Buying your first home in the GTA can feel like a marathon, but the 2026 landscape has introduced some new rules and tools that work in your favor. If you’re ready to stop renting and start building equity, here is your roadmap:
Maximizing the FHSA
The First Home Savings Account (FHSA) is still one of the most powerful tools in your belt. You can contribute up to $8,000 per year (up to a $40,000 lifetime limit). The best part? Contributions are tax-deductible, and withdrawals are tax-free when used for your first home.
Understand the New 30-Year Amortization
Recent policy changes now allow first-time buyers of newly built homes to access 30-year amortizations. This can significantly lower your monthly mortgage payments, making that “dream home” more attainable under current interest rates.
The “A-Team” Strategy
In a market with more inventory, you need a strategy, not just a search alert.
- Get Pre-Approved: Know your exact “stress-test” number before you fall in love with a kitchen.
- Must-Haves vs. Nice-to-Haves: Be ready to compromise on finishes to get the right location.
- Budget for Closing Costs: Remember to set aside 1.5% to 4% of the purchase price for land transfer taxes and legal fees.
The Lending with Lima Advantage: Don’t navigate this alone. We specialize in helping first-time buyers find the right mortgage product that fits their long-term financial goals.