Ontario mortgage help

First-time home buyer guide for Ontario

Build the purchase budget before shopping: down payment, mortgage insurance, land transfer tax, closing costs, monthly ownership costs, and a cash reserve all matter.

Reviewed August 31, 2026Published by Ontario Mortgage HelpHow we review

What to do first

  1. Set a monthly ownership budget that includes the mortgage, property tax, insurance, utilities, condominium fees, and maintenance.

  2. Confirm the available down payment and keep closing costs and emergency savings separate.

  3. Estimate Ontario land transfer tax and, for a Toronto property, the additional municipal tax.

  4. Obtain a pre-approval, then keep financing and property conditions in the offer until the lender completes its review.

Important considerations

First-time definitions differOntario and Toronto land-transfer-tax rebates have specific ownership, spouse, residency, occupancy, and filing rules. Do not assume eligibility based on another program's definition.

The down payment is not the full cash requirementLand transfer tax, legal fees, title insurance, inspection, appraisal, adjustments, moving, and immediate repairs may be payable around closing.

Pre-approval is conditionalThe lender may still review updated income, debts, credit, down-payment evidence, the purchase agreement, the property, appraisal, and other conditions.

Official sources

Buying a homeFinancial Consumer Agency of CanadaHow much you need for a down paymentFinancial Consumer Agency of CanadaLand transfer tax refunds for first-time homebuyersGovernment of OntarioMunicipal land transfer tax rebate opportunitiesCity of Toronto

Related mortgage help

Closing costsList the cash required beyond the down payment.Down payment and insuranceCalculate the minimum cash down and insured mortgage cost.Bridge financingPlan for a purchase closing before sale proceeds arrive.