First-time home buyer programs in Canada (2026)

The First Home Savings Account

Contributions of up to $8,000 a year and $40,000 in total are tax-deductible going in and tax-free coming out for a first home. Unused room carries forward, up to $8,000. It can be used together with the Home Buyers' Plan.

The Home Buyers' Plan

You can withdraw up to $60,000 from your RRSP (since April 16, 2024) to buy a first home, and repay it over 15 years. Withdrawals made between 2022 and 2025 start repaying after five years instead of two.

Taxes and rebates at closing

First-time buyers get up to $4,000 of Ontario land transfer tax back, up to $4,475 more in Toronto, and in British Columbia the first $500,000 is exempt on homes up to $835,000. On a newly built home, the federal first-time buyer GST rebate can cover the full 5% GST, up to $50,000, on homes up to $1 million, phasing out by $1.5 million.

There's also a federal tax credit, the Home Buyers' Amount, worth $1,400 for 2026.

A longer amortization

Since December 15, 2024, first-time buyers can take a 30-year amortization on an insured mortgage, lowering the payment. The premium is 0.20% higher.