Ontario Home Buyer Grants
Ontario First-Time Home Buyer Grants & Down Payment Assistance
Ontario first-time buyers can access up to $40,000+ in grants, rebates, and assistance programs through federal and provincial programs. Here’s everything available in 2024.
✓ 8 Active Programs
✓ Federal + Provincial
✓ Updated June 2024
Ontario Home Buyer Programs (2024)
All programs verified with government sources. Eligibility and amounts may vary — consult a licensed mortgage specialist to confirm what you qualify for.
1. First Home Savings Account (FHSA)
Up to $40,000 Tax-Free
The FHSA is a registered savings account that lets first-time buyers save up to $8,000/year (lifetime max $40,000) completely tax-free. Contributions are tax-deductible (like an RRSP) and withdrawals for a qualifying home purchase are tax-free (like a TFSA). This is the most powerful savings tool available to Canadian first-time buyers.
Key Details: Annual contribution limit $8,000 | Lifetime limit $40,000 | Must be a first-time buyer | Must be a Canadian resident | Account can stay open up to 15 years
Best for: Anyone saving for their first home — open one as early as possible to maximize tax-free growth. Available at all major Canadian banks and credit unions.
2. RRSP Home Buyers’ Plan (HBP)
Up to $35,000
The Home Buyers’ Plan lets you withdraw up to $35,000 from your RRSP tax-free to put toward a qualifying home purchase. Couples can each withdraw $35,000, for a combined total of $70,000. You then repay the amount to your RRSP over 15 years — if you don’t repay, the amount is added to your taxable income.
Key Details: $35,000 per person | Must have lived in RRSP for 90+ days | Must be a first-time buyer | Repay over 15 years | Can be combined with FHSA
Best for: Buyers who have existing RRSP savings. Pairs especially well with the FHSA for maximum down payment contribution.
3. First-Time Home Buyers’ Tax Credit (HBTC)
$1,500 Tax Rebate
The federal First-Time Home Buyers’ Tax Credit provides a $10,000 non-refundable tax credit for first-time home purchases, resulting in up to $1,500 in federal tax savings. You claim this on your tax return in the year you bought the home. Both spouses can split the credit.
Key Details: $10,000 credit = up to $1,500 back | Claimed on T1 return | Must be a qualifying home | Must be a first-time buyer | Applies to homes bought January 1, 2022 or later
Best for: All first-time buyers — it’s essentially free money you claim at tax time. Don’t forget to include it in your return the year you purchase.
4. Ontario Land Transfer Tax Rebate
Up to $4,000
Ontario first-time buyers get a full rebate on the provincial Land Transfer Tax up to $4,000. Since Ontario’s LTT applies to all property purchases, this rebate covers the tax entirely on homes under approximately $368,000, and provides $4,000 off for more expensive properties. Toronto buyers also get a separate Municipal LTT rebate of up to $4,475.
Key Details: Up to $4,000 provincial rebate | Extra up to $4,475 in Toronto | Applied automatically at closing | Must be first-time buyer | Must be a Canadian citizen or permanent resident
Best for: All Ontario buyers — this is applied at closing, so it directly reduces your out-of-pocket closing costs.
5. First-Time Home Buyer Incentive (FTHBI)
5–10% Shared Equity
The federal government provides a shared equity mortgage for 5% on existing homes or 10% on new construction, which reduces your monthly mortgage payments without increasing your down payment out of pocket. The government takes an equal share in any future appreciation (or decline) in your home’s value when you sell or after 25 years.
Key Details: 5% for existing homes | 10% for new construction | Repaid when you sell or after 25 years | Income cap: $120,000 ($150,000 in Toronto) | Purchase price limit applies
⚠️ Note: This program is being wound down by the federal government. Confirm current availability with a mortgage specialist before planning to use it.
6. GST/HST New Housing Rebate
Up to $24,000
If you’re buying a newly constructed home in Ontario, you may qualify for a federal GST rebate and an Ontario HST rebate on part of the tax paid. For new homes priced under $450,000 (federal) and $400,000 (provincial), you can get a significant rebate. Builders often apply this automatically, but you can also claim it yourself.
Key Details: Federal portion up to ~$6,300 | Ontario portion up to ~$24,000 | Applies to new construction and substantial renovations | Primary residence requirement
Best for: Buyers of new construction homes. Confirm with your builder whether it’s included in your purchase price.
Ontario Grant Summary Table
Frequently Asked Questions
Who qualifies as a first-time home buyer in Ontario?
Under most Canadian programs, a first-time buyer is someone who has not owned a home that they lived in as their principal residence at any time during the preceding four calendar years. This means even if you owned a home years ago, you may still qualify today.
Can I combine the FHSA and RRSP Home Buyers’ Plan?
Yes — these two programs can be used together on the same purchase. A couple could combine $40,000 from FHSA plus $70,000 from two RRSPs for a combined $110,000 tax-advantaged down payment contribution.
Do Ontario grants need to be repaid?
The Land Transfer Tax Rebate and Tax Credits do not need to be repaid — they are true grants. The RRSP HBP needs to be repaid over 15 years. The FHSA does not need to be repaid for qualifying purchases. The FTHBI shared equity loan is repaid when you sell.
How do I apply for Ontario home buyer programs?
FHSA and HBP are managed through your financial institution. LTT rebates are applied at closing through your real estate lawyer. The HBTC is claimed on your annual tax return. A licensed mortgage specialist can coordinate all of these for you.
Find Out Exactly What You Qualify For
A licensed Ontario mortgage specialist can walk through every program and calculate your exact grant total — at no cost to you.