Neha Joneja is a Mortgage Agent Level 2 in Brampton who helps first-time home buyers plan their down payment, use the FHSA and RRSP Home Buyers’ Plan, claim the Ontario land transfer tax refund and get pre-approved. She compares banks, credit unions and alternative lenders, and explains each step in English, Hindi or Punjabi.
- 4.8 on Google (18 reviews)
- FSRA-licensed brokerage #13812
- English · हिन्दी · ਪੰਜਾਬੀ
- Women-owned
What does buying your first home in Brampton involve?
Most first-time buyers Neha meets aren’t short on motivation. They’re short on a clear order of operations: how much to save, which accounts to draw from, and what the lender and lawyer will ask for.
Brampton’s housing mix shapes the conversation. A townhouse in Fletcher’s Meadow, a semi a short walk from Mount Pleasant GO, or a detached home in Sandalwood with a registered basement apartment can each lead to a different down payment, a different insurance premium and a different way of qualifying.
How much down payment do you need for a first home?
Canada sets the minimum down payment in tiers based on the purchase price. It is not a flat 5%.
Key numbers
| Purchase price | Minimum down payment | How it’s calculated |
|---|---|---|
| $500,000 | $25,000 | 5% of $500,000 |
| $700,000 | $45,000 | 5% of the first $500,000 + 10% of $200,000 |
| $900,000 | $65,000 | 5% of the first $500,000 + 10% of $400,000 |
| $1,200,000 | $95,000 | 5% of the first $500,000 + 10% of $700,000 |
| $1,500,000 or more | 20% of the price | Can’t be insured |
With less than 20% down, your mortgage needs default insurance from CMHC, Sagen or Canada Guaranty. The premium is a percentage of the loan, usually added to your mortgage. In Ontario, the 8% PST on that premium is the exception: it must be paid at closing and can’t be added to the mortgage.
Minimum down payment & CMHC insurance estimator
For illustration only. Not a rate quote or an approval.
Approval subject to lender criteria (O.A.C.). Rates subject to change. Figures are estimates for illustration only.
A worked example on a $700,000 townhouse
Say you buy a $700,000 townhouse with the minimum $45,000 down. Your loan is $655,000, about 93.6% of the price, which falls in the 4.00% premium band. Choose a 30-year amortization and 0.20% is added, for a 4.20% premium of $27,510. Your mortgage becomes $682,510, and you bring about $2,201 for the PST to your lawyer before closing.
Approval subject to lender criteria (O.A.C.). Rates subject to change. Examples are for illustration only.
Can first-time buyers get a 30-year amortization?
Yes. Amortization is the total number of years it would take to pay off the mortgage if payments stayed the same. Since December 15, 2024, first-time buyers can choose a 30-year amortization on an insured mortgage, meaning one with less than 20% down.
A longer amortization lowers each payment, which can help you qualify, but you pay more interest over the life of the loan plus the 0.20% premium surcharge. Neha shows both versions side by side so you decide with real figures. When co-buyers have owned before, lender and insurer rules on who counts as a first-time buyer can differ, so she confirms eligibility before you shop.
How do the FHSA and the Home Buyers’ Plan work together?
The First Home Savings Account (FHSA) lets you contribute $8,000 a year, up to $40,000 in your lifetime. Contributions are tax-deductible, and a qualifying withdrawal for your first home isn’t taxed. The RRSP Home Buyers’ Plan (HBP) lets each buyer withdraw up to $60,000 from their RRSP, repaid over 15 years.
You can use both for the same home. Two first-time buyers purchasing together could bring up to $40,000 each in FHSA contributions (plus any growth) and up to $60,000 each from the HBP, before counting savings or a gift. Lenders want statements showing where each dollar came from, so Neha times withdrawals around their document requests.
What closing costs should you budget for in Brampton?
