First-Time Home Buyers
There’s no place like your (first) home.
Dream of owning? We dream of helping you get there — with your best rate, better mortgage, and simple, stress-free process.
Finding The Right Home Purchase Mortgage Makes All the Difference
1000+
Number of families helped
$500M+
Total mortgage value funded
$55K+
Average savings found for clients
Feeling Trapped in Today's Housing Market? Does homeownership feel out of reach for you in 2025?
You're not alone!
Canadian renters are facing the toughest housing market in decades. Rents have skyrocketed to record highs, with the average one-bedroom apartment now costing over $2,000 per month in major cities. Meanwhile, rising interest rates and inflation keep pushing the dream of homeownership further away
The frustration builds as your rent payments continue to build someone else’s wealth. Every month, thousands of dollars that could be going toward your own home equity disappear into your landlord’s pocket. And with property values climbing, it feels like you’re falling further behind with each passing day.
But there's a better way.
At Dove Mortgages, we’ve developed strategies specifically for today’s challenging market. Our team has helped thousands of Canadians just like you overcome these exact obstacles. We combine government programs, specialized lender products, and proven savings strategies to create a clear path to homeownership.
Imagine knowing exactly how to navigate rising interest rates. Picture yourself with a concrete plan that turns your rent payments into mortgage payments. See yourself holding the keys to your own home, building equity instead of paying someone else’s mortgage.
The path to homeownership starts with choosing the right program for your situation.
A Guide to Canada's First-Time Home Buyer Incentives
Canada is committed to making homeownership a reality for first-time buyers through various powerful incentives. In this guide, we’ll discuss essential programs that can significantly reduce your costs and propel you toward achieving your dream of owning a home. Don’t miss out on these valuable opportunities to turn your homeownership aspirations into a reality!
Access Your RRSP for a Home Down Payment
The Home Buyers’ Plan (HBP) is an important program for first-time home buyers in Canada. It allows you to use your existing RRSP savings to help purchase your first home.
Here's how it works:
1
Tax-Free Withdrawal
You can withdraw up to $35,000 (or $70,000 for couples who are both first-time buyers) from your RRSP without incurring immediate tax penalties.
2
Increase Your Down Payment
Put more money down and avoid mortgage default insurance (required if your down payment is less than 20%) and qualify for a lower interest rate.
3
Repayment Over 15 Years
You have 15 years to repay the withdrawn funds to your RRSP, starting two years after the withdrawal.
4
Eligibility
To qualify for the HBP, you must be a first-time home buyer, and your funds must be in your RRSP account for at least 90 days.
Is the HBP Right for You?
The HBP can be a great option, but it's not for everyone. You need to consider the pros and cons of using the program. At Dove Mortgages, we can help you determine if the HBP is a good fit for you and consider other options.
Ready to Learn More and Get Started?
Get Personalized Advice
For a detailed explanation of each program, including eligibility details and repayment plans, visit our dedicated page.
Contact us today for a free consultation. We’ll help you understand the Home Buyers’ Plan and other first-time home buyer programs available in Canada, and help you find the program that is right for you.
First Home Savings Account (FHSA): Turbocharge Your Down Payment Savings
Saving for your first home’s down payment, but with a major boost from the government. That’s the power of the First Home Savings Account (FHSA). It’s like a supercharged savings account specifically designed to help Canadians buy their first home faster.
Contribute up to $8,000 per year (lifetime limit of $40,000).
Your contributions are tax-deductible, just like an RRSP! That means you could get a nice tax refund each year you contribute.
Withdrawals are completely tax-free when used to buy your first home, including any investment growth! This is a huge advantage compared to using an RRSP.
Carry forward unused contribution room to the following year, up to a maximum of $8,000.
Why Choose an FHSA?
Tax-Free Everything
Your savings grow tax-free, and withdrawals for your first home are also tax-free – a unique advantage!
Bigger Tax Refunds
Deductible contributions lower your taxable income, potentially increasing your tax refund each year.
Faster Savings Growth
These combined tax benefits help your down payment grow much faster than in regular savings accounts.
Beyond the FHSA: Your Complete Home-Buying Plan
The FHSA is a great starting point, but it’s just one part of your first home purchase. You’ll also need to understand mortgages, down payments, and other programs. That’s where we come in! We provide expert guidance on your entire home-buying process.
Here's how we can help:
Personalized mortgage advice
Customized solutions for your specific needs and financial situation.
