Top First-Time Buyer Rebates in Ontario You Shouldn’t Miss
Don’t Miss Out on Thousands in First-Time Buyer Rebates
When it comes to buying your first home in Ontario, most people have heard about the Land Transfer Tax rebate. It’s a solid program that can save you up to $4,000 on your provincial land transfer tax (and even more in Toronto). But here's the thing — that rebate isn't the only game in town. In fact, there's another program that could save you even more money, and too many buyers don't even know it exists.
Let’s break down the top rebates and incentives you shouldn’t miss as a first-time home buyer in Ontario.
1. The First-Time Home Buyer Land Transfer Tax Rebate
How it works:
• If you’re buying your first home, you can receive up to $4,000 back from the Ontario government to offset your land transfer taxes.
• If you’re buying in Toronto, you can get up to an additional $4,475 from the municipal rebate.
We always include this in your custom Property Finance Sheet, so there are no surprises come closing day. Our calculators at adamwalkermortgages.com/calculators make it easy to estimate your total taxes.
2. The Green Energy Rebate — 25% Back on CMHC Fees
Here’s where things get exciting. Most people don’t realize just how high CMHC (Canada Mortgage and Housing Corporation) insurance fees can get, especially for first-time home buyers.
Why? Because many first-time buyers are putting 5% or 10% down, and home prices have gone up across the province. This means:
• Your CMHC premium could be $12,000 or more on a $500,000 purchase.
What most people don’t realize: You could get 25% of that premium refunded by making your new home more energy efficient.
This rebate can return $3,000 or more — almost rivaling or even surpassing your land transfer tax rebate.
At Walker Mortgages, we’ve partnered with energy audit professionals who offer an exclusive guarantee:
• They will pre-review your potential home before you even buy it.
• If they believe the home will qualify and it doesn’t pass the audit? Your audit is FREE.
That’s not available to the general public — it’s a unique partnership we offer only to our clients.
3. First-Time Home Buyers’ Tax Credit
Another rebate that’s often overlooked is the First-Time Home Buyers’ Tax Credit (HBTC).
How it works:
• This is a non-refundable tax credit worth up to $1,500 based on a $10,000 claim.
• You or your spouse must be a first-time home buyer.
While it’s not cash-in-hand at closing, it helps reduce your income tax owing in the year of your home purchase.
4. Home Buyers’ Plan (HBP)
This program lets you use your RRSPs to help fund your down payment.
Key details:
• Withdraw up to $60,000 from your RRSP without paying tax, if you're a first-time home buyer.
• Must repay the amount over 15 years, starting the second year after withdrawal.
It’s a great way to access your savings tax-free and reduce the amount you need to borrow.
5. First Home Savings Account (FHSA)
New to the market, the First Home Savings Account combines the benefits of an RRSP and a TFSA.
Why it’s awesome:
• Contribute up to $8,000/year, to a lifetime max of $40,000.
• Contributions are tax-deductible and withdrawals are tax-free if used to purchase your first home.
This is a long-term strategy but can be a game-changer for younger buyers planning ahead.
How We Help You Maximize Your Rebates
Too many buyers rely on basic online calculators or advice from agents who don’t understand the full picture.
When you work with us:
• You get a fully customized Property Finance Sheet for each home you consider.
• We make sure you know down to the dollar what you'll need at closing.
• We identify every rebate and program you’re eligible for.
• Our partners ensure your energy audit is worth it before you pay a dime.
Let’s Save You Thousands
Buying your first home is a huge financial step. But with the right coach in your corner, you won’t leave money on the table.
📞 Book a call with us today and let’s walk you through your custom rebate strategy: Schedule Now
🧮 Want to calculate your taxes or rebates right now? Use our tools: Mortgage Calculators
Because a few smart moves now can save you thousands later. That’s the Walker Mortgages way.
