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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.

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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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