first instead of last.”
— Priya R., First-time buyer, Mississauga ON — 35 bps below the bank's offer
Names and identifying details are anonymized to protect client privacy. Each quote reflects a real type of file we have funded; figures are typical results for that kind of file, not a guarantee of your outcome.
Don’t see yours? Ask Maya — instant answer, any time.
How much down payment do I need as a first-time buyer in Canada?
Minimums: 5% on the first $500,000 of purchase price, 10% on the portion from $500,000 to $1.5M, and 20% above $1.5M. Below 20% means a CMHC, Sagen, or Canada Guaranty premium financed into the mortgage. We model both insured and uninsured paths for every file — sometimes the insured option saves more in lifetime interest than 20% would.
Is the First-Time Home Buyer Incentive still available?
No. The federal First-Time Home Buyer Incentive — the shared-equity program where the government took a 5% or 10% stake in your home — was discontinued. CMHC stopped accepting new and resubmitted applications at midnight on March 21, 2024 and granted no new approvals after March 31, 2024. Nothing replaced it one-for-one. What did change in first-time buyers’ favour since: the FHSA (introduced 2023), and, effective December 15, 2024, 30-year insured amortizations for all first-time buyers plus an insured price cap of $1.5 million. Existing FTHBI holders keep their agreements and still repay on sale or at 25 years.
What is the FHSA and should I use it?
The First Home Savings Account is the most powerful first-time-buyer programme Canada has introduced in a generation. Contribute up to $8,000/year (max $40,000 lifetime), get a tax deduction like an RRSP, and withdraw tax-free for a qualifying first home like a TFSA. For most first-time buyers in their working years it’s the single best down-payment vehicle.
Can I combine the FHSA with the RRSP Home Buyers' Plan?
Yes — they stack. The HBP allows you to withdraw up to $60,000 from your RRSP for a first home, repaid over 15 years tax-free. Two spouses can each use both, so the household can pull up to $200,000 of tax-advantaged down payment. We’ll model the optimal sequence (which account to deplete first) for your tax situation.
What is the Canadian stress test?
Every federally regulated lender qualifies you at the greater of your contract rate + 2% or 5.25%. So a 4.39% offered rate qualifies you at 6.39%. We model your file at the qualifying rate before you commit. Some credit unions and provincial lenders qualify at contract rate — we shop both paths.
How long does a pre-approval and rate hold last?
Most lenders hold rates for 90 to 120 days. If rates drop while you're house-hunting we re-shop and capture the lower rate. If rates rise, your hold protects you. Pre-approvals can be re-issued if you go beyond the window.
Will pre-approval hurt my credit?
Pre-qualification with us is a soft inquiry — no credit hit. A formal pre-approval is one hard pull and stays on your bureau for six months but only impacts your score by ~5 points. Multiple mortgage hard pulls within 14 days are bundled by the bureaus, so you can shop without penalty.
Pre-qualified vs. pre-approved — what's the difference?
Pre-qualified = an estimate based on what you tell us — useful to know your range. Pre-approved = a lender has reviewed your file (credit + documents) and committed in writing (subject to property). Real-estate agents and sellers take pre-approvals seriously; pre-qualifications less so.
What if I'm self-employed or new to Canada?
We have specialized lenders and programs for both. Self-employed files use BFS programs, T1-general averaging, or stated-income paths. Newcomers can use major-bank Newcomer programs that accept international employment letters and require no Canadian credit history. See /self-employed-mortgage and /new-to-canada-mortgage.
What's the difference between insured, insurable, and conventional mortgages?
Insured = under 20% down, premium paid by you, financed into the loan; typically lowest rates. Insurable = 20%+ down but the lender insures themselves to lower their cost of capital — they pass some savings to you. Conventional = 20%+ down with no insurance; lender absorbs all credit risk; rates may be slightly higher than insurable. Your advisor checks all three.
How much can I afford on my income?
Run our affordability calculator for an instant Canadian-correct estimate. Quick rule of thumb: 4-5× household income for insured purchases at current rates. But the real answer is GDS ≤ 39% and TDS ≤ 44% at the qualifying rate. Stress test calculator at /mortgage-stress-test-calculator gives the binding number.
Figures on this page are sourced below and re-checked each quarter. Rates, insurer rules and lender policies change — confirm anything you plan to act on with a licensed advisor.
1.Canada Mortgage and Housing Corporation (CMHC), 2026 Mortgage Consumer Survey Results(Surveyed January 2026 · accessed August 2026) — Buyers took an average of 4.4 years to save a down payment (up from 3.4 in 2025); first-time buyers rented 7.6 years on average before purchasing (up from 6.3); 27% of first-time buyers received a gift (down from 34%), median $30,000. Survey of 4,100+ Canadians fielded January 2026.
2.Canada Mortgage and Housing Corporation (CMHC), First-Time Home Buyer Incentive(Accessed August 2026) — The First-Time Home Buyer Incentive is no longer accepting applications: the deadline for new and resubmitted applications was midnight EST on March 21, 2024, and no new approvals were granted after March 31, 2024.
4.Canada Revenue Agency, First Home Savings Account (FHSA)(Accessed August 2026) — FHSA contributions are deductible up to $8,000 per year to a $40,000 lifetime limit, and qualifying withdrawals for a first home are non-taxable — the account is both deductible on the way in and tax-free on the way out.
5.Canada Revenue Agency, What is the Home Buyers' Plan (HBP)?(Accessed August 2026) — The Home Buyers' Plan allows a withdrawal of up to $60,000 from an RRSP to buy or build a qualifying first home, repayable to the RRSP over 15 years.
6.Government of Ontario, Land Transfer Tax Refunds for First-Time Homebuyers(Accessed August 2026) — Ontario refunds provincial land transfer tax to eligible first-time homebuyers up to a maximum of $4,000.
7.City of Toronto, Municipal Land Transfer Tax (MLTT) Rebate Opportunities(Accessed August 2026) — The City of Toronto rebates municipal land transfer tax to eligible first-time purchasers up to a maximum of $4,475, separately from and in addition to the Ontario provincial refund.
Ready when you are.
No obligation and no credit check to start. Maya answers right away, and a licensed advisor steps in whenever you'd like.
First-time buyer help by city
FHSA and the RRSP Home Buyers’ Plan work the same everywhere. What doesn’t is the number you need — the tiered minimum down payment against your local price band, the land transfer tax you’ll owe on closing, and how much of it the first-time-buyer rebate actually covers where you’re buying.
