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Down Payment Assistance Programs in Canada

Purchasing a home in Canada can be challenging, especially when it comes to saving for a down payment. Fortunately, various federal, provincial, and municipal programs are available to assist homebuyers in achieving their homeownership dreams. Below is a comprehensive overview of down payment assistance programs across Canada, including details on eligibility, benefits, and how to apply.

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Down Payment Assistance Programs Across Canada

Federal Down Payment Assistance Programs

🏠 Home Buyers’ Plan (HBP)

  • Description: Allows first-time homebuyers to withdraw up to $35,000 from their Registered Retirement Savings Plan (RRSP) tax-free to use as a down payment. Couples can withdraw up to $70,000 combined.
  • Eligibility: Must be a first-time homebuyer and have the RRSP funds on deposit for at least 90 days before withdrawal.
  • Repayment: The withdrawn amount must be repaid within 15 years, starting two years after withdrawal.
  • More Information: Government of Canada – Home Buyers’ Plan

🏡 Tax-Free First Home Savings Account (FHSA)

  • Description: Introduced in 2023, this account allows first-time homebuyers to save up to $40,000 tax-free towards their first home. Contributions are tax-deductible, and withdrawals for purchasing a home are non-taxable.
  • Eligibility: Must be a Canadian resident, at least 18 years old, and a first-time homebuyer.
  • Contribution Limits: Annual contribution limit of $8,000, with a lifetime limit of $40,000.
  • More Information: Government of Canada – Tax-Free First Home Savings Account

🏘️ First-Time Home Buyer Incentive (FTHBI)

  • Description: A shared-equity mortgage with the Government of Canada, offering 5% or 10% of the home’s purchase price to assist with the down payment. This reduces monthly mortgage payments.
  • Eligibility: First-time homebuyers with qualified annual household incomes of $120,000 or less.
  • Repayment: The incentive must be repaid after 25 years or when the property is sold, whichever comes first.
  • More Information: Government of Canada – First-Time Home Buyer Incentive

Provincial and Territorial Down Payment Assistance Programs

🌿 British Columbia (BC)

  1. First-Time Home Buyers’ Program

  2. Métis Financial Corporation First-Time Home Buyer Program

    • Benefit: Forgivable loan of up to $20,000 for a down payment and an additional $3,000 towards closing costs for Métis citizens.
    • More Information: Métis Financial Corporation BC

🌄 Alberta

  1. Attainable Homes Calgary

    • Benefit: Homebuyers contribute $2,000 toward their down payment, and the program covers the remainder.
    • More Information: Attainable Homes Calgary

  2. First Place Program (Edmonton)

🌾 Saskatchewan

  1. Mortgage Flexibilities Support Program (Saskatoon)

  2. HeadStart on a Home Program

🌻 Manitoba

  1. First-Time Home Purchase Program

  2. Affordable Homes Program

    • Benefit: Up to 25% down payment assistance in select communities.
    • More Information: Manitoba Housing

🍁 Ontario

  1. Land Transfer Tax Refund

    • Benefit: Refunds up to $4,000 of land transfer tax for first-time homebuyers.
    • More Information: Ontario Government

      ​Several municipalities in Ontario offer forgivable down payment assistance programs to help residents achieve homeownership. Below is a comprehensive list of these programs, including their benefits and eligibility criteria:

      1. City of Toronto

      2. Region of Waterloo

      3. County of Simcoe

      4. City of Brantford (Brant County)

      • B-Home Homeownership Program: Offers a 5% loan for down payment assistance to eligible first-time homebuyers in Brantford or Brant County.

      5. Lanark County

      6. County of Renfrew

      7. Oxford County

      8. Niagara Region

      • Homeownership Program: Offers down payment assistance up to 5% of the purchase price for eligible first-time homebuyers who have been renting in Niagara for at least six months.

      9. District Municipality of Muskoka

      10. City of Kingston (Frontenac County)

      11. County of Lambton

      12. City of Hamilton

      13. City of Greater Sudbury

      14. City of Windsor (Essex County)

      15. Dufferin County

      These programs aim to assist low-to-moderate-income households in transitioning from renting to homeownership by providing financial support for down payments. Eligibility criteria and assistance amounts vary by program, so it’s advisable to consult the respective program links for detailed information.