Consider all first-time home buyer programs and incentives available
We help you maximize available savings.
Develop a comprehensive financial plan
Creating a roadmap for your entire home purchase, from saving to closing.
We help you make smart choices at every step so you have a smooth and successful experience buying your dream home.
Save Money with First-Time Home Buyer Credits
As a first-time home buyer in Ontario, you may qualify for valuable tax credits and rebates that can save you thousands of dollars! Here are the top programs to consider:
1
First-Time Home Buyers' Tax Credit (HBTC)
- The federal government offers the Home Buyers’ Tax Credit (HBTC) which is a non-refundable tax credit that can help offset closing costs associated with your first home purchase.
- For the tax year 2024, this credit can provide tax relief of up to $1,500.
2
Land Transfer Tax (LTT) Rebates
- When you buy a property in Ontario, you pay a Land Transfer Tax (LTT). Fortunately, Ontario and the City of Toronto offer rebates to help first-time buyers lower this cost.
- Ontario: You could get a refund of up to $4,000 of the provincial LTT.
- Toronto: In addition to the provincial rebate, Toronto offers a municipal LTT rebate of up to $4,475.
- Eligibility and rebate amounts vary, so it’s important to check the specific rules.
3
GST/HST New Housing Rebate
- If you’re purchasing a newly built or substantially renovated home, you can claim a rebate on a portion of the GST or HST paid.
- The amount of the rebate depends on the purchase price of your home.
Why Choose Dove Mortgages
Expert guidance through every step
Access to exclusive first-time buyer programs
Better rates through our lender network
Free personalized consultation
Client Testimonials Google Review
Ready to Make Your Dream Home a Reality?
FAQ
How much can I afford?
Several factors determine how much you can afford, including your income, down payment, existing debts, and credit score. Our [Mortgage Affordability Calculator](Link to calculator) provides a quick estimate based on these factors. For a more precise and personalized assessment, [Get Pre-Approved](Link to pre-approval form). This will give you a clear picture of your budget and help you house hunt with confidence.
What's the minimum down payment needed in Canada?
The minimum down payment depends on the home’s purchase price:
- Under $500,000: 5% down payment is required.
- $500,000 to $1.5 million: You’ll need 5% of the first $500,000 and 10% on any amount over that, up to $1.5 million.
- Over $1.5 million: A minimum 20% down payment is required.
What is mortgage default insurance?
Mortgage default insurance protects your lender if you’re unable to make your mortgage payments. It’s mandatory in Canada if your down payment is less than 20% of the home’s purchase price. The premium, a percentage of your total mortgage, is typically added to your mortgage payments.If you provide us with all the required supporting documents, our experts will pre-approve you in 24 hours.
Should I choose a fixed or variable interest rate?
- Fixed-Rate Mortgage: Your interest rate remains the same throughout your mortgage term (e.g., 5 years). This provides predictable and stable monthly payments, making budgeting easier.
- Variable-Rate Mortgage: Your interest rate can fluctuate along with the prime lending rate. This means your payments could go up or down. Variable rates often start lower than fixed rates.
What documents will I generally need for a mortgage application?
While specific requirements may vary, here are some common documents:
- Identification: Government-issued photo ID (driver’s license or passport).
- Proof of Income: Recent pay stubs, a letter of employment, or T4 slips. Self- employed individuals may need to provide Notices of Assessment (NOAs) and business financials.
- Proof of Down Payment: Bank statements showing the source of your down payment.
- Credit Report: We can help you obtain this.
What are closing costs?
Closing costs are fees associated with finalizing your home purchase, paid on closing day. They typically include:
- Legal Fees: For your real estate lawyer’s services.
- Land Transfer Tax: A provincial tax (and municipal, in some cities) based on the purchase price.
- Title Insurance: Protects against title defects.
Are there any programs for first-time home buyers in Canada?
Yes, several programs can help you save money or access funds, including:
- Home Buyers’ Plan (HBP): Withdraw from your RRSP for your down payment.
- First-Time Home Buyer Incentive: A shared-equity program with the government.
- First Time Home Buyer Tax Credit
- GST/HST New Housing Rebate: A rebate on some of the GST/HST paid.
Why should I use a mortgage broker?
A mortgage broker works independently and has access to mortgage products from a variety of lenders, including banks, credit unions, and trust companies. They can shop around on your behalf to find the best mortgage rate and terms for your specific situation. Mortgage brokers are paid a commission by the lender.
