First-time buyers and purchasers of newly built homes can now access 30-year mortgage terms , lowering monthly payments compared to the traditional 25-year cap. Minimum Down Payment Structure : First $500,000: 5% ($25,000) $500,001 to $1.5 Million: 10% of the remaining balance Over $1.5 Million: Minimum 20% total down payment required 2. Strategic Savings Accounts
As of late 2024, the cap for insured mortgages (less than 20% down) increased from $1 million to $1.5 million . buy house in toronto canada
Utilizing tax-advantaged accounts can significantly accelerate your down payment growth: First-time buyers and purchasers of newly built homes
Contributions are tax-deductible (like an RRSP) and withdrawals are tax-free (like a TFSA) when used for a first home. The "Toronto Tax" & Closing Costs
First-time buyers can withdraw up to $60,000 from their RRSP tax-free, provided it is repaid over 15 years. 3. The "Toronto Tax" & Closing Costs