First-Time Home Buyer Total Cost Calculator Canada — Full Picture
Most first-time buyers underestimate cash needed by $15,000–$25,000. This calculator adds every cost — minimum down payment, CMHC, land transfer tax (with rebates), legal fees, inspection, and moving — and subtracts every saving from FHSA and HBP to show your real number.
What you'll need
- Purchase price and province
- Whether you're a first-time buyer (for LTT rebates)
- Whether you're using FHSA or RRSP HBP
How it works
Enter purchase price and province
The province determines land transfer tax rates, first-time buyer rebates, and which programs are available to you.
Tell us if you're a first-time buyer and your programs
First-time buyers qualify for LTT rebates in Ontario and BC. FHSA holders get a tax refund on contributions — we factor this into your net cost.
See complete cash needed with and without 20% down
We show two scenarios: minimum down payment (5–10%, CMHC applies) and 20% down (no CMHC) — with every cost and rebate itemized.
First-Time Buyer in Ontario — $750K Purchase, 5% Down
| Cost Item | Amount | Notes |
|---|---|---|
| Minimum down payment (5%) | $37,500 | 5% on first $500K + 10% on remainder |
| CMHC premium (added to mortgage) | $22,500 | 3% of insured amount — not cash |
| Ontario LTT | $10,475 | |
| Less: FTHB rebate | −$4,000 | First-time buyer |
| Net LTT | $6,475 | |
| Legal fees | $1,800 | Estimate |
| Title insurance | $350 | |
| Home inspection | $550 | |
| Moving costs | $2,000 | Estimate |
| FHSA tax refund (if used) | −$3,440 | On $8,000 contribution at 43% |
| Total cash needed | ~$45,000 | Plus mortgage for the rest |
CMHC premium is added to your mortgage, not paid upfront. Ontario PST on CMHC (~$1,800) is paid at closing and is not shown above.
Frequently asked questions
How much money do I need to buy my first home in Canada?
For a $750,000 home in Ontario, first-time buyers typically need: minimum down payment $37,500–$50,000 + land transfer tax $6,475 (less $4,000 FTHB rebate = $2,475 net) + legal fees $1,800 + title insurance $350 + home inspection $550 + moving costs $2,000 = roughly $45,000–$58,000 total cash. With 20% down ($150,000), total cash needed is ~$157,000.
What first-time buyer programs are available in Canada?
Key programs in 2026: (1) First Home Savings Account (FHSA) — $8,000/yr tax-deductible, $40,000 lifetime, tax-free withdrawal; (2) RRSP Home Buyers' Plan (HBP) — withdraw up to $35,000 tax-free; (3) Provincial LTT rebates — Ontario: up to $4,000; BC: up to $8,000 (under $500K); Toronto: additional $4,475; (4) First-Time Home Buyer's Tax Credit — $1,500 federal tax credit.
Can I use FHSA and RRSP HBP together in Canada?
Yes — both the FHSA and the RRSP Home Buyers' Plan can be used together for the same home purchase. This means a couple could potentially combine $80,000 FHSA ($40,000 each) + $70,000 HBP ($35,000 each) = $150,000 toward a down payment from registered accounts — all tax-advantaged.
Does CMHC premium have to be paid upfront?
No — the CMHC mortgage insurance premium is added to your mortgage balance, not paid in cash at closing. However, provincial PST on the premium (in ON, QC, MB, SK) IS paid upfront as a closing cost. Ontario PST on CMHC: 8% of the premium. On a $700,000 home with 5% down, the CMHC premium is ~$26,600 and Ontario PST would be ~$2,128 paid at closing.
Know your real number before you start shopping.
Calculate Total Cash Needed →