Quick answer: To buy your first resale home in Ontario:
- Save at least 5% of the first $500,000 and 10% of the rest as a down payment.
- Add about 1.5–4% for closing costs, mostly land transfer tax.
- Get pre-approved, keeping in mind you'll qualify at the stress-test rate.
- Use first-time buyer programs: FHSA, Home Buyers' Plan, land transfer tax refunds and the Home Buyers' Amount.
- Make an offer with the right conditions, then close with a real estate lawyer, usually 30–90 days later.
This hub links every guide you need.
On Buyprecon.ca you can browse both pre-construction and resale homes across the GTA, and we represent buyers in both. Many first-time buyers start with a resale home: a condo, townhouse, semi or detached house that someone has lived in before. These guides walk first-time buyers through every step, with numbers updated for 2026.
Resale home buying guides
| Guide | What you'll learn |
|---|---|
| How to buy a resale home in Ontario, step by step | Budget, pre-approval, buyer agreements, offers, conditions, closing |
| Down payment guide | Minimum down payments, mortgage insurance, FHSA, HBP, gifts |
| Resale closing costs in Ontario | Land transfer tax tables, Toronto MLTT, legal fees, the CMHC PST trap |
| Mortgage rates and the stress test (2026) | Current rates, fixed vs variable, payment examples, 30-year amortization |
| First-time home buyer programs in Ontario | Every rebate, refund and tax credit, and who qualifies |
| Making an offer in Ontario | Deposits, conditions, multiple offers, home inspections, status certificates |
First-time buyer numbers at a glance (2026)
| Item | Key fact |
|---|---|
| Minimum down payment | 5% of the first $500,000 + 10% up to $1.5M; 20% at $1.5M+ |
| Insured mortgage limit | Homes under $1.5 million |
| Mortgage insurance premium | 2.80%–4.00% of the mortgage (+0.20% for 30 years) |
| Stress test | Higher of 5.25% or your rate + 2% |
| Bank of Canada rate | 2.25% (September 2, 2026) |
| FHSA | $8,000/year, $40,000 lifetime |
| RRSP Home Buyers' Plan | Up to $60,000 per person |
| Ontario LTT refund | Up to $4,000 |
| Toronto MLTT rebate | Up to $4,475 |
| Home Buyers' Amount | Up to $1,500 tax credit |
| Typical closing timeline | 30–90 days after a firm deal |
Example: what a first home really costs
Illustrative: a first-time buyer purchasing an $800,000 townhome outside Toronto with 10% down.
| Item | Amount |
|---|---|
| Down payment (10%) | $80,000 |
| Ontario land transfer tax after $4,000 refund | $8,475 |
| Legal fees and title insurance | ~$2,500 |
| Home inspection | ~$500 |
| PST on mortgage insurance | ~$1,900 |
| Cash needed before moving costs | ~$93,400 |
| Monthly mortgage (30 years, 4.34%) | ~$3,681 |
Resale or pre-construction?
Resale gets you in within months, in established neighbourhoods. Pre-construction spreads your deposit over years and, in 2026, can come with up to $130,000 in HST relief. Compare both in pre-construction vs resale, or explore our pre-construction guides.
Frequently asked questions
How much do I need to buy my first home in Ontario?
The minimum down payment plus about 1.5–4% of the price for closing costs. On an $800,000 home with 10% down, that's roughly $93,000 in cash.
What programs help first-time buyers in Ontario?
The FHSA, RRSP Home Buyers' Plan, Ontario and Toronto land transfer tax refunds, the Home Buyers' Amount tax credit and 30-year insured amortizations.
What credit score do I need to buy a house?
Insured mortgages generally need a score of at least 600 from at least one borrower, and the best rates usually go to scores around 680 and up. Requirements vary by lender.
Is it a good time to buy a resale home in 2026?
The GTA is a buyer's market in 2026, with prices below their peak and more inventory, so buyers have more room to negotiate and include conditions. Your personal budget and timeline matter most.
What our resale clients say
"I was nervous about buying my first home because there were so many things to consider. Buyprecon.ca helped me better understand the process, from searching for properties to preparing an offer. Having support along the way made a big difference."
★★★★★ Amaka Obi, First-Time Buyer in Mississauga
"Our experience buying a resale townhouse in Whitby was positive. We received guidance throughout the property search and offer process, and our questions were answered along the way. The support made buying a home feel much more manageable."
★★★★★ Jessica W., Resale Townhouse in Whitby
"We had been searching for a home in Durham Region for some time. Buyprecon.ca helped us explore resale options in North Oshawa and understand the steps involved in purchasing a property. We're excited about our new home!"
★★★★☆ Funke O., Resale Home in North Oshawa
"We wanted to purchase a resale home in Oakville and needed guidance on the different steps involved. Buyprecon.ca helped us explore our options and better understand the buying process, including the importance of reviewing closing costs before making a commitment."
★★★★★ Nnamdi E., Resale Home in Oakville
About the author: Ola Otubu is a REALTOR® with Realty ONE Group Reveal, Real Estate Brokerage, and the founder of Buyprecon.ca. He represents buyers of new construction and resale homes across Ontario.
This guide is general information, not financial, legal or tax advice. Figures reflect information available in October 2026 and can change. Sources: Department of Finance Canada; CMHC; Bank of Canada; Canada Revenue Agency; Government of Ontario; City of Toronto.
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