First Home Savings Account (FHSA)
Up to $40,000 tax-free
Contribute up to $8,000/year — get a full tax deduction now and withdraw everything tax-free when you buy.
Eligibility conditions apply
First-time buyers
Most first-time buyers do not realize how much government money is available to them, or how fast the offer process actually moves. This hub walks you through everything — step by step.
First-time buyer programs
These government programs can save first-time buyers tens of thousands of dollars. Most people do not use them because they do not know they exist.
Program amounts subject to eligibility.
The process
The process takes most buyers 3 to 6 months. Here is what actually happens.
AECORN's complete first-time buyer guide – government programs, mortgage rules, closing costs, and a 30+ point checklist from pre-approval to key pickup.
Ready when you are
Tell us your timeline, budget, and neighbourhoods. We will map out your rebates, closing costs, and a realistic search plan — no pressure, no cost.
First-time buyers
Most first-time buyers do not realize how much government money is available to them, or how fast the offer process actually moves. This hub walks you through everything — step by step.
First-time buyer programs
These government programs can save first-time buyers tens of thousands of dollars. Most people do not use them because they do not know they exist.
Program amounts subject to eligibility.
The process
The process takes most buyers 3 to 6 months. Here is what actually happens.
AECORN's complete first-time buyer guide – government programs, mortgage rules, closing costs, and a 30+ point checklist from pre-approval to key pickup.
Ready when you are
Tell us your timeline, budget, and neighbourhoods. We will map out your rebates, closing costs, and a realistic search plan — no pressure, no cost.
Know the difference between freehold and condo. Always include a home inspection condition. If buying a condo, review the status certificate with your lawyer.
Offers typically have a 24-48 hour response window. Your AECORN agent advises on price, conditions, and deposit — usually 5% of the purchase price due within 24 hours of acceptance.
Your real estate lawyer handles title transfer and registration. Budget 1.5 to 3% of purchase price for closing costs: legal fees, title insurance, and any remaining land transfer tax after rebates.
Set your budget using the stress test. Explore your FHSA and RRSP options. Get a mortgage pre-approval before you start searching — it shows sellers you are serious and locks your rate.
Use AECORN MLS-backed search with advanced filters. Set up listing alerts so you see new properties the moment they hit market.
Know the difference between freehold and condo. Always include a home inspection condition. If buying a condo, review the status certificate with your lawyer.
Offers typically have a 24-48 hour response window. Your AECORN agent advises on price, conditions, and deposit — usually 5% of the purchase price due within 24 hours of acceptance.
Your real estate lawyer handles title transfer and registration. Budget 1.5 to 3% of purchase price for closing costs: legal fees, title insurance, and any remaining land transfer tax after rebates.
Common questions
No. In Canada you can buy with as little as 5% down on homes up to $500,000, and 10% on the portion from $500,001 to $999,999. If your down payment is under 20%, you need CMHC mortgage insurance — this is added to your mortgage, not paid upfront. On a $700,000 home with 10% down ($70,000), the CMHC insurance premium is 3.10% of the insured amount, or roughly $19,220.
Pre-qualification is an informal estimate based on what you tell the lender. Pre-approval is a formal process — the lender verifies your income, credit score, and assets, then gives you a conditional commitment on a specific amount and rate. Always get pre-approved before making an offer.
Yes. Under the RRSP Home Buyers Plan, first-time buyers can withdraw up to $60,000 per person tax-free. You have 15 years to repay it back into your RRSP. Couples can access up to $120,000 combined. Withdrawals made between January 2022 and December 2025 have an extended 5-year grace period before repayments begin.
The First Home Savings Account (FHSA) is a registered account where you can contribute up to $8,000 per year (lifetime max $40,000). Your contributions are tax-deductible like an RRSP, and withdrawals for a first home are tax-free like a TFSA. It is one of the best tools available for first-time buyers and you can combine it with the RRSP Home Buyers Plan.
