If you're a first-time buyer in Halton, the short answer is yes: you can combine the FHSA and the RRSP Home Buyers' Plan on the same home purchase, and for many Oakville and Burlington buyers it's the single biggest down payment boost available. Used together, one person can pull up to $100,000 in tax-advantaged savings toward a first home. At Martin Group, we walk first-time buyers through this exact math every week, so here's how it works in plain English.
Quick answer: A first-time buyer can use up to $40,000 from a First Home Savings Account (FHSA) plus up to $60,000 from the RRSP Home Buyers' Plan (HBP) on the same qualifying home. A couple can potentially double that.
What Do the FHSA and Home Buyers' Plan Actually Allow?
The FHSA lets you contribute up to $8,000 a year, to a $40,000 lifetime maximum, with contributions that are tax-deductible and qualifying withdrawals that come out tax-free. The HBP lets you withdraw up to $60,000 from your RRSP without paying tax on the withdrawal, as long as you repay it over 15 years.
The Canada Revenue Agency confirms you can make HBP withdrawals and a qualifying FHSA withdrawal for the same home, provided you meet the conditions at the time of each withdrawal. There is also a helpful timing change: for first HBP withdrawals made from 2026 through 2028, repayment doesn't start until the fifth year after you withdraw. A 2026 withdrawal means your first repayment year is 2031.
How Much Down Payment Do You Need in Oakville and Burlington Right Now?
In Canada, the minimum down payment is 5% of the first $500,000 and 10% of the portion between $500,000 and $1.5 million. Homes priced over $1.5 million require 20% down.
Here's what that looks like locally. According to TRREB's August 2026 data, the average sale price was about $1,324,000 in Oakville and about $1,021,000 in Burlington. On a Burlington home at that average, the minimum down payment is roughly $77,000. In the Burlington townhouse and condo segment, where the average sold price was about $708,000 in July, the minimum is closer to $46,000. A single buyer maxing out both programs ($100,000) can clear those numbers comfortably. A couple can reach well into Oakville's detached range.
Does the Ontario Land Transfer Tax Rebate Stack on Top of That?
Yes. Ontario refunds up to $4,000 of provincial land transfer tax to eligible first-time buyers, which effectively removes the tax on the first $368,000 of the price. Oakville and Burlington don't charge a municipal land transfer tax (unlike Toronto), so that rebate goes further here. For new builds, there's also a federal first-time buyer GST rebate, which can matter if you're eyeing a new townhouse or condo in North Oakville or downtown Burlington. Ask your lawyer or builder to confirm eligibility on your specific purchase.
Which Oakville and Burlington Neighbourhoods Work Best for This Strategy?
Buyers using FHSA and HBP funds often find the best fit in townhouses and condos near the GO lines. In Oakville, College Park and Falgarwood offer a mix of townhomes and smaller semis that sit below the town-wide average. In Burlington, condos and townhomes near the Burlington and Appleby GO stations give commuters a straightforward route to Union. Step up to Glen Abbey, River Oaks or West Oak Trails and you're typically looking at larger detached or semi-detached budgets, where a joint FHSA and HBP plan from two partners makes the difference.
The market is also working in buyers' favour. The GTA's MLS HPI benchmark price is down about 4.5% year over year, and the average sale-to-list price in Oakville was 95% in August. That means more room to negotiate than buyers had a few