First-Time Home Buyers Guide

About this video

Buying a first home is an exciting milestone, but the process can feel overwhelming. In this explainer, Kirby Chan, Broker, of Kirby Chan & Co. Real Estate Team walks through what first-time buyers need to know in Richmond Hill, Markham and Toronto.

He also explains how mentorship, clear guidance and a trusted network of lenders and inspectors can make the process simpler.

The numbers behind a first purchase in Markham

The minimum down payment is set by price band rather than by the buyer: five per cent of the first $500,000, ten per cent of the portion above that and twenty per cent once the price reaches $1.5 million. On Markham’s August 2026 median of $1,095,000 that works out to $84,500.

Insured financing is available up to a $1.5 million purchase price, a cap raised from $1 million on December 15, 2024. The same reforms extended thirty year amortizations on insured mortgages to all first time buyers, which lowers the monthly payment and raises the total interest paid over the life of the loan.

The help available and the catch in the wording

Ontario refunds up to $4,000 of land transfer tax to eligible first time buyers, claimed by your lawyer on closing. A First Home Savings Account holds up to $40,000 over your lifetime and a qualifying withdrawal is never repaid. The RRSP Home Buyers’ Plan lets you withdraw up to $60,000, repaid within 15 years. You can use both for the same home.

The catch is that each programme defines a first time buyer differently. Ontario’s refund requires that you have never owned a home anywhere in the world, while the FHSA and the federal GST rebate use a four year lookback instead. Our first time home buyer guide for Markham puts all four definitions side by side and our post on the FHSA and the Home Buyers’ Plan covers the two savings tools in detail.