This depends on your personal finances, not just the market. The right time to buy is when your finances are stable, you plan to stay in the home for at least 3 to 5 years, and you have a down payment plus closing costs saved. An AECORN advisor can help you assess your specific readiness honestly.
When you close on a home with an AECORN agent, you receive a portion of the agent commission back as a cashback rebate. On a $700,000 purchase, that can be up to $7,000 back in your pocket at closing. Use the Cashback Calculator to see your personal estimate.
Start here
Use these in order — they build on each other.
Affordability Calculator
Stress-test what fits your income
Land Transfer Calculator
See your Ontario + Toronto rebates
Cashback Calculator
Estimate your AECORN rebate at closing
Mortgage Calculator
Model payment and amortization scenarios
Buy vs Rent
Compare total cost of buying vs renting over time
Search Listings
MLS-backed GTA inventory
Know the difference between freehold and condo. Always include a home inspection condition. If buying a condo, review the status certificate with your lawyer.
Offers typically have a 24-48 hour response window. Your AECORN agent advises on price, conditions, and deposit — usually 5% of the purchase price due within 24 hours of acceptance.
Your real estate lawyer handles title transfer and registration. Budget 1.5 to 3% of purchase price for closing costs: legal fees, title insurance, and any remaining land transfer tax after rebates.
Set your budget using the stress test. Explore your FHSA and RRSP options. Get a mortgage pre-approval before you start searching — it shows sellers you are serious and locks your rate.
Use AECORN MLS-backed search with advanced filters. Set up listing alerts so you see new properties the moment they hit market.
Know the difference between freehold and condo. Always include a home inspection condition. If buying a condo, review the status certificate with your lawyer.
Offers typically have a 24-48 hour response window. Your AECORN agent advises on price, conditions, and deposit — usually 5% of the purchase price due within 24 hours of acceptance.
Your real estate lawyer handles title transfer and registration. Budget 1.5 to 3% of purchase price for closing costs: legal fees, title insurance, and any remaining land transfer tax after rebates.
Common questions
No. In Canada you can buy with as little as 5% down on homes up to $500,000, and 10% on the portion from $500,001 to $999,999. If your down payment is under 20%, you need CMHC mortgage insurance — this is added to your mortgage, not paid upfront. On a $700,000 home with 10% down ($70,000), the CMHC insurance premium is 3.10% of the insured amount, or roughly $19,220.
Pre-qualification is an informal estimate based on what you tell the lender. Pre-approval is a formal process — the lender verifies your income, credit score, and assets, then gives you a conditional commitment on a specific amount and rate. Always get pre-approved before making an offer.
Yes. Under the RRSP Home Buyers Plan, first-time buyers can withdraw up to $60,000 per person tax-free. You have 15 years to repay it back into your RRSP. Couples can access up to $120,000 combined. Withdrawals made between January 2022 and December 2025 have an extended 5-year grace period before repayments begin.
The First Home Savings Account (FHSA) is a registered account where you can contribute up to $8,000 per year (lifetime max $40,000). Your contributions are tax-deductible like an RRSP, and withdrawals for a first home are tax-free like a TFSA. It is one of the best tools available for first-time buyers and you can combine it with the RRSP Home Buyers Plan.
This depends on your personal finances, not just the market. The right time to buy is when your finances are stable, you plan to stay in the home for at least 3 to 5 years, and you have a down payment plus closing costs saved. An AECORN advisor can help you assess your specific readiness honestly.
When you close on a home with an AECORN agent, you receive a portion of the agent commission back as a cashback rebate. On a $700,000 purchase, that can be up to $7,000 back in your pocket at closing. Use the Cashback Calculator to see your personal estimate.
Start here
Use these in order — they build on each other.
Affordability Calculator
Stress-test what fits your income
Land Transfer Calculator
See your Ontario + Toronto rebates
Cashback Calculator
Estimate your AECORN rebate at closing
Mortgage Calculator
Model payment and amortization scenarios
Buy vs Rent
Compare total cost of buying vs renting over time
Search Listings
MLS-backed GTA inventory