Buying your first home can feel overwhelming.

You save for years, get pre-approved, start visiting homes, and spend hours comparing neighbourhoods. But in the middle of all that, many buyers overlook something that could save them thousands of dollars.

Not because it's hidden – but because nobody takes the time to explain it.

Canada and Ontario offer several programs designed to make homeownership more affordable. Used together, they can reduce your taxes, increase your buying power, and lower your upfront costs.

Here are the three every first-time buyer in Ontario should know.

1. First Home Savings Account (FHSA)

If you're planning to buy your first home in the next few years, opening an FHSA is one of the smartest financial moves you can make.

You can contribute up to $8,000 per year, to a lifetime maximum of $40,000. Your contributions are tax-deductible, and when you use the money to buy your first home, your withdrawals are tax-free.

That's a rare combination: a tax deduction when you contribute and no tax when you withdraw.

Even if you're not ready to buy today, starting early gives your savings more time to grow.

2. Home Buyers' Plan (HBP)

If you've been contributing to an RRSP, you may be able to use those savings toward your first home.

The Home Buyers' Plan allows eligible first-time buyers to withdraw up to $60,000 from their RRSP without paying tax at the time of withdrawal. Couples may be able to access up to $120,000 combined.

The money must be repaid to your RRSP over time, but it can make a significant difference when you're putting together your down payment.

3. Land Transfer Tax Rebates

One of the biggest surprises for many buyers is the land transfer tax due at closing.

Fortunately, first-time buyers may qualify for rebates.

In Ontario, eligible buyers can receive a provincial rebate of up to $4,000. If you're buying in Toronto, you may also qualify for a municipal rebate of up to $4,475.

That means an eligible first-time buyer purchasing in Toronto could save up to $8,475 on closing costs.

A Little Planning Can Go a Long Way

Most first-time buyers spend their time searching for the right home.

The buyers who often come out ahead spend a little time planning before they buy.

Knowing which programs you qualify for – and how they work together – can help you save money, strengthen your down payment, and make the buying process less stressful.

Every buyer's situation is different, so it's worth understanding your options before you make an offer.

At AECORN Realty, we help first-time buyers navigate not just the home search, but the entire buying process – from understanding available government programs to planning for closing costs and making informed decisions with confidence.

Eligibility requirements apply to all government programs. This article is provided for general information only and should not be considered financial, tax, or legal advice.

Buying your first home can feel overwhelming.

You save for years, get pre-approved, start visiting homes, and spend hours comparing neighbourhoods. But in the middle of all that, many buyers overlook something that could save them thousands of dollars.

Not because it's hidden – but because nobody takes the time to explain it.

Canada and Ontario offer several programs designed to make homeownership more affordable. Used together, they can reduce your taxes, increase your buying power, and lower your upfront costs.

Here are the three every first-time buyer in Ontario should know.

1. First Home Savings Account (FHSA)

If you're planning to buy your first home in the next few years, opening an FHSA is one of the smartest financial moves you can make.

You can contribute up to $8,000 per year, to a lifetime maximum of $40,000. Your contributions are tax-deductible, and when you use the money to buy your first home, your withdrawals are tax-free.

That's a rare combination: a tax deduction when you contribute and no tax when you withdraw.

Even if you're not ready to buy today, starting early gives your savings more time to grow.

2. Home Buyers' Plan (HBP)

If you've been contributing to an RRSP, you may be able to use those savings toward your first home.

The Home Buyers' Plan allows eligible first-time buyers to withdraw up to $60,000 from their RRSP without paying tax at the time of withdrawal. Couples may be able to access up to $120,000 combined.

The money must be repaid to your RRSP over time, but it can make a significant difference when you're putting together your down payment.

3. Land Transfer Tax Rebates

One of the biggest surprises for many buyers is the land transfer tax due at closing.

Fortunately, first-time buyers may qualify for rebates.

In Ontario, eligible buyers can receive a provincial rebate of up to $4,000. If you're buying in Toronto, you may also qualify for a municipal rebate of up to $4,475.

That means an eligible first-time buyer purchasing in Toronto could save up to $8,475 on closing costs.

A Little Planning Can Go a Long Way

Most first-time buyers spend their time searching for the right home.

The buyers who often come out ahead spend a little time planning before they buy.

Knowing which programs you qualify for – and how they work together – can help you save money, strengthen your down payment, and make the buying process less stressful.

Every buyer's situation is different, so it's worth understanding your options before you make an offer.

At AECORN Realty, we help first-time buyers navigate not just the home search, but the entire buying process – from understanding available government programs to planning for closing costs and making informed decisions with confidence.

Eligibility requirements apply to all government programs. This article is provided for general information only and should not be considered financial, tax, or legal advice.