Down Payment
Assistance Programs
For many Canadians, the down payment is the single biggest barrier to homeownership — not the mortgage payments. Here's how benefit members are breaking through it.
You can afford the mortgage.
The down payment is the wall.
In the Greater Toronto Area, the average home price means buyers need $80,000–$200,000 or more just to get to the table. Even with steady incomes and disciplined saving, that number can feel impossibly far away.
Meanwhile, monthly mortgage payments on that same home are often comparable — or even lower — than what you're already paying in rent. The barrier isn't affordability. It's the lump sum.
Programs exist to bridge
exactly this gap.
Federal and provincial governments have created a suite of programs specifically to help Canadians build their down payment faster — from tax-free savings accounts to RRSP withdrawals to land transfer tax refunds.
And for buyers who still fall short, a new model of co-ownership — through Ourboro — lets a partner contribute part of the down payment in exchange for a share of future appreciation. No interest. No monthly payments.
Members are getting
into homes sooner.
By combining government programs with preferred member rates and — where needed — co-ownership support, benefit members are closing the gap between where they are and where they want to be.
Our ambassadors help you identify every program you qualify for, stack them where possible, and build a plan that gets you to your down payment target as efficiently as possible.
Book a Free ConsultationOurboro Co-Ownership
Down Payment Program
For buyers who can afford mortgage payments but lack a full down payment, Ourboro offers a shared-equity solution — contributing up to $250,000 toward your down payment with no interest and no monthly payments.
Down payment contribution
Ourboro contributes 5–15% of the home's purchase price, up to $250,000, to help you reach a 20% down payment and avoid mortgage default insurance.
No interest. No monthly payments.
This is not a loan. Ourboro purchases a share in the future value of your home. You make no interest payments and no monthly repayments to Ourboro.
Ownership share
Your equity share is proportional to your contribution. If you contribute 40% of the down payment and Ourboro contributes 60%, you own 40% of the appreciated equity.
Co-ownership term
You can co-own the home for up to 30 years. You may sell or buy out Ourboro's share at any time. The model is designed for those planning to sell within about ten years.
Sale proceeds
When you sell, your mortgage principal payments are returned to you first. Remaining proceeds are split by ownership share. If the property declines in value, Ourboro accepts its share of the loss.
Eligibility
You must purchase in the Greater Toronto Area or another Ourboro investment region, qualify for a mortgage independently, and have some savings toward the down payment.
How ownership shares work
The percentage each party contributes to the down payment determines their equity share in future appreciation.
Example A
You own 60% of appreciated equity
Example B
You own 40% of appreciated equity
Example C
You own 25% of appreciated equity
Illustrative examples only. Actual ownership shares depend on individual contributions.
Interested in whether Ourboro is right for your situation?
Talk to an AmbassadorGovernment programs available to you
These federal and provincial programs can be combined to significantly reduce the amount you need to save on your own.
First Home Savings Account (FHSA)
A registered savings account that lets first-time buyers save up to $40,000 tax-free toward a first home.
Key details
- Contribute up to $8,000 per year (lifetime max $40,000)
- Contributions are tax-deductible — like an RRSP
- Withdrawals for a qualifying home purchase are tax-free — like a TFSA
- Unused contribution room carries forward one year
- Must be a first-time home buyer and Canadian resident
Home Buyers' Plan (HBP)
Withdraw up to $60,000 from your RRSP tax-free to use toward the purchase of a qualifying home.
Key details
- Withdraw up to $60,000 per person ($120,000 per couple)
- Must be repaid to your RRSP over 15 years
- Available to first-time home buyers
- Funds must have been in your RRSP for at least 90 days
- Can be combined with the FHSA for maximum savings
First-Time Home Buyers' Tax Credit (HBTC)
A non-refundable tax credit of up to $1,500 to help offset closing costs when purchasing your first home.
Key details
- Claim $10,000 on your tax return (15% = $1,500 credit)
- Available to first-time home buyers
- Can be split between you and your spouse/common-law partner
- Applies to the year you purchase the home
- Helps offset legal fees, land transfer taxes and other closing costs
GST/HST New Housing Rebate
Recover part of the GST or HST paid on a new or substantially renovated home.
Key details
- Available on newly built homes, substantially renovated homes, and mobile homes
- Rebate amount depends on purchase price and province
- Must be your primary place of residence
- Apply within two years of closing
- Can be assigned to the builder at closing in many cases
Ontario Land Transfer Tax Refund
First-time home buyers in Ontario may receive a refund of up to $4,000 on provincial land transfer tax.
Key details
- Refund of up to $4,000 on Ontario land transfer tax
- Available to first-time home buyers only
- Home must be your principal residence
- Apply through the Ontario Ministry of Finance
- Can be combined with the Toronto Land Transfer Tax refund if purchasing in Toronto
Important: Program eligibility changes frequently
Down payment assistance programs, contribution limits, and eligibility rules are updated regularly by federal and provincial governments. The information on this page is for general guidance only. Our mortgage ambassadors stay current on all program changes and can confirm your specific eligibility during a free, confidential consultation.
Frequently asked questions
Answers to the most common down payment questions from benefit members.
Not sure which programs you qualify for?
Our mortgage ambassadors will review your situation and identify every program, rebate, and savings opportunity available to you — at no cost and with no obligation.
Completely confidential — your employer never knows
No obligation, no sales pressure, ever
Free 30-minute consultation with a licensed professional
Dedicated ambassadors serving benefit members exclusively