What your first home in York Region and Uxbridge actually costs, and how much you can get back.
Real closing math, every first-time buyer program that applies in Ontario right now, and what the market looks like this month.
Book a free 15-minute strategy callSee what you can get backat closing
How much can you get back?
Two kinds of help add up: your own savings, sheltered from tax, and money the government returns to you. Here is the most a couple buying their first home can line up.
First Home Savings Account$40,000
Save up to $8,000 a year, $40,000 per person for life. Contributions are deductible like an RRSP, and growth and withdrawals for your first home are tax-free. Works alongside the Home Buyers' Plan.
Home Buyers' Plan$60,000
Withdraw up to $60,000 per person from your RRSP, tax-free. Repay over 15 years, interest-free. Withdrawals made in 2026 to 2028 get five years before repayments start.
Eligible if you haven't lived in a home you or your spouse owned in the last four years.
First-time buyer GST rebate$50,000
The full 5% GST back on a newly built or substantially renovated home up to $1M, with a partial rebate up to $1.5M. In force since March 2026 for agreements signed on or after March 20, 2025. Must be your primary residence; the builder can credit it at closing.
Ontario HST rebate on new homes$80,000
The full 8% provincial HST back on new homes up to $1M, a flat $80,000 from $1M to $1.5M, and a partial amount up to $1.85M. Open to every owner-occupant buyer, not only first-timers. Agreements signed April 1, 2026 to March 31, 2027. Confirm eligibility with your builder and lawyer before you sign.
Land transfer tax refund$4,000
Up to $4,000 off Ontario land transfer tax, applied at closing. Toronto buyers get up to $4,475 more off the municipal tax.
You must never have owned a home anywhere in the world, and be a citizen or permanent resident, or become one within 18 months of closing.
Home buyers' tax credit$1,500
A $10,000 non-refundable federal credit, worth up to $1,500 on the tax return for the year you buy.
30-year amortization−9%
First-time buyers, and anyone buying a new build, can stretch an insured mortgage to 30 years on homes under $1.5M. The payment drops about 9% at today's rates. Total interest rises, and mortgage insurance costs 0.20% more.
Every closing cost, with typical ranges
| Cost | Typical range | Note |
|---|---|---|
| Land transfer tax | $6,000 to $16,000+ | Up to $4,000 refund for first-time buyers |
| Mortgage insurance (CMHC) | 2.8% to 4.0% | Under 20% down. Added to the mortgage; 8% PST paid at closing |
| Legal fees | $1,500 to $2,500 | Title search, registration, lawyer |
| Title insurance | $250 to $400 | Protects against title defects and fraud |
| Home inspection | $400 to $600 | Covered by Matthew |
| Appraisal | $300 to $500 | Covered by Matthew |
| Moving and utilities | $700 to $2,500 | Moving, hydro, gas, internet, insurance |
"First-time buyer" is not one definition. Ontario's land transfer refund is lost if you have ever owned a home anywhere in the world. The FHSA and Home Buyers' Plan look back only four years, so a past owner can sometimes use those but not the refund.
What will you pay each month?
Three typical first purchases at an illustrative 4.5% fixed rate. Your lender qualifies you at 6.5%, the stress-test rate, so budget against that number too.
Payments use Canadian semi-annual compounding. Cash to close includes land transfer tax after the $4,000 refund, PST on insurance, and an estimated $2,300 for legal and title. Estimates only, subject to lender approval.
Run your own numbersIs now a good time to buy?
Prices are lower than a year ago and buyers still have room to negotiate. But fewer homes are coming up for sale, and rates have stopped falling.
Why hesitant buyers are holding back
What it means for you
Long-term bond yields have risen, which pushes fixed mortgage rates up, and the Bank of Canada has flagged higher inflation risk. Don't build your plan around another cut. The leverage buyers have today comes from hesitant demand, and it shrinks as listings dry up.
Sources: TRREB Market Watch, August and September 2026; TRREB 2026 Market Outlook, Ipsos survey of 1,100 buyers and 2,651 owners, November to December 2025; Bank of Canada, September 2, 2026.
A real first purchase, start to finish
A first-time couple buying a Newmarket townhouse in 2025.
They funded the whole down payment through their FHSA and Home Buyers' Plan, negotiated $18,000 off in a buyer's market, and needed about $21,800 in cash for closing costs.