🍁 Quebec

  1. Home Buyers’ Tax Credit

    • Benefit: Non-refundable tax credit for first-time homebuyers.
    • More Information: Revenu Québec

  2. Accès Condos

    • Benefit: Down payment assistance for affordable condos in Montreal.
    • More Information: Accès Condos

How to Apply for Down Payment Assistance Programs?

  • Visit the official government pages linked above.
  • Check eligibility requirements and apply directly through provincial housing authorities.
  • Consult with Citadel Mortgages for personalized mortgage assistance.

📢 Final Thoughts

With various federal, provincial, and municipal programs available, first-time homebuyers in Canada have access to financial support to help secure their dream home. Citadel Mortgages can guide you through the best down payment assistance programs suited for your needs.

📞 Contact Citadel Mortgages Today!

Speed up your mortgage approval by providing the correct documents upfront. The sooner we receive everything we need, the sooner we can work on securing an exact rate for you—not just a rate quote. Visit our Mortgage Document Checklist page to see exactly what’s required to help you get approved today

Keep in mind we compare mortgage rates from top lenders, including BMO mortgage rates, CIBC mortgage rates, RBC mortgage rates, TD Bank Mortgage Rates, and MCAP mortgage rates, alongside our exclusive Citadel Smart Home Plan mortgage rates.  Whether it’s a fixed-rate, variable-rate, or specialty mortgage, we’ve got you covered.Let us simplify the process and help you secure approval quickly and stress-free!

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Mortgage Document Checklist

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General Guidelines:

  • Document Submission: Upload clear copies or PDFs of actual statements and documents; avoid screenshots or photos.

  • Complete Statements: Ensure all pages of numbered statements are included, even if some are blank.

  • Tax Returns: Provide all federal schedules.

  • Consolidated Uploads: Submitting all documents simultaneously can streamline the process.

By adhering to this checklist and providing thorough documentation, you can help ensure a more efficient and straightforward mortgage approval process.
Disclaimer: Advertised rates and fees depend on borrower qualifications and market fluctuations.
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Documents Required for Pre-Approval or Live Purchase Deal:

Loan Application:
Complete and submit the loan application form.

Purchase Documents:

  • Fully executed and signed APS (Agreement of Purchase and Sale).
  • All Sale Waivers (if applicable).
  • Deposit check, along with proof of deposit funds.

If you’re purchasing a condo or townhouse, you will need to provide the status certificate (Strata). This ensures there are no lawsuits or issues with the unit or building and confirms that the reserve fund is adequately funded. Be sure the seller orders this as soon as possible, as it can take a few days.

Income Verification:
Please refer to the Employee or Self-Employed section for the specific documents required.

Down Payment Documentation:
Provide 90 days’ worth of recent bank statements, including all pages with your name and account number, from all accounts being used for the down payment.

Deposit Documentation:
Provide 90 days’ worth of recent bank statements, including all pages with your name and account number, from all accounts being used for the deposit.

Other Important Information:

  • Make sure to request a 5-day COF (Condition of Financing). Banks are busy in this market, and lenders offering the lowest rates are especially overwhelmed, which could result in delays. Don’t let real estate agents pressure you to skip or rush your home financing. Their priority is often their commission, but your priority is ensuring that the financing is secure and accurate.

  • Be cautious when using the mortgage broker recommended by your real estate agent, unless they’re part of a well-established brand with the best rates. Some brokers may prioritize deals from their real estate partners, which could lead them to overlook important details that could cost you significantly on your mortgage.

Learn more about purchase mortgages.

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Additional Documents for Full Loan Approval:

Identification:

  • Provide a copy of a government-issued ID (driver’s license or passport) for each applicant, including both the front and back of the ID.
  • A second form of ID could include a passport, credit card, firearms license, boat license, provincial ID card, SIN card, birth certificate, or PR card.
    Note: Health cards are not accepted as valid identification for mortgage transactions in Canada.

Tax Documents:

  • Statement of Account (SOA): This may be required to show that no income tax is owing.
  • Void Check: Lenders require a void check to set up payment. It’s best to provide this upfront during the application process, as it will also be needed for the commitment and signing packages.

Lawyer Information:

  • Lenders require your lawyer’s information for closing. It’s recommended to provide this upfront during the application process, as it will be required for the commitment and signing packages.
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Employee Income Documents

  • Income Verification:
    • T4’s forms from the past two years for all applicants.
    • Federal tax returns (NOA) with all schedules for the past two years.
    • Four Recent pay stubs covering the last 30=60 days for all applicants.
    • LOE ( Letter of Employment) dated within 30 days of loan application.

