First-Time Buyer Savings Calculator
Turn the first purchase into a visible cash target and timeline
A first-time buyer plan is easier to manage when the down payment and closing cash are separated from the monthly savings pace. This calculator shows how much of the selected target is already funded and how long the remaining gap may take at the savings rate entered.
Once the runway is realistic, calculate the full cash needed to close.
Before shopping seriously, refine the land transfer tax, mortgage-insurance tax, legal costs and other closing cash for the type of purchase you expect.
Quick answers before you send your scenario.
Does FHSA room start automatically at age 18?
No. CRA says FHSA participation room starts when you open your first FHSA. Check your actual participation room before contributing.
CRA FHSA rules →What is the FHSA lifetime limit?
The current lifetime limit is $40,000, subject to the FHSA rules and your available participation room.
How much can I withdraw from an RRSP under the HBP?
The current HBP withdrawal limit is $60,000, subject to eligibility and program conditions.
CRA HBP information →Can two eligible buyers each use their own programs?
Each person’s FHSA/HBP eligibility and available room or withdrawal amount must be assessed individually. Do not assume one person’s eligibility automatically applies to the other.
Does first-time buyer status work the same for land-transfer-tax rebates?
No. Program definitions and spouse/ownership rules can differ. Confirm the Ontario and Toronto rebate rules separately from FHSA or HBP eligibility.
Estimate land transfer tax and rebates →Should I use every dollar saved as the down payment?
Not automatically. Keep enough cash for the closing costs you expect and an appropriate household reserve after possession.
Have a property—or a move—in mind?
Bring the address, the numbers or the timing question. A focused 10-minute conversation can clarify the next step before you commit more time or money.