Illustrative example based on a real 2025 transaction. Results vary with market conditions, qualification and negotiation.
What Matthew covers when you buy
Included with every purchase. Use Matthew's trusted partners or bring your own.
How buying works, step by step
Six steps from first call to keys.
Seven mistakes that cost first-time buyers money
Each one is easy to avoid if you know about it in advance.
Where first-time buyers are finding value
First-time buyer activity has been concentrated in these York Region, Uxbridge and Simcoe County markets.
Is this guide for you?
Matthew doesn't push buyers to act before they're ready, and turns away clients who aren't in a position to buy responsibly.
It is if
- You're buying your first home, or may qualify again under federal first-time buyer rules
- You're saving, or already have a down payment ready
- You have stable income and want to know what you can realistically afford
- You want to understand every cost and program before you start looking
- You're new to Canada and learning how buying works here
- You want a REALTOR® who tells you the truth, not just closes the deal
Probably not if
- You're investing or flipping. See the Investors page
- You're already pre-approved and just need to start searching
- You're buying pre-construction. See the Pre-Construction Guide
- You're selling first. See the Sellers page
- You're not ready to buy within the next 12 months
Questions first-time buyers ask
Straight answers to the questions Matthew hears most often.
How much do I need for a down payment?
At least 5% of the first $500,000 and 10% of the portion up to $1.5M. Homes at $1.5M or more need 20%. For a $700,000 home that is $45,000. Most buyers combine savings, an FHSA, the Home Buyers' Plan and family gifts.
How much income do I need to buy in York Region or Uxbridge?
It depends on the home, your down payment, your debts and the rate. As an illustration, at a 4.5% rate you qualify at the 6.5% stress-test rate, so the $650,000 home above needs roughly $130,000 to $140,000 of household income before other debts, depending on property tax, heating and condo fees. A broker can give you a precise pre-approval within 24 hours.
Should I wait for prices to drop further?
Prices are already lower than a year ago: TRREB's benchmark was down 4.5% year over year in August 2026. On an $800,000 home, a further 3 to 5% drop is $24,000 to $40,000, or roughly $120 to $220 a month. The trade-off: new listings are falling and rates are on hold with upside risk, so your negotiating leverage can shrink. No one can time the bottom.
Can I use the FHSA and Home Buyers' Plan together?
Yes. One buyer can combine up to $40,000 from an FHSA and $60,000 from an RRSP: up to $100,000 of their own tax-sheltered savings. A couple can reach $200,000. Add the $1,500 tax credit and the $4,000 land transfer refund, and a couple buying outside Toronto can put about $205,500 toward the purchase.
Do first-time buyers get a rebate on new homes?
Yes. The federal rebate returns the full 5% GST, up to $50,000, on new homes up to $1M, phased out to $1.5M. Ontario's rebate covers the full 8% provincial HST up to $1M, up to $80,000, for agreements signed April 1, 2026 to March 31, 2027. Together an eligible first-time buyer can get up to $130,000 back. See the Pre-Construction Guide
Do I need to pay for a buyer's agent?
In most resale purchases the seller agrees to pay the buyer's brokerage. Matthew explains exactly how compensation works before you make any decisions. 80% of intending buyers surveyed by Ipsos for TRREB plan to work with a REALTOR®.
What's the difference between pre-qualification and pre-approval?
Pre-qualification is an informal estimate. Pre-approval is a lender's commitment after checking your income, credit and assets. Sellers take pre-approved buyers far more seriously.
I'm new to Canada. Can I still buy?
Yes. In Ipsos survey data for TRREB, 84% of recent New Canadian buyers were buying their first home. Mortgage products exist for newcomers, and the Ontario land transfer refund is available if you become a citizen or permanent resident within 18 months of closing. See the New Canadians guide
Which areas have the best entry prices?
Georgina and Bradford West Gwillimbury for the lowest entry in York Region. Newmarket and East Gwillimbury for a solid middle ground. In Simcoe County, Innisfil and Barrie offer strong value with improving transit connections.
What first-time buyers say
From first-time buyers Matthew has worked with in York Region.
Before you tour a single home, get your real number.
Matthew will build your cost estimate, stack every program you qualify for, and tell you honestly whether now is the right time. He works with a limited number of first-time buyers at once.
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