Почему сейчас лучшее время для покупки первой недвижимости

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In more than 20 years in the Canadian mortgage business, we have never seen as many programs, tax benefits, and incentives for first-time homebuyers as we have today. Real estate prices — especially in the condominium market, which is often the entry point for first-time buyers — have declined over the past year and a half, while the number of available listings has increased. This gives first-time buyers the opportunity to calmly choose the right condo or house, negotiate, allow enough time for mortgage approval, complete the transaction without unnecessary stress, and move into their first home. Let us briefly review the key advantages and benefits currently available to first-time homebuyers in Canada, and in Ontario in particular.

Mortgage Financing

30-year amortization with a minimum down payment of 5%.

The federal government has made 30-year insured mortgages available to all first-time homebuyers and to all buyers of newly built homes. Under Canadian law, mortgages must be insured when the down payment is less than 20% of the property value. First-time homebuyers can now qualify for a 30-year amortization on insured mortgages in order to reduce monthly payments and improve qualification — not only when purchasing new construction, but also when buying on the resale market, for example through the MLS system. All other buyers may use a 30-year amortization when purchasing a newly built home directly from a developer.

The government is also raising the property price limit for insured mortgages to $1.5 million, a significant increase from the current $1 million threshold. This is a major improvement to the rules, as it means buyers can bid on more expensive homes even with a down payment of less than 20% — for example, 8% to 10% — as long as they obtain mortgage insurance.

Canada introduced strict limits on long mortgage amortizations during the global financial crisis of 2008. Until 2025, buyers who required government-backed mortgage default insurance were limited to a 25-year amortization.

These changes will significantly expand the number of buyers who can access 30-year mortgages, which can meaningfully reduce monthly payments. First-time homebuyers with less than 20% down represent approximately 20% of the Canadian market, while buyers of new construction account for only about 4%. According to estimates, at an interest rate of 4%, paying off a mortgage over 30 years instead of 25 can reduce a buyer’s monthly payment by roughly 8% to 10%.

Tax Benefits and Incentives

a) Federal Programs

Tax-Free First Home Savings Account (FHSA) — a special tax-free savings account for a first home, with contribution room of up to $40,000. Contributions reduce taxable income, while investment growth and withdrawals used for a qualifying home purchase are tax-free.
Home Buyers’ Plan (HBP) — an opportunity to withdraw up to $35,000 from an RRSP tax-free for a down payment, with repayment required over 15 years.

GST/HST New Housing Rebate — a rebate of part of the GST/HST, up to $50,000, when purchasing a new or substantially renovated home. An eligible first-time homebuyer may save an average of $26,832 in sales tax when buying a new home. Under the rules, the federal portion of the sales tax will not be charged on a new home priced up to $1 million when purchased by an eligible first-time buyer. The GST rebate will gradually decrease as the home price approaches $1.5 million. A home priced at $1 million will receive the maximum rebate of $50,000. Homes priced below that amount also qualify for the full rebate, but since the tax is calculated on a lower purchase price, the rebate amount will be proportionally lower. For homes priced above $1 million, the rebate will be less than $50,000 and will gradually decline to zero at a purchase price of $1.5 million. Eligibility applies to homes purchased — based on the date the contract with the builder is signed — from May 27 of this year through 2031, provided construction begins before 2031 and is completed by 2036. With certain exceptions, Canadians who have previously owned real estate are not eligible for the GST exemption. Investors are also excluded from the program.

b) Provincial Programs — Ontario

Land Transfer Tax (LTT) Refund for First-Time Homebuyers — a refund of up to $4,000 when purchasing a first home. The maximum home value for the full refund is $368,000, with a partial refund available up to $400,000. In addition, Toronto has its own municipal LTT refund because the city charges its own land transfer tax. The calculation is generally based on a similar principle. Your lawyer will provide the exact figures for your specific transaction.

Ontario First-Time Home Buyer Tax Credit — a $10,000 tax credit, which provides a refund of up to $1,500 when filing the tax return for the year in which the first property was purchased.

First-time homebuyers in Ontario can combine federal and provincial benefits to reduce the cost of the down payment, taxes, and mortgage payments. The optimal strategy is to use the FHSA, the HBP, the Land Transfer Tax Refund, and a 30-year mortgage amortization together.