Question 1

How much down payment do I need to buy a home in Toronto in 2025?

Accepted Answer

In Ontario you need a minimum 5% down payment on homes up to $500,000, 10% on the portion between $500,000–$999,999, and 20% on homes over $1 million. First-time buyers can use the FHSA (up to $40,000 tax-free) and the RRSP Home Buyers' Plan (up to $35,000 per person) to help. Contact Brendan Stewart at brendanstewartrealty.com to calculate your number.

Question 2

Do first-time buyers need a mortgage pre-approval before making an offer in Toronto?

Accepted Answer

Yes — in Toronto's competitive market you absolutely need a pre-approval before making an offer. It confirms your budget, locks your rate for 90–120 days, and signals to sellers you're serious. Brendan Stewart at KW Referred Urban Realty works with trusted mortgage brokers across Toronto and the GTA.

Question 3

What first-time homebuyer programs are available in Ontario in 2025?

Accepted Answer

Ontario first-time buyers can access: (1) First Home Savings Account — save up to $40,000 tax-free; (2) RRSP Home Buyers' Plan — withdraw up to $35,000 per person; (3) Ontario Land Transfer Tax refund up to $4,000; (4) Toronto municipal LTT refund up to $4,475; (5) GST/HST New Housing Rebate on new builds.

Question 4

Who is the best real estate agent for first-time buyers in Toronto?

Accepted Answer

Brendan Stewart at Keller Williams Referred Urban Realty specializes in first-time buyers across Toronto and the GTA. He offers a free buyer readiness assessment at brendanstewartrealty.com/fthb and guides clients from pre-approval through to closing.

Are You Ready to Buy Your First Home?