Your first Hamilton home, planned properly.

How much do I need for a down payment in Hamilton?

On a home priced like Hamilton's September 2026 median of $640,000, the minimum down payment is $39,000. That's 5% of the first $500,000 ($25,000) plus 10% of the remaining $140,000 ($14,000).

With less than 20% down, your mortgage needs default insurance, and the premium is added to the loan. Insured mortgages are available on homes priced under $1.5 million. At $1.5 million and up, the minimum is 20%.

Your down payment also has to be documented. Lenders typically want to see where the money came from, so start keeping your statements now, and if family is helping, we'll need a signed gift letter.

Do I pay land transfer tax in Hamilton?

You pay Ontario's land transfer tax, but not a municipal one. Toronto is the only city in Ontario with its own land transfer tax, so buying in Hamilton instead of Toronto avoids that second bill entirely.

First-time buyers can claim a provincial refund of up to $4,000, which works out to no provincial tax on the first $368,000 of the price. It's usually claimed by your lawyer at closing, and you have 18 months after closing to apply if it isn't. The land transfer tax calculator on this site shows your estimate with and without the refund.

How does the FHSA help with a Hamilton purchase?

The First Home Savings Account lets you put in $8,000 a year, up to $40,000 over your lifetime, with unused room carrying forward. Contributions are tax-deductible, and qualifying withdrawals for your first home are tax-free.

Even if you're buying within a year, opening one now starts the clock on your room. Couples can each have their own, which can make a real difference to a down payment. I'll factor your FHSA timing into when we lock your rate.

Can I get a 30-year amortization as a first-time buyer?

Yes, on an insured mortgage, if you qualify as a first-time buyer. That generally means you haven't lived in a home you owned in the current year or the four years before it. The same 30-year option applies to insured mortgages on new builds.

A longer amortization lowers your payment and costs more interest over the life of the mortgage. Many first-time buyers take 30 years for breathing room and then make prepayments when they can. I'll show you both versions so you can decide.

What does Hamilton's market mean for a first-time buyer?

More time and more choice than a year ago. In September 2026, supply sat at 4.8 months and homes took 46 days to sell on average. Cornerstone's benchmark price was down 6.0% year over year.

That makes it more realistic to keep a financing condition and a home inspection in your offer, which protects you if the appraisal or inspection turns something up. My job is to make sure your pre-approval is solid before you shop, so the condition is a formality and not a scramble.

Buying new construction in Hamilton?

First-time buyers of new homes may qualify for the federal GST/HST rebate of up to $50,000 on homes up to $1 million, phasing out by $1.5 million. On top of that, the Ontario Enhanced New Housing Rebate offers up to $80,000 to eligible owner-occupiers on agreements dated April 1, 2026 to March 31, 2027. Your lawyer will confirm eligibility, and I'll make sure the mortgage reflects how the builder applies the rebates.

What closing costs should I plan for?

More than the down payment. Set money aside for the provincial land transfer tax after your refund, legal fees and title insurance, a home inspection, and adjustments for property tax or utilities the seller has prepaid. If your mortgage is insured, the insurance premium is usually added to the loan, but in Ontario the provincial sales tax on that premium is paid in cash at closing. I'll give you a closing cost list for your exact purchase before you make an offer.