First-Time Home Buyer Calculator

Canadian First-Time Home Buyer Programs in 2026

Canada offers several programs designed to help first-time buyers enter the housing market. The First Home Savings Account (FHSA), introduced in 2023, lets you save up to $8,000 per year (lifetime max $40,000) in a tax-deductible account where growth is entirely tax-free when used for a qualifying home purchase. The Home Buyers’ Plan (HBP) allows you to withdraw up to $60,000 from your RRSP tax-free, with repayment spread over 15 years starting two years after the withdrawal. These two programs can be combined, giving you access to up to $100,000 in registered savings.

On the tax credit side, the federal Home Buyers’ Tax Credit (HBTC) provides a $1,500 non-refundable credit. Ontario offers a land transfer tax rebate of up to $4,000 for first-time buyers, and Toronto provides an additional municipal rebate of up to $4,475. British Columbia exempts properties under $500,000 from its property transfer tax for first-time buyers, with partial exemptions up to $835,000. Prince Edward Island offers a complete exemption on its real property transfer tax for first-time buyers.

Key Programs at a Glance

To qualify as a first-time home buyer under federal rules, neither you nor your spouse can have owned a home that you lived in during the four calendar years preceding the purchase. Provincial definitions may vary. Start building FHSA savings early—even before you are actively house hunting—to maximize both the tax deductions and the investment growth before you need the funds.