Yes. The federal government offers several programs to help you get into the market sooner. The First Home Savings Account (FHSA) lets you save up to $40,000 tax-free toward your first home. You can also withdraw up to $60,000 from your RRSP through the Home Buyers' Plan (HBP) without paying tax at the time of withdrawal. Ontario also offers a Land Transfer Tax Refund of up to $4,000 for eligible first-time buyers.
As of December 15, 2024, the federal government also raised the insured mortgage cap from $1 million to $1.5 million, meaning you can now purchase a higher-priced home with less than 20% down. On top of that, 30-year amortization periods are now available for all first-time buyers with insured mortgages, as well as anyone purchasing a newly built home. This lowers your monthly payments and can make it easier to qualify.
During our consultation, we will review which incentives apply to your situation.