Figure out exactly how much you need — and where to get it. FHSA ($40K tax-free, no repayment), RRSP Home Buyers' Plan ($60K per person, updated April 2024), CMHC tiers, minimum down rules, and a personalized savings timeline.
We've pre-loaded this property's price into the calculator below. Scroll down to see your full breakdown — calculated live from this listing's actual price.
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The most powerful tool available to Canadian first-time buyers is the First Home Savings Account (FHSA) — it offers a tax deduction on contributions AND tax-free withdrawals. That double tax benefit is unmatched by any other account. Open one as early as possible, even if you can't contribute much yet, because your annual room accumulates only from the date of opening.
Stack your FHSA with the RRSP Home Buyers' Plan ($60,000 per person) for maximum leverage. A couple can potentially pull $200,000 tax-free ($40K FHSA × 2 + $60K HBP × 2) without selling any investments. HBP funds are repaid over 15 years — it's essentially a 0% interest loan from yourself.
Run the numbers before you buy, sell, or invest — estimate payments, taxes, affordability, and potential returns in seconds.
The minimum down payment in Canada is 5% of the first $500,000 of the price plus 10% of the part from $500,000 to $1.5 million, and 20% for homes above $1.5 million. On a $750,000 home that is $50,000 (6.7%).
The calculator applies the federal minimum down payment rules, adds the CMHC premium for down payments under 20%, and totals your sources: FHSA (up to $8,000 a year, $40,000 lifetime), the RRSP Home Buyers' Plan (up to $60,000), TFSA, savings and gifts. It projects how long monthly saving takes to reach your target.
Reviewed November 2026 by the mortgage team at Top Mortgages Inc. Figures are estimates for general information. They are not a quote, an approval or financial advice, and lenders set their own final terms.
5% of the first $500,000, 10% of the portion from $500,000 to $1.5 million, and 20% on the whole price for homes over $1.5 million.
You can contribute up to $8,000 a year and $40,000 in total, and a qualifying withdrawal for a first home is tax-free.
The Home Buyers' Plan allows up to $60,000 per person, repaid over 15 years once the repayment period starts.
Putting 20% down avoids CMHC insurance and gives you access to 30-year amortizations and more lender choices, but it is not required to buy.
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