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Buying your first home in Brantford

Your first purchase comes with a lot of new words and a lot of decisions. We take them one at a time, show you the programs that can help, and make sure you understand every page before you sign it.

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Which first-time buyer programs can you use?

Three programs do most of the heavy lifting. The Ontario land transfer tax refund reduces or removes the provincial tax you pay on closing. The First Home Savings Account lets you save with a tax deduction going in and no tax coming out when you buy. The Home Buyers' Plan lets you withdraw from your RRSP for your down payment and pay yourself back over a set number of years.

Each has its own definition of a first-time buyer and its own limits, and the federal amounts have changed over the years. Check the current limits with the Canada Revenue Agency and Ontario's Ministry of Finance, and ask your lender how they fit your plan. Our guide to combining the FHSA and HBP shows how they stack.

Do you count as a first-time buyer?

For the Ontario land transfer tax refund, you generally must be at least 18, must never have owned a home or an interest in a home anywhere in the world, and must move in within nine months. If your spouse owned a home while you were together, you may not qualify. The FHSA and Home Buyers' Plan use a different test that looks back over recent years, so some people who owned before can qualify again.

It gets nuanced quickly. Our guide on how to qualify as a first-time buyer in Ontario covers the common situations, and your lawyer will confirm the land transfer tax refund on closing.

How much do you need to save?

The minimum down payment starts at 5% of the price and rises on the portion above set thresholds. With less than 20% down, your mortgage needs default insurance, which is added to the loan. On top of the down payment, budget for closing costs and a cushion for moving and the first repairs.

Our down payment guide walks through realistic numbers, and the mortgage calculator shows what different down payments mean for your monthly cost.

Where do first-time buyers look in Brantford?

Many start with condo apartments and condo townhouses for the lower price and maintenance, or with older detached homes in established neighbourhoods like Eagle Place, Holmedale and Terrace Hill. Our guide to the best neighbourhoods for first-time buyers compares them, and you can browse condos and townhouses right now.

Your first-home roadmap

  1. 1

    Know your numbers

    Savings, income, debts and a realistic monthly payment you are comfortable with.

  2. 2

    Get pre-approved

    A lender reviews your finances and puts your budget and rate hold in writing.

  3. 3

    Line up the programs

    FHSA, Home Buyers' Plan and the land transfer tax refund, timed so the money is ready.

  4. 4

    Shop with a plan

    We narrow the areas and home types that fit, and flag issues before you fall in love.

  5. 5

    Offer, conditions, closing

    We negotiate, guide you through inspection and financing, and stay with you to the keys.

Just listed in our area

The newest homes for sale across Brantford, Brant and Norfolk, live from the MLS® System.

Search every listing

  • $549,900

    2 Millcroft Drive

    Simcoe · Townhouse

    • 2 beds
    • 3 baths
    • 1,244 ft²

    Listing brokerage: CENTURY 21 PEOPLE'S CHOICE REALTY INC. BROKERAGE

  • $509,900

    8 Basswood Road

    Simcoe · Semi-detached

    • 3 beds
    • 3 baths
    • 1,395 ft²

    Listing brokerage: CENTURY 21 PEOPLE'S CHOICE REALTY INC. BROKERAGE

  • $725,000

    92 Scenic Ridge Gate

    Paris · Detached

    • 4 beds
    • 3 baths
    • 2,286 ft²

    Listing brokerage: Re/Max Escarpment Realty Inc.

Questions

Questions we hear often

Ask us something else

What is the Ontario land transfer tax refund for first-time buyers?

It is a provincial refund that reduces or eliminates the land transfer tax a first-time buyer pays when buying a home in Ontario, up to a set maximum. Your real estate lawyer usually claims it for you at closing. Try our land transfer tax calculator to see the tax and refund on a given price.

What is the First Home Savings Account (FHSA)?

The FHSA is a registered account for first-time buyers. Contributions are tax-deductible, investment growth is tax-free, and qualifying withdrawals to buy your first home are not taxed. There are annual and lifetime contribution limits, and each person in a couple can open their own. Open one early, since contribution room only starts once the account exists.

Can I use the FHSA and the Home Buyers' Plan together?

Yes. You can withdraw from your FHSA and borrow from your RRSP under the Home Buyers' Plan for the same qualifying home, as long as you meet each program's rules. For couples who both qualify, that can make a meaningful difference to the down payment. Confirm current limits and timing with CRA or your financial advisor before you buy.

What is the minimum down payment for a first home?

In Canada, the minimum is 5% of the price on the first portion of the purchase, with a higher percentage on the part above a set threshold, and 20% on homes above the insured mortgage price cap. With less than 20% down you will need mortgage default insurance. Your lender can confirm the current thresholds.

Should I get pre-approved before I look at homes?

Yes. A pre-approval tells you how much a lender is prepared to lend, often holds an interest rate for a period of time, and shows sellers you are serious. It also stops you from falling for a home you cannot finance. Our pre-approval guide explains what lenders look for.

Can first-time buyers get a 30-year mortgage?

First-time buyers may qualify for a 30-year amortization on an insured mortgage, which lowers the monthly payment compared with 25 years, though you pay more interest over the life of the loan. Mortgage rules change from time to time, so ask your lender or broker what applies when you buy.

Keep exploring

Let's map out your first home

Book a no-pressure call. We will walk through your budget, the programs you may qualify for and the areas that fit.

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