Expert guidance on government programs, down payments, and finding your first home in Brant County without the stress.
You might be surprised to learn that “first-time buyer” doesn’t always mean you’ve never owned property. In Ontario, you’re considered a first-time home buyer if you meet these criteria:
Here’s some good news: If you previously owned a home but haven’t in the past four years, you may qualify again for certain programs like the Home Buyers’ Plan. And if you went through a divorce or separation, you might still be eligible even if you owned property during that relationship.
Not sure if you qualify? We can help you figure out which programs apply to your situation.
Ontario and Canada offer several programs to help first-time buyers get into the market. None of them will cover the full cost of a home, but they can reduce your upfront costs and save you thousands.
Save up to $40,000 tax-free
The First Home Savings Account combines the best features of an RRSP and TFSA. Your contributions are tax-deductible (like an RRSP), your investments grow tax-free, and withdrawals for your first home are completely tax-free (like a TFSA).
You can contribute up to $8,000 per year, with a lifetime maximum of $40,000. If you don’t max out your contribution room one year, you can carry forward up to $8,000 to the following year. The account stays open for 15 years or until you turn 71.
Pro tip: You can use both your FHSA and the Home Buyers’ Plan together. That means a couple could potentially access up to $200,000 tax-free for their down payment.
Withdraw up to $60,000 from your RRSP tax-free
The Home Buyers’ Plan lets you borrow from your own RRSP to help fund your down payment. The withdrawal is tax-free as long as you repay it over 15 years.
The limit was recently increased from $35,000 to $60,000 per person. For couples where both partners have RRSPs, that’s up to $120,000 you can access together.
You’ll start repaying the amount in the fifth year after your withdrawal (for withdrawals made between 2022-2025). Each year, you’ll need to repay at least 1/15th of what you borrowed. If you miss a payment, that amount gets added to your taxable income for the year.
Get up to $4,000 back on closing costs
When you buy a home in Ontario, you pay land transfer tax based on the purchase price. As a first-time buyer, you can get a rebate of up to $4,000 on this tax.
If your home costs $368,000 or less, you won’t pay any land transfer tax at all. For homes above that price, you’ll receive the full $4,000 rebate and pay the difference.
Example: For a $550,000 home in Brantford, the land transfer tax would normally be about $7,475. With the first-time buyer rebate, you’d pay only $3,475-a savings of $4,000.
Your real estate lawyer will help you claim this rebate at closing, or you can apply to the Ministry of Finance within 18 months of purchase.
Claim $1,500 on your tax return
This federal tax credit provides up to $1,500 to help offset closing costs like legal fees and inspections. You claim it when you file your taxes for the year you purchased your home.
The credit is based on a $10,000 “home buyers’ amount” at 15%. It’s non-refundable, meaning it reduces your taxes owing but won’t create a refund on its own. If you’re buying with a spouse, you can split the claim between you, but the total can’t exceed $10,000.
The minimum down payment in Canada depends on your home’s purchase price:
Under $500,000
$500,000 to $999,999
$1,500,000 and above
5% of purchase price
5% on first $500K + 10% on the rest
20% minimum
What does this mean for Brantford buyers? Let’s say you’re looking at a $550,000 home-fairly typical for Brant County. Your minimum down payment would be:
With less than 20% down, you’ll also need mortgage default insurance (sometimes called CMHC insurance), which protects the lender and adds to your closing costs.
Before you start browsing listings, get pre-approved for a mortgage. This tells you exactly what you can afford and shows sellers you’re a serious buyer. We can connect you with trusted mortgage brokers who specialize in first-time buyers.
We’ll sit down together to understand what you’re looking for. How many bedrooms? Do you need a garage? What neighbourhoods interest you? We’ll help you separate your “must-haves” from your “nice-to-haves” so we can focus your search.
We’ll schedule viewings for homes that match your criteria. As you tour, we’ll point out things you might miss-potential issues, renovation possibilities, and neighbourhood details that could affect your decision.
Found the one? We’ll help you craft a competitive offer that protects your interests. We’ll explain each condition, negotiate on your behalf, and guide you through any counter-offers.
Once your offer is accepted, you’ll have time to complete conditions like the home inspection and financing approval. We’ll coordinate with inspectors, your mortgage broker, and your lawyer to keep everything on track.
On closing day, your lawyer will handle the final paperwork and transfer of funds. Then it’s official-you’re a homeowner! We’ll hand over the keys and celebrate this milestone with you.
Wondering what actually happens when you buy a home? Here’s the process, step by step:
We’ve helped hundreds of first-time buyers find their way to homeownership. We understand the questions you have, the programs available to you, and the mistakes to avoid.
Buying your first home is a big decision. We’ll never rush you. Ask us anything, tour as many homes as you need, and take your time. We’re here to educate and support you, not pressure you into a sale.
From West Brant to Echo Place, Paris to Simcoe, we know every neighbourhood in Brant County. We’ll help you find the area that fits your lifestyle, commute, and budget.
We’ll connect you with mortgage brokers, home inspectors, and real estate lawyers we’ve worked with for years. You’ll have a team of professionals in your corner throughout the process.
We advocate for you at the negotiation table. Our goal is to get you the best price and terms possible, whether that’s a competitive market or a buyer’s market.
Tell us a bit about what you’re looking for, and we’ll reach out to help you take the first step-no obligation, just friendly guidance.
The minimum down payment in Canada is 5% for homes under $500,000. For homes between $500,000 and $999,999, you need 5% on the first $500,000 plus 10% on the remaining amount. Homes over $1.5 million require 20% down. For a typical $550,000 home in Brant County, the minimum would be about $30,000.
You’re considered a first-time buyer if you’ve never owned a home anywhere in the world, your spouse hasn’t owned a home while being your partner, you’re at least 18 years old, and you’re a Canadian citizen or permanent resident. If you owned a home previously but haven’t in the past four years, you may qualify again for certain programs.
The First-Time Home Buyers’ Tax Credit provides up to $1,500 to help offset closing costs. You claim it on your tax return for the year you purchased your home. It’s a non-refundable credit, meaning it reduces your taxes owing but won’t create a refund on its own.
Yes, through the Home Buyers’ Plan (HBP). You can withdraw up to $60,000 from your RRSP tax-free to use toward your down payment. If you’re buying with a partner, you can each withdraw $60,000 for a total of $120,000. You have 15 years to repay the amount back into your RRSP.
You have 15 years to repay the amount you withdrew from your RRSP. For withdrawals made between 2022 and 2025, you don’t need to start repaying until the fifth year after your withdrawal. Each year, you must repay at least 1/15th of the total. If you miss a payment, that amount is added to your taxable income for the year.
Yes, in some cases. If you previously owned a home but haven’t owned one (and neither has your spouse) in the past four years, you can qualify as a first-time buyer again for programs like the Home Buyers’ Plan. However, the Ontario Land Transfer Tax rebate can only be claimed once in your lifetime.
A complete breakdown of down payment requirements and strategies to save faster.
What it is, when you need it, and how much it costs.
What you need to know about tax exemptions and when capital gains apply.
Start exploring listings in Brantford and Brant County.
From Paris to Simcoe, our team knows every neighbourhood and can help you find the perfect first home within your budget. Let’s start with a free, no-pressure consultation to answer your questions and map out your path to homeownership.
