First-Time Home Buyer Programs in Ontario
To make saving easier, first-time buyers in Sudbury can use these programs:
First-Time Home Buyer Incentive – a shared equity program with the federal government
RRSP Home Buyers’ Plan – borrow up to $35,000 tax-free from your RRSP
First Home Savings Account (FHSA) – save tax-free money specifically for your first home
How Much Should You Save?
Here’s a quick guide based on Sudbury’s price ranges:
$300,000 home → Minimum down payment = $15,000
$450,000 home → Minimum down payment = $22,500
$600,000 home → Minimum down payment = $35,000 ($25,000 on first $500k + $10,000 on the remaining $100k)
$800,000 home → Minimum down payment = $55,000 ($25,000 + $30,000)
If you’re buying in Sudbury, the minimum down payment could be as low as 5%, but aiming for 20% can save you thousands in the long run. The right amount depends on your budget, your long-term goals, and whether you qualify for first-time buyer programs.
Pro Tip: Talk to a local Sudbury realtor, like Tanya Vanden Berg and mortgage advisor early. They’ll help you figure out how much you really need and which programs you qualify for.
Looking for help buying your first home in Sudbury? Contact Tanya Vanden Berg, your local Sudbury realtor, for expert advice tailored to your goals.
