First-Time Buyer Hacks: Saving, Grants, and Hidden Programs

Why Become a Buyer?

Owning your first home builds equity and long-term stability. Rent payments disappear, but mortgage payments build your future. You take control of where you live, how you live, and what you invest in.

As a first-time buyer, you gain access to exclusive programs, incentives, and rebates that existing homeowners do not. These financial tools shrink your timeline and help you compete in a tough Ontario market.

Want to stop paying rent and start building wealth? Becoming a first-time buyer is your first move.

Stackable Programs for Buyers

You don’t need to buy alone. Smart buyers are stacking government incentives, tax shelters, and rebates to make ownership possible sooner.

1. First-Time Home Buyer Incentive

This federal program offers 5% to 10% of the home’s purchase price as a shared equity loan. You don’t pay interest. You repay the loan when you sell the home or after 25 years.

The catch? You share future appreciation with the government.
Learn more here

2. RRSP Home Buyers’ Plan

You can withdraw up to $35,000 from your RRSP, tax-free, to put toward your down payment. If you’re buying with a partner, that’s up to $70,000.

You repay it over 15 years, interest-free.
Full details here

3. First Home Savings Account (FHSA)

The FHSA launched in 2023. It lets you contribute up to $8,000 per year, to a maximum of $40,000. Contributions are tax-deductible, and withdrawals for a home purchase are tax-free.

It combines the benefits of an RRSP and TFSA. Use it to turbocharge your down payment.
Start here

Local Grants and Rebates in Ontario

Beyond federal tools, local programs can add thousands more to your buying power.

Land Transfer Tax Rebates

Ontario offers up to $4,000 back on provincial land transfer tax for buyers.
More info

If you’re buying in Toronto, you may also qualify for a municipal rebate of up to $4,475.
Toronto LTT info

Municipal or Employer Programs

Some cities and major employers offer first-time buyer assistance. These include:

• Forgivable loans

• Down payment matching

• Affordable housing lotteries

Search your city’s website. Ask your HR department. Some of the best programs are hidden in plain sight.

How to Use These Programs Together

Time Your Strategy

You can combine RRSP withdrawals, FHSA contributions, and land tax rebates in the same purchase. Sequence them to maximize your return.

Example:

• Use FHSA savings for a portion of your down payment

• Withdraw $35,000 from your RRSP for the rest

• Apply the LTT rebate to your closing costs

• Top it off with the First-Time Home Buyer Incentive to reduce your mortgage size

Don’t Leave Money on the Table

You’d be surprised how many buyers skip one or more of these steps. They don’t know about them, or they assume they don’t qualify.

Knowledge is your edge. Every program you stack gets you closer to your goal.

Real Buyers, Real Results

We spoke with buyers across the GTA. They used these tools to reduce or eliminate their rent timelines.

• A couple in Mississauga used FHSA, HBP, and both LTT rebates — they saved over $60,000 in upfront costs

• A solo buyer in Scarborough layered municipal grants and RRSP funds to qualify sooner

• Two co-buyers in Markham shaved four years off their original savings plan using employer programs

It’s not about working harder. It’s about using every option available to you.

Is Now the Right Time?

Ask yourself:

• Are you ready to stop paying rent?

• Do you have steady income?

• Can you commit to building equity instead of waiting?

If you answered yes, you’re closer than you think. These programs exist to help first-time buyers like you succeed.

See These Stories in Action

At LifestyleVideos.com, we filmed real buyers who made it work. Watch how they planned, saved, and hacked the system — then moved into their first homes.

You’ll see:

• Real numbers

• Real people

• Real timelines

• Real strategy

For expert insights on home value, market trends, selling strategies, staging advice, negotiating tips and real estate videos, visit LifestyleVideos.com to browse properties, real estate videos, neighbourhoods insights, real estate market trends, and connect with local agents.