Ontario First-Time Home Buyers
Ontario First Time Home Buyer Freebies
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First time home buyer Tax Credit Get $750 dollars back on your personal tax return.
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Land transfer tax rebates Save up to $2,000 at
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time of closing. -
RRSP Home buyers Plan Access up to $25,000 from
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your RRSP tax-free.
Ontario Mortgage Calculators
We shop the most competitive brokers, lenders and banks in Canada to bring you today's lowest interest rates, free of charge! Our Canadian comparison charts list current rates, and are updated on a daily basis. Land transfer tax is charged on the purchase price of a home in Ontario at the rates listed below. First-time homebuyers purchasing a home under $227,500 will receive a full refund of their tax. For homes over $227,500, the maximum rebate of $2,000 will be refunded. Land transfer tax is one closing cost in Ontario that you need to pay when purchasing a home. Other closing costs include fees for an Ontario home inspector and Ontario real estate lawyer. Mortgage default insurance or CMHC insurance is required in Canada for down payments of less than 20%. Additional criteria as of July 9th, 2012: Ontario Rates
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Term
Lowest Fixed Rate
Lowest Variable Rate
1-Year
2.49%
3-Year
2.55%
2.89%
5-Year
2.49%
2.49%
10-Year
2.99%
Purchase Price of Home
Marginal Tax Rate
First $55,000
0.5%
On $55,001 to $250,000
1.0%
On $250,001 to $400,000
1.5%
Over $400,000
2.0%
Down payment (% of home)
5%-9.99%
10%-14.99%
15-19.99%
20% or higher
CMHC insurance premium
2.75%
2.00%
1.75%
0.00%
Ontario First-Time Home Buyer Education Centre