Government Programs
Money on the Table — Know What You Qualify For
Most first-time buyers leave thousands on the table by not using available programs. We'll cover all of them and how to stack them.
First Home Savings Account (FHSA)
Up to $40,000 tax-free
Contribute up to $8,000/year (lifetime max $40K). Contributions are tax-deductible and withdrawals for a first home are completely tax-free. Leo considers this the single best financial tool for first-time buyers right now.
Home Buyers' Plan (HBP)
Up to $60,000 from your RRSP
Withdraw up to $60K per person from your RRSP tax-free for a first home purchase. Repay over 15 years starting the 2nd year after withdrawal. Can be stacked with the FHSA.
First-Time Home Buyers' Tax Credit
$1,500 federal tax credit
A non-refundable federal credit of $10,000 on your tax return, worth up to $1,500 in taxes saved. Simple to claim — Leo will show you exactly how.
Ontario Land Transfer Tax Refund
Up to $4,000 back
Ontario first-time buyers get up to $4,000 rebated on provincial land transfer tax. Combined with the Toronto rebate (if applicable), this can fully eliminate transfer tax on homes under $368K.
The 5 Most Expensive First-Time Buyer Mistakes
1. Not Getting Pre-Approved Early Enough
Falling in love with a home before knowing your real budget leads to heartbreak — or worse, overstretching. Pre-approval also locks your rate for 90–120 days.
✓ Fix: Pre-approve before you browse seriously
2. Forgetting Closing Costs
Land transfer tax, legal fees, home inspection, title insurance, moving costs — typically 1.5–4% of the purchase price on top of your down payment. On a $700K home, that's $10–28K.
✓ Fix: Budget closing costs separately — don't count them as part of your down payment
3. Qualifying for the Maximum — Then Buying at the Maximum
The stress test determines what the bank will lend. Your comfort zone may be 15–20% less. Carrying costs, property tax, maintenance, and lifestyle all add up.
✓ Fix: Run a cash flow analysis before you commit to a price range
4. Not Using a Mortgage Broker
Your bank offers one product at one rate. A broker shops 50+ lenders simultaneously at no cost to you — and often finds better terms, portability, and prepayment privileges.
✓ Fix: Talk to a broker before your bank
5. Waiving the Home Inspection
In competitive markets, buyers skip inspections to win offers. A $500 inspection can save you from $50,000 in hidden repairs. There are ways to compete without waiving this protection.
✓ Fix: Ask Leo about pre-offer inspection strategies
Your 90-Day Buying Timeline
Week 1–2
Pre-Approval & Budget
Meet with your broker, collect documents, get stress-tested. Lock your rate. Know your real budget.
Week 2–6
Property Search
Work with your agent. View properties in your target neighbourhoods. Understand what your money buys.
Week 6–8
Offer & Negotiation
Submit an offer. Negotiate terms. Have your broker ready to confirm financing quickly.
Week 8–10
Conditions & Inspection
Financing condition, inspection, review of status certificate (condo). Confirm with lender.
Week 10–12
Lawyer, Insurance & Close
Sign mortgage documents, get home insurance, transfer funds. Get your keys on closing day.
LF
Leo Falkovsky, AMP
FSRA Licensed Mortgage Broker & Licensed Real Estate Salesperson · Barrie, ON
Leo works with first-time buyers regularly and understands the anxiety of navigating a major purchase for the first time. He keeps this workshop genuinely educational — no sales pressure, just the information you need to make a confident decision.