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"Your First Home, Faster."

Navigating the 2026 market with modern strategies, from 30-year amortizations to tax-free down payment growth

Discover how our strategic mortgage solutions can help you achieve your financial goals.

Get My 2026 Home Buying Plan

First -Time Home Buyers

Are you considering purchasing your first home? Congratulations on achieving this important milestone! We are here to help you maximize the benefits available to first-time home buyers and to assist you in securing a mortgage rate that suits your requirements.

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A happy couple sitting on the floor of a new home surrounded by packed brown cardboard boxes, with a small potted plant and a rolled-up rug nearby.

First-Time Home Buyers Need to Know

What exactly is a mortgage? A mortgage is essentially a loan that enables you to purchase property. This loan is paid back through consistent payments, including the principal amount (the sum borrowed) and the interest. As time goes on, these payments help to decrease the overall loan balance.

For first-time buyers, there is a significant advantage in building equity in an asset that appreciates tax-free while you reside in it. By entering the market and focusing on your equity, you invest in your future instead of merely covering someone else's mortgage.

At Black Knight Capital, we are here to assist you in discovering the most competitive mortgage rates and capitalize on them, further enhancing the value of your home financing.

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    Tailored Solutions

    We provide a range of mortgage solutions tailored to meet your specific needs and financial circumstances, assisting you in finding the perfect match for your first home.

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    Knowledge Is Power

    Our comprehensive knowledge of the specific requirements set by lenders enables us to connect you with the most suitable mortgage options, enhancing your likelihood of approval even in challenging circumstances.

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    Great Rates

    As a trusted broker, we have the ability to shop around with multiple lenders, ensuring you receive the most competitive rates available in the market

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    Dedicated Consiege

    Our skilled team guarantees that you will collaborate with a single dedicated individual during the complete home-buying journey. From pre-approval to closing, you will benefit from steady, trustworthy guidance and assistance, ensuring that your path to homeownership is seamless and well-informed.

 FAQs

  • A:The First Time Home Buyers’ Tax Credit gives first time buyers that chance to regain some of the costs they paid in the purchase. It mostly applies to closing costs such as legal fees and inspections.

    In certain provinces like Ontario, British Columbia, or Prince Edward Island, home buyers can qualify to get a rebate on some of the Land Transfer Tax they paid. Torontonians are eligible to get a rebate on top of the provincial allowance if they are a first time home buyer.

  • A: The typical mortgage for first-time home buyers features a repayment term of 25 years, but 30-year mortgages are increasingly accessible.

  • A: The Canadian government's Home Buyers' Plan (HBP) allows first time home buyers to borrow up to $60,000 from their RRSP for a down payment, tax-free. If they are purchasing with someone who is also a first time home buyer, both can access $60,000 from each of their RRSP’s.

    Since the HBP is considered a loan, it must be repaid within 15 years. Fortunately, this is an interest-free loan so the borrower will only be required to pay back into their RRSP the original amount withdrawn.

  • A: RSP funds borrowed must be in a registered savings account for at least 90 days prior to withdrawal

    • Buyer(s) cannot have owned a home within the previous four years

    • If buying with a spouse (or common law partner) who is not a first time home buyer, the first time home buyer borrower cannot have lived in the house the spouse owned in the previous 4 years

    • Has entered into a written agreement to buy or build a qualifying home

    • Must intend to live in the home within one year of purchase and use it as their primary residence

    • If they have used the Home Buyers' Plan before, they cannot have any outstanding balance due

    • Must make the withdrawal from their RRSP within 30 days of taking title on the home

    • Have to be a Canadian resident

  • A: As of late 2024 and continuing through 2026, all first-time homebuyers in Canada are eligible for 30-year amortization periods on insured mortgages. This change allows you to stretch your payments over a longer period, reducing your monthly costs and helping you qualify for a higher mortgage amount in a high-rate environment. Item description

  • A: Eligible first-time buyers in Ontario can receive a provincial land transfer tax refund of up to $4,000. If you are buying in Toronto, you may qualify for an additional municipal rebate of up to $4,475, for a total possible savings of $8,475. This effectively covers the entire tax for homes priced up to $368,000 provincially (or $400,000 in Toronto). Item description.

  • A: The price cap for insured mortgages (where you put down less than 20%) has been increased to $1.5 million, up from the previous $1 million limit. This reform helps more Canadians qualify for homes in high-priced markets like the GTA without needing to save a massive 20% down payment. Item description

    • A: Potentially, yes. You may be considered a first-time homebuyer if you have not occupied a home that you or your spouse owned in the last four years. Additionally, those who have recently experienced a breakdown of a marriage or common-law partnership may qualify even if they do not meet the four-year requirement. Item description