Plan for roughly 1.5% to 4% of the purchase price on top of your down payment. On a $700,000 home, that’s about $10,500 to $28,000. Typical items:
- Legal fees and disbursements
- Ontario land transfer tax, less your first-time buyer refund
- Title insurance
- Property tax and utility adjustments with the seller
- Home inspection
- PST on your mortgage insurance premium, if you have one
Brampton has no municipal land transfer tax; in Ontario, only Toronto charges one. Ontario’s first-time buyer refund covers up to $4,000 of the provincial tax, which is the full tax on homes up to about $368,000. Above that, you pay the difference. Your lawyer usually claims it at registration.
Buying a newly built home in the north or west end of the city? You may qualify for the federal First-Time Home Buyers’ GST/HST rebate on new homes, legislated in 2026. Confirm your eligibility with your lawyer and CRA before you count on it.
Can you buy your first home with family?
In Brampton, buying together is common: parents and adult children, siblings, or a couple with a parent on title. Combining incomes can raise how much you qualify for. Settle these early:
- Everyone’s debts count. Each co-borrower’s car loans, credit cards and lines of credit go into the qualifying ratios.
- First-time status is personal. If one co-buyer already owns a home, some benefits, such as the land transfer tax refund, may be reduced. Your lawyer can confirm the exact amount.
- Plan the exit. Decide how you’ll hold title and what happens if someone wants out later. A co-ownership agreement drafted by your lawyer helps.
- A gift may be simpler. A parent can gift part of the down payment with a signed gift letter instead of going on title, keeping their own finances separate.
How does pre-approval fit into your first purchase?
Get pre-approved before you book showings. It sets your price range and flags paperwork gaps while there’s time to fix them. The mortgage pre-approval page explains the stress test and what lenders verify.
If you’re also new to Canada, read about newcomer mortgages in Brampton, and if you run your own business, see self-employed mortgages. You can also print the first-time buyer and newcomer checklist.
How Neha works with first-time buyers
- Start with a conversation: Neha reviews your income, savings and debts, in English, Hindi or Punjabi.
- Map your down payment: She works out your minimum, premium and where FHSA, HBP or gift funds fit.
- Get pre-approved: Your file goes to a major bank, credit union or alternative lender that suits it.
- Close and follow up: She coordinates with your lawyer and checks in after closing.
Prefer to talk it through in your own language? Neha offers mortgage help in Punjabi and Hindi. For every other way to buy, see the Buy a Home section, or book a consultation.
Frequently asked questions
Can I buy a home in Brampton with only 5% down?
Only on the first $500,000 of the price. Above that, 10% applies to the portion up to $1,499,999, so a $700,000 home needs $45,000, about 6.4% overall. Homes at $1.5 million or more need 20% down.
Do I still count as a first-time buyer if my spouse owned a home before?
It depends on the program. The FHSA, the Home Buyers’ Plan, the land transfer tax refund and the 30-year insured amortization each have their own definition, and some look at a spouse’s past ownership too. Neha checks each one against your history before you plan around it.
Can my parents gift me the down payment?
Yes, most lenders accept gifts from immediate family. You’ll need a signed gift letter confirming the money doesn’t have to be repaid, and the funds must be in your account before closing.
Should I pick a 25-year or 30-year amortization?
A 30-year amortization lowers your payment and can help you qualify, but adds 0.20% to your insurance premium and more interest over time. Many buyers choose 30 years for flexibility and make extra payments when they can, within their lender’s prepayment limits.
Can rent from a basement apartment help me qualify?
Some lenders count part of the expected rent, especially when the unit is a legal second unit registered with the City of Brampton. Rules vary by lender, and an unregistered unit may not be counted at all. Ask before you make an offer, not after.
Sources
- Down payment requirements (Financial Consumer Agency of Canada)
- CMHC mortgage loan insurance cost
- First Home Savings Account (Canada Revenue Agency)
- What is the Home Buyers’ Plan (Canada Revenue Agency)
- Land transfer tax refunds for first-time homebuyers (Ontario)
- Additional residential units (City of Brampton)
Prefer to talk now?
Or start your application in Neha’s app (opens in a new tab).
- 4.8 on Google (18 reviews)
- FSRA-licensed brokerage #13812
- English · हिन्दी · ਪੰਜਾਬੀ
- Women-owned
Last reviewed by Neha Joneja, Mortgage Agent Level 2, November 2026. General information only, not financial advice for your situation.