If you’re renting in Peterborough and wondering whether buying is even possible, here’s some good news: first-time buyers in Ontario have more help available in 2026 than most people realize. Some of these programs are worth thousands of dollars, and plenty of buyers only hear about them after they’ve closed.
Here’s a plain-language rundown of each one.
First Home Savings Account (FHSA)
Put away up to $8,000 a year, to a lifetime maximum of $40,000. Contributions are tax-deductible, like an RRSP, and withdrawals for your first home are tax-free, like a TFSA. If you’re even thinking about buying in the next few years, open one now. Contribution room only starts building once the account is open.
RRSP Home Buyers’ Plan
You can borrow up to $60,000 each from your RRSP for a down payment, so a couple can access up to $120,000. You repay it over 15 years. Your bank handles the paperwork.
Ontario land transfer tax refund
First-time buyers can get back up to $4,000 of Ontario’s land transfer tax. On a home up to about $368,000, that wipes it out completely. On a $500,000 home, the tax is $6,475, and the refund brings it down to $2,475. Your lawyer applies for it at closing.
30-year amortization
First-time buyers can now spread an insured mortgage over 30 years instead of 25, which lowers the monthly payment. You’ll pay more interest over the life of the mortgage, so talk it through with your lender.
GST rebate on new homes
Buying a newly built (or substantially renovated) home? First-time buyers can get the GST removed, worth up to $50,000, with the full rebate on homes up to $1 million.
First-time home buyers’ tax credit
A federal tax credit worth about $1,400, claimed on your tax return for the year you buy. Small, but easy to forget.
How much do you actually need?
In Canada, the minimum down payment is 5% of the first $500,000 of the price, plus 10% of the part above that. On a $500,000 home, that’s $25,000. On a $600,000 home, it’s $35,000. Then budget for closing costs on top: land transfer tax, legal fees, an inspection and moving.
Program details are current as of fall 2026 and eligibility rules apply. Your lender, lawyer or accountant will confirm what you qualify for.
Ready to run your own numbers? Our free First-Home Starter Kit includes worksheets for your down payment and closing costs, every program and how to claim it, and the steps from pre-approval to keys.
