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First-time home buyer mortgage

As a first-time home buyer in Canada you can combine a 5% minimum down payment, the First Home Savings Account (FHSA), the RRSP Home Buyers' Plan and land transfer tax rebates. Lenders on MortgageBids.ca bid on first-time buyer mortgages, and insured mortgages can be amortized over 30 years.

Updated October 7, 2026

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Key takeaways
  • FHSA: contribute up to $8,000 a year, $40,000 lifetime, tax-deductible in and tax-free out for a first home.
  • RRSP Home Buyers' Plan: withdraw up to $60,000 each, repaid over 15 years.
  • Land transfer tax rebates for first-time buyers exist in Ontario, Toronto, B.C. and P.E.I.
  • Insured first-time buyer mortgages can use a 30-year amortization.

How much do I need to buy my first home?

At minimum: the down payment, closing costs (1.5% to 4% of the price) and a small cushion. On an $650,000 home that's a $40,000 minimum down payment plus closing costs.

How do the FHSA and RRSP Home Buyers' Plan work together?

You can use both for the same purchase. The FHSA gives a tax deduction on contributions and a tax-free withdrawal for a qualifying first home. The Home Buyers' Plan lets you borrow up to $60,000 from your RRSP and repay it over 15 years. A couple can combine both accounts.

FHSA vs RRSP Home Buyers' Plan
FHSAHome Buyers' Plan
Limit$8,000/yr, $40,000 lifetime$60,000 withdrawal per person
Repay?NoYes, over 15 years
Tax deductionYes, on contributionsOn original RRSP contributions
Best forSaving from scratchUsing RRSP savings you already have

Federal rules checked October 7, 2026.

First-time home buyer programs by province

Provincial help differs. Choose your province:

Ontario ONBritish Columbia BCAlberta ABQuebec QCManitoba MBSaskatchewan SKNova Scotia NSNew Brunswick NBNewfoundland and Labrador NLPrince Edward Island PEYukon YTNorthwest Territories NTNunavut NU

Frequently asked questions

Who counts as a first-time home buyer?

Definitions vary by program. For the FHSA and Home Buyers' Plan you generally must not have lived in a home you or your spouse owned in the current year or the previous four years.

What credit score do first-time buyers need?

Most prime lenders look for 680+; insured mortgages may accept from 600. Alternative lenders go lower at a higher rate.

Are first-time buyer mortgage rates lower?

Insured mortgages (under 20% down) often carry the lowest rates, which many first-time buyers qualify for.

MBWritten by the MortgageBids.ca editorial team. Last updated October 7, 2026. General information only; your lender confirms terms for your file.
Sources
  1. CRA: First Home Savings Account (checked October 7, 2026)
  2. CRA: Home Buyers' Plan (checked October 7, 2026)
  3. FCAC: Saving for a down payment (checked October 7, 2026)

Related

FHSA guideLand transfer tax calculatorPurchase mortgage

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