Your questions are a good place to start.

For an eligible owner-occupied purchase, the general minimum is 5% for a home priced at $500,000 or less. Below $1.5 million, a higher-priced home generally requires 5% on the first $500,000 and 10% on the remainder. At $1.5 million or more, at least 20% is generally required. Lenders, property types and borrower circumstances may require more. A down payment below 20% generally requires mortgage default insurance. Confirm current rules with the Financial Consumer Agency of Canada and your lender.

The FHSA is a registered account for eligible first-time buyers. Eligible contributions are generally tax-deductible, and qualifying withdrawals, including investment growth, are tax-free. Annual and lifetime contribution limits, opening eligibility and withdrawal requirements apply. Confirm current rules with the Canada Revenue Agency before contributing or withdrawing.

You may qualify for an Ontario land transfer tax refund and, if buying within the City of Toronto, a separate municipal rebate. They have their own eligibility rules and maximum amounts. Prior ownership anywhere in the world, spousal history, residency status and ownership shares can matter. Ask your lawyer to confirm eligibility and calculate the taxes still payable.

It can simplify communication: one professional understands both your financing plan and your property search. Meshesha Robel is a Mortgage Agent Level 2 with Mortgage Alliance and a REALTOR® with Sutton Group Admiral Realty, Brokerage. The roles remain distinct, with separate service terms and required disclosures. You can choose separate professionals. Coordinated service does not determine lender approval, pricing or purchase results.

There is no single timetable. Your readiness, documentation, lender review, available homes, offer conditions and negotiated closing date all affect the process. Some buyers need time to prepare savings and credit; others are ready to search. A consultation can help identify your next steps without promising a completion date.