Are there provincial programs to help first-time home buyers in Ontario?

Ontario offers several programs specifically for first-time home buyers. The most widely used is the Ontario Land Transfer Tax Rebate of up to $4,000, which reduces the land transfer tax owed at closing. Buyers in Toronto also benefit from the City of Toronto's municipal land transfer tax rebate of up to $4,475.

Beyond tax rebates, the province has at various times offered assistance through shared-equity programs and affordable-homeownership initiatives in partnership with municipalities. Availability and eligibility for these programs change, so it is worth checking with Ontario's Ministry of Municipal Affairs and Housing, or with a local housing resource, for current offerings when you are ready to purchase.

Federal programs — the First Home Savings Account (FHSA), the Home Buyers' Plan under the RRSP, and the federal First-Time Home Buyer Incentive (which has changed over time) — stack with provincial supports. A mortgage broker or financial adviser can map out which programs you are eligible for based on your income, savings, and purchase price.