Are you planning to purchase your first home in Ontario in 2026?
Several government programs are available to help make homeownership more attainable.
Ontario Land Transfer Tax Refund
First-time home buyers in Ontario may be eligible for a provincial land transfer tax refund of up to $4,000. Qualifying buyers purchasing a home for $368,000 or less could pay no provincial land transfer tax at all.
First Home Savings Account (FHSA)
This registered savings account allows you to contribute up to $8,000 annually, with a lifetime maximum of $40,000. Contributions are tax-deductible, and withdrawals are tax-free when used toward your first home purchase.
Home Buyers’ Plan (HBP)
You can withdraw up to $60,000 from your RRSP tax-free to use as a down payment on your first home. The withdrawn amount must be repaid over a 15-year period.
GST/HST New Housing Rebate
First-time buyers purchasing a newly constructed home may qualify for significant GST/HST rebates. Recent changes have made this program particularly beneficial for homes up to $1.5 million.
Local Support in Belleville and Eastern Ontario
In addition to provincial and federal programs, local incentives may also be available. Understanding all available options can significantly impact your purchasing power.
Each program has specific eligibility requirements, particularly regarding previous home ownership. Professional guidance is recommended to ensure you maximize every available benefit.
If you’re a first-time home buyer, refinancing, or completing a DND relocation, I’d be happy to help. Contact me directly at 613-847-0797.
