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A plan to your first home, with the real numbers in it.

Not just the down payment — the total cash, the accounts to save in, what your income actually qualifies for, and the month-by-month steps to get there.

Start here

Most first-time buyers plan for the wrong number.

They save the down payment and then discover the land transfer tax, the lawyer and the adjustments. Tell me your target and I will show you the whole figure.

The purchase

Target purchase price$

Where are you buying?Toronto adds a second municipal land transfer tax. Halton and Peel do not.

Buying alone or together?Two first-time buyers double the FHSA and Home Buyers' Plan room.

Interest rate to assume%

Your position

Household income before tax$

Saved so far$

Saving each month$

When do you want to buy?

First-time buyer roadmap

Target: $800,000 in Halton or Peel12 months · two of us · household income $145,000

Where you stand today

Target purchase price: $800,000
Minimum down payment: $55,000
Closing costs on top: $12,675 – $16,975
Total cash you need: $67,675 – $71,975
Saved so far: $45,000
Still to go: $26,975

Saving $2,000 a month, you reach that in about 14 months, which is past your 12 months target. Three levers: save more each month, extend the timeline, or lower the target price. Most people use a bit of all three.

The down payment is the number everyone plans for. Closing costs are the number that surprises people two weeks before closing — budget them as cash, separately, and do not count on borrowing them.

The cash at closing, line by line

Ontario land transfer tax: $12,475
First-time buyer rebate: − $4,000
Land transfer tax you actually pay: $8,475
Lawyer's fees and disbursements: $2,000 – $2,800
Title insurance: $400 – $900
Home inspection: $500 – $800
Adjustments (taxes, utilities, prepaid items): $500 – $1,500
Moving: $800 – $2,500

The Ontario first-time buyer rebate maxes out at $4,000, which fully covers the tax only up to roughly $368,000. Above that you pay the difference.

What a lender is likely to say

Stress-test rate: 6.49%
Mortgage that income supports: about $602,071
Down payment you could make today: $32,325
Which points to a price near: $634,396
Your payment at your target price: $4,119 / month at 4.49%

Today you are pointed at roughly $634,396, which is $165,604 below your target. That gap closes with more savings, a co-borrower, less other debt, or a lower target — and it closes on its own as the down payment grows. Better to know now than after you have fallen for a house.

Down payment you could make today is your savings less the cash closing costs above. It must still meet the legal minimum for whatever price you land on — 5% to $500,000 and 10% on the portion above it.

A rough estimate on a 39% gross debt service ratio, not an approval. Get a real pre-approval from a mortgage professional before you shop — it is free, it takes a day, and it changes how sellers read your offer.

Which accounts to save in, in order

First Home Savings Account — $16,000 a year between you, $80,000 lifetime. Contributions are tax deductible like an RRSP and withdrawals for a first home are tax free like a TFSA. There is no better account for this purpose, and unused room carries forward once the account is open.
RRSP Home Buyers' Plan — up to $120,000 between you, repaid over 15 years. Money must sit in the RRSP for 90 days before withdrawal, so this is a plan you start months ahead, not the week before closing.
TFSA — flexible and tax free, but no deduction going in. Best for the closing-cost cash, which you want liquid and unrestricted.
Keep anything you will need within two years out of equities. A down payment is not a place to be brave.

Open the FHSA even if you cannot fund it yet — the contribution room only starts accumulating once the account exists. That single administrative step is worth thousands and costs nothing.

Your timeline

Working back from buying in 12 months:

Now — open an FHSA each if you have not, set up the automatic $2,000 transfer on payday, and pull your credit report to fix anything wrong on it
6 months out — check in on the savings rate against the target, and start watching sold prices in the areas you actually want
3 months out — talk to a mortgage broker about what you will qualify for, and stop taking on new debt
3 months out — get a full pre-approval and lock a rate hold
2 months out — line up a lawyer and a home inspector before you need them in a hurry
Offer accepted — inspection, financing condition, deposit within 24 hours, and your lawyer gets the agreement the same week

What not to do between pre-approval and closing

Do not change jobs, go from salaried to contract, or start self-employment
Do not finance or lease a car — nothing kills a qualification faster
Do not buy furniture or appliances on credit, even at zero percent
Do not let a credit card balance climb, and do not close old cards either
Do not move large sums between accounts without keeping the paper trail — lenders ask where every dollar came from
Do not accept a gifted down payment without a signed gift letter

Lenders re-verify employment and pull credit again shortly before closing. A pre-approval is a conditional opinion, not a guarantee.

Generated from what you entered — a starting point for a conversation, not professional advice. Verify anything that carries money or a deadline with the appropriate licensed professional.

What the roadmap covers

Four things worth getting right early.

The real cash number

Down payment plus land transfer tax, legal, title, inspection, adjustments and moving. The second half is what catches people two weeks before closing.

FHSA and HBP, in the right order

Up to $80,000 of FHSA room between two buyers, plus $120,000 from the Home Buyers' Plan. Which to fill first, and the 90-day rule that trips people up.

An honest qualifying check

What your income actually supports at the stress-tested rate — before you fall for a house $150,000 above it.

The month-by-month plan

When to open accounts, when to get pre-approved, and the list of things that quietly destroy a qualification between approval and closing.

The part that matters after you buy

The cheapest house is rarely the cheapest house.

First-time buyers are usually stretched, which makes the condition of the home more important, not less. A house that needs a roof, a furnace and a panel inside three years is a very different purchase than the identical house next door that does not — and the listing will not tell you which is which.

I spent more than 25 years in construction and renovation before selling real estate, so when we walk properties together I can tell you what is coming and roughly what it costs. On a first purchase that is often the difference between comfortable and stretched.

Work out the monthly carrying cost

No cost, no obligation

Let’s go through it properly.

Bring your numbers and I will tell you straight whether the plan works, what price point actually fits, and which neighbourhoods give you the most house for it.

An honest read on your timeline and target price
Introductions to mortgage professionals and lawyers who answer their phone
No pressure to buy before you are ready — that is how people get stuck

Prefer to talk? Call or text 416-953-9545

Straight answers

Questions people ask about this.

How much do I need beyond the down payment?

For most Halton purchases, budget $10,000 to $20,000 on top — land transfer tax after the first-time buyer rebate, the lawyer, title insurance, the home inspection, adjustments for prepaid property tax and utilities, and moving. It is real cash on closing day and it cannot be added to your mortgage. This is the single most common planning mistake first-time buyers make.

Should I use the FHSA or the RRSP Home Buyers' Plan?

Both, and the FHSA first. It gives you the RRSP's tax deduction going in and the TFSA's tax-free withdrawal coming out, and unlike the Home Buyers' Plan you never pay it back. The catch is that contribution room only starts accumulating once the account is open — so open one today even if you cannot fund it for six months. Then layer the Home Buyers' Plan on top, remembering money has to sit in the RRSP for 90 days before you can withdraw it.

Is a pre-approval the same as being approved?

No, and the difference matters. A pre-approval is a lender's conditional opinion based on what you told them, usually with a rate hold for 90 to 120 days. Final approval comes after they see the actual property, the appraisal and your re-verified employment and credit. That is why the list of things not to do between the two exists — a new car loan after pre-approval has ended more deals than a bad inspection.

Why does the first-time buyer rebate not cover my land transfer tax?

Because it caps at $4,000 in Ontario, and $4,000 of tax corresponds to a purchase price of roughly $368,000. Above that you pay the difference out of pocket. On an $800,000 home in Oakville the tax is around $12,475, the rebate takes $4,000 off it, and you write a cheque for the rest.