The Incentives and Financing Options for First-Time Home Buyers in 2025

Discover What Incentives You Can Use at The Unionville Condominium, Plus, our RBC’s Mortgage Confidence Program

Buying your first home is a major milestone, and at The Unionville, we make that experience as accessible and confident as it is luxurious. As a pre-construction condominium in Markham’s Angus Glen neighbourhood, The Unionville combines thoughtful design with exclusive financial advantages like RBC’s Blanket Appraisal Mortgage Confidence Program.

In this blog, we answer the top questions by first-time home buyers in the GTA, and show you how The Unionville helps you navigate each one with clarity and support. 

1. How Does Mortgage Pre-Approval Work in Canada? How Do I Get Pre-Approved for a Mortgage in Toronto?

A mortgage pre-approval confirms how much a lender is willing to offer you based on your current income, assets, liabilities, and credit history. It typically includes:

• A credit check

• Proof of employment and income

• Review of your debt-to-income ratio

With pre-approval in hand, you can confidently move forward knowing your financing is secured—especially valuable when buying pre-construction.

Once you’ve selected and secured your suite at The Unionville by signing the Agreement of Purchase and Sale, our team will introduce you to an RBC mortgage advisor to begin the pre-approval process.

With RBC’s Mortgage Confidence Program, you’ll benefit from:

• Blanket Appraisal = Fewer Hassles RBC has already appraised The Unionville project. That means no delays from third-party inspectors or additional paperwork.

• Faster Processing – No third-party valuations needed

• Pre-Approval = Confidence Lock in your rate and know your max purchase price before you shop. RBC’s mortgage specialists are ready to assist.

This allows you to move forward with confidence and lock in your future home.

2. What Government Incentives Are Available for First-Time Home Buyers in Canada?

Ontario and Canada offer several key programs to help reduce the upfront cost of buying your first home:

First Home Savings Account (FHSA)

• Contribute up to $8,000 annually (maximum $40,000)

• Contributions are tax-deductible

• Withdrawals for your first home are tax-free

Home Buyers’ Plan (HBP)

• Withdraw up to $60,000 from your RRSP tax-free

• Repay gradually over 15 years

Land Transfer Tax Refund

• Up to $4,000 from the Ontario government

• Applies to eligible first-time home buyers purchasing in Markham

GST/HST New Housing Rebate

• Applies to select new-construction homes under the qualifying price cap

• Can offset part of the HST paid at closing (eligibility reviewed with your lawyer)

3. What Are the Current Mortgage Rates in Canada? Should I choose a fixed or variable mortgage rate？

Mortgage rates in Canada fluctuate regularly. As of June 2025, fixed rates for insured mortgages are averaging 4.89% to 5.39%, with variable rates slightly lower depending on your credit profile and down payment amount.

In Canada, your minimum down payment depends on the purchase price. Most suites at The Unionville are accessible to qualified first-time buyers with modest down payments, especially when supported by the FHSA and HBP programs below.

Choosing the Right Mortgage Type

• Fixed Rate: predictable payments

• Variable Rate: potential savings if interest rates fall

4. How Much Can I Afford to Spend on a Home in Toronto?

Affordability depends on your income, current debt, down payment, credit score, and the mortgage rate you're offered. A common rule of thumb is:

• Your total monthly housing costs (mortgage + property tax + fees) should not exceed 32% of your gross monthly income

• Total debt obligations (including car loans, credit cards) should stay under 40–44% of gross monthly income

At The Unionville, our team and RBC mortgage advisors work with you to establish your ideal price range before you finalize your mortgage.

How The Unionville Team Supports You

From reviewing your eligibility to coordinating with RBC and preparing rebate documentation, our team is here to guide you every step of the way. Whether you’re using one program or all of them, our goal is to make the path to homeownership clear, structured, and successful.

Begin Your First Home Journey With Confidence

With its heritage-inspired design, customizable luxury suites, and expert financing support, The Unionville is more than a place to live—it’s where your first home becomes the foundation for your next chapter. Start your journey backed by clarity, guidance, and a team committed to your long-term success.