First-Time Home Buyers Guide

About this video

Buying a first home is an exciting milestone, but the process can feel overwhelming. In this explainer, Kirby Chan, Broker, of Kirby Chan & Co. Real Estate Team walks through what first-time buyers need to know in Richmond Hill, Markham and Toronto.

He also explains how mentorship, clear guidance and a trusted network of lenders and inspectors can make the process simpler.

What a first purchase costs in Toronto

The minimum down payment depends on the price, not on who is buying: 5% of the first $500,000, 10% of the part above $500,000 and 20% of the whole price from $1.5 million. On the City of Toronto median of $770,000 in August 2026 (TRREB), that is $52,000.

Since December 15, 2024, insured mortgages have been available on homes up to $1.5 million and first-time buyers with less than 20% down can take a 30-year amortization. A longer amortization lowers the monthly payment and raises the interest paid overall.

Two land transfer taxes and two rebates

Buying in the City of Toronto means paying Ontario land transfer tax and the City’s municipal land transfer tax. On $770,000 that is $11,875 each or $23,750 together. An eligible first-time buyer can recover up to $4,000 from Ontario and up to $4,475 from the City, which brings that purchase to $15,275.

Savings can come from a First Home Savings Account, which holds up to $40,000 over your lifetime and the RRSP Home Buyers’ Plan, which allows up to $60,000 to be withdrawn and repaid over 15 years. Our first-time home buyer guide for Toronto sets the rules side by side and the post on the FHSA and the Home Buyers’ Plan explains the savings tools.