It’s important to note that you cannot be on probation when applying for a mortgage. Additionally, if you’re on maternity leave, your Letter of Employment (LOE) must include a confirmed return-to-work date in order to use your income for qualification.

For part-time income, it must be consistently earned for at least two years to be considered.

Any variable income, such as overtime, bonuses, commissions, tips, etc., also requires a two-year history to be used in the application.

If you are a nurse listed as part-time (PT) rather than full-time (FT), this is usually acceptable, provided you have a work history of 6 months to 2 years, depending on your experience and position.

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For Self-Employed Applicants

Income Verification:

  • T1 forms for the past two years for all applicants.
  • Federal tax returns (NOA) with all schedules for the past two years.
  • 12 months of business bank statements.

Business Verification:

If Sole Proprietor:

  • Master Business License.
  • Professional License (if applicable).
  • HST or GST Number (if applicable).
  • Statement of Account (SOA) for the business to confirm no taxes owing.

If Corporation:

  • Articles of Incorporation.
  • Two years of business financial statements.

Additional Documentation:

  • Contracts and/or business invoices may be required and can help strengthen your approval.

 

Please note, these document requests are based on A-lending requirements (i.e., traditional bank lending). For B-lending or Private Lending we do not need the T1s or the two years of business financials statements.

Learn more about self-employed mortgages.

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Additional Income Sources (if applicable)

  • OAS & CPP Income: Provide year-end tax slips or 3-12 months of bank statements confirming deposits.

  • Company Pension Plan: Provide a letter from the pension provider and 3-12 months of bank statements.

  • Disability Income:

    • Only permanent disability income, such as OSDP and long-term disability from an employer, can be considered.
    • If employer-related, a letter from the insurance company is required, detailing the current status, income amount, and duration of payments.
    • For ODSP, provide a letter from ODSP and/or year-end tax slips along with 3 months of bank statements.

  • Foster Income:

    • A two-year history of foster income is required.
    • Note that income from foster parenting cannot exceed 35-50% of your total verified income.

  • Child Tax Credit:

    • Child Tax Statement from CRA.
    • 12 months of bank statements confirming deposits.
    • Birth certificates for each child.
    • Cannot use this income if the child is 15 years or older

  • Investment Income:

    • Provide T5 and T1 forms.

  • Child Support Income:

    • Provide a final court-signed divorce agreement so the exact terms are clear to the lender.
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Rental Properties (if applicable)

Rental Income:

We categorize rental income into existing and new rental income:

For New Rental Income (i.e., purchasing a property and renting it out or renting out a basement):

  • Provide the lease agreement or market rents from an appraisal.

For Existing Rental Income:

  • Provide the lease agreement.
  • Submit 12 months of bank statements showing your name and account number.
  • Provide your most recent T1 forms.

Important Notes:

  • For A-lending: If you do not claim rental income on your taxes, you cannot use it for mortgage qualification.
  • For B-lending or Private Lending: Only the lease agreement and 12 months of bank statements are required.
  • If the rent amount varies or is frequently paid late, you must provide an explanation. Lenders will not accept inconsistent payments without a valid reason.
  • Short-term rentals have fewer lender options, so higher rates apply to these mortgages.
  •  Rooming house income have fewer lender options, so higher rates apply to these mortgages.
  • Student Renals have fewer lender options, so higher rates apply to these mortgages.

 

All rental rates are higher than traditional mortgage rates. You will not get a super low rate on a rental.

Learn more about rental mortgages for investment homes.

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For Reverse Mortgages Applicants:

Reverse mortgages are available for homeowners aged 55 or older who want to convert home equity into cash.

Personal Documentation:

  1. Government-issued photo ID (e.g., driver’s license or passport).
  1. Second ID could be passport or credit card, fire arms license, boat license, provincial ID card, SIN, Birth Certificate, PR card

Financial Documentation:

  1. Most recent NOA

Property Documentation:

  1. Homeowners insurance policy.
  2. Property tax statements – Most recent current
  3. Current mortgage statement (if applicable).
  4. Home appraisal report (completed by lender-approved appraiser).
  5. A quote using our reverse mortgage calculator.

 

Learn more about reverse mortgages.

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For Mortgage Refinancing Applicants:

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Refinancing a Mortgage involves replacing your current loan with a new one, typically to lower your interest rate or adjust the loan terms.

Personal Documentation:

  1. Government-issued photo ID (e.g., driver’s license or passport).
  2. A second form of ID, such as a passport, credit card, firearms license, boat license, provincial ID card, SIN, birth certificate, or PR card.

Income Documentation:

  1. Please refer to the Employee or Self-Employed section for the required income documentation.

Property Documentation:

  1. Current mortgage statement.
  2. Homeowners insurance policy.
  3. Current Property Tax Statement
  4. Property appraisal report (completed by a lender-approved appraiser, ordered by the lender).
  5. Home equity line of credit (HELOC) statements (if applicable).

 

Learn more about mortgage refinancing

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For Home Equity Loans and Second Mortgages Applicants:

Home equity loans and second mortgages allow you to access the equity in your home for purposes such as renovations, debt consolidation, or other major expenses. Below is a comprehensive list of the required documents:

Personal Documentation:

  1. Government-issued photo ID (e.g., driver’s license or passport).
  2. A second form of ID, such as a passport, credit card, firearms license, boat license, provincial ID card, SIN, birth certificate, or PR card.

Income Documentation:

  1. Most recent Notice of Assessment (NOA).

Property Documentation:

  1. Homeowners insurance policy.
  2. Most recent property tax statement.
  3. Current mortgage statement (if applicable).
  4. Property appraisal report (completed by a lender-approved appraiser; ordered by the lender).

Additional Requirements:

  1. Second mortgage or HELOC agreement (if applying for a second mortgage).
  2. Letter explaining the purpose of the loan (e.g., renovations, debt consolidation).
  3. Proof of paid-off liens (if applicable).

Learn more about home equity loans and second mortgages.

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For Business Purpose Loans Applicants:

Business purpose loans are used to finance investment properties held under an LLC or business entity. These loans are typically evaluated based on the property’s income potential rather than the borrower’s personal income. Below is a comprehensive list of required documents:

Personal Documentation:

  1. Government-issued photo ID (e.g., driver’s license or passport).
  2. Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).
  3. Personal credit report authorization (even though credit may not be the primary factor).

Business Documentation:

  1. Articles of Organization or Incorporation for the LLC or corporation.
  2. EIN (Employer Identification Number) confirmation letter from the IRS.
  3. Operating Agreement (if applicable).
  4. Certificate of Good Standing (to verify the business is active and compliant with state regulations).
  5. Business bank statements (last 3–6 months to demonstrate cash flow).
  6. Business tax returns (if applicable).

Property Documentation:

  1. Purchase agreement or sales contract for the property being financed.
  2. Property appraisal report (completed by a lender-approved appraiser).
  3. Rent roll (for tenant-occupied or income-producing properties).
  4. Lease agreements for all rental units (if applicable).
  5. Title insurance policy (to verify ownership and property history).
  6. Property inspection report (if required by the lender).

Financial Documentation:

  1. Debt Service Coverage Ratio (DSCR) analysis (calculated by the lender or borrower).
  2. Proof of income from the property (e.g., rental income statements, leases, or bank statements showing deposits).
  3. Recent mortgage statement (if refinancing an existing property).
  4. Reserves documentation (proof of liquid assets to cover 6–12 months of mortgage payments, depending on the lender).

Additional Requirements:

  1. Hazard insurance policy for the property.
  2. Flood insurance (if the property is in a flood zone).
  3. Exit strategy documentation (if required for short-term business loans or bridge loans).
  4. Explanation of use for loan funds (e.g., property acquisition, renovation, or refinancing).

Learn more about buying investment homes in the US today.

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Why Citadel Mortgages Stands Out

At Citadel Mortgages, we redefine what it means to provide exceptional mortgage services. Here’s why we’re the better choice:

Lower Rates, Bigger Savings:

With our volume and buying power we have set the stage for Canadians by offering some of the lowest rates in Canada. We save you thousands over the term of you rmortgage while offering competitive products your needs. Learn More.

Expert Guidance:

Our experienced team is committed to making the mortgage process easy, offering tailored solutions, and supporting you with confidence throughout the entire journey.

Transparent and Trustworthy:

We value transparency and integrity. By providing all the information you need from the start and ensuring there are no unexpected surprises, we earn your trust with our dedication to your financial well-being.

Choose Citadel Mortgages for a more efficient and cost-effective approach to achieving your homeownership or refinancing objectives.
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