First Home Buyer Cost Calculator Canada 2026
See every upfront cost of buying your first home in Canada — CMHC mortgage insurance, land transfer tax, legal fees, title insurance, home inspection, and the total cash you need at closing on top of your down payment.
Your Purchase Details
Quick examples:
Your Costs
Enter your purchase price and down payment to see all your upfront costs.
Total Cash Needed at Closing
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Cost Breakdown
🏦 CMHC Mortgage Insurance
📋 Estimated Closing Costs
Down Payment %
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Of purchase price
Closing Costs %
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Of purchase price
Total Cash Needed
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Down payment + closing
Final Mortgage
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Including CMHC premium
First Home Buying Costs in Canada: 2026 Guide
🏦 CMHC Mortgage Insurance — What You Need to Know
If your down payment is less than 20%, CMHC mortgage default insurance is mandatory in Canada. It protects the lender — not you — but it actually benefits buyers because it lets you purchase with as little as 5% down while still qualifying for the same low interest rates available to buyers with 20% down. The premium ranges from 2.80% to 4.00% of your mortgage amount and is added directly to your mortgage balance — you don't pay it upfront. However, three provinces charge provincial sales tax on the premium itself: Ontario (8%), Quebec (9.975%), and Saskatchewan (6%). This PST must be paid in cash at closing and is one of the most commonly overlooked costs by first-time buyers.
| Down Payment | Premium (25yr) | Premium (30yr) | On $500K home |
|---|---|---|---|
| 5% ($25,000) | 4.00% | 4.20% | $19,000 |
| 10% ($50,000) | 3.10% | 3.30% | $13,950 |
| 15% ($75,000) | 2.80% | 3.00% | $11,900 |
| 20%+ ($100,000) | None | None | $0 |
Source: CMHC 2026. 30-year amortization available to first-time buyers on any insured purchase (expanded December 15, 2024). Insured mortgages available up to $1,500,000 purchase price.
❓ Frequently Asked Questions
What is the minimum down payment in Canada in 2026?
The minimum down payment in Canada is 5% on the first $500,000 of the purchase price, plus 10% on any amount above $500,000 up to $1,500,000. For example, on a $700,000 home the minimum is $35,000 (5% of $500,000 = $25,000 plus 10% of $200,000 = $20,000, totalling $35,000). Homes above $1,500,000 require a minimum 20% down payment and are not eligible for CMHC insurance.
Can I get a 30-year mortgage as a first-time buyer in Canada?
Yes. Since December 15, 2024, first-time buyers can use a 30-year amortization on any CMHC-insured purchase — not just new builds. A 0.20% premium surcharge applies, so the CMHC rate goes from 4.00% to 4.20% for a 5% down payment. The longer amortization lowers your monthly payment but means you pay significantly more interest over the life of the mortgage.
What first-time buyer rebates are available in Canada in 2026?
Ontario: up to $4,000 rebate on provincial land transfer tax (eliminates LTT on homes up to $368,000; partial rebate above). Toronto: additional up to $4,475 rebate on the municipal land transfer tax. British Columbia: full PTT exemption on homes up to $835,000, partial rebate to $860,000. Prince Edward Island: up to $2,000 rebate. Alberta, Saskatchewan, Manitoba, and Atlantic provinces (except PEI) have no land transfer tax, so no rebate is needed.
What is the First Home Savings Account (FHSA) in Canada?
The FHSA lets first-time buyers contribute up to $8,000 per year (lifetime maximum $40,000) to a tax-sheltered account. Contributions are tax deductible (like an RRSP) and withdrawals for a qualifying home purchase are tax-free (like a TFSA). It's the most powerful savings tool available to first-time buyers. Use our FHSA Calculator to plan your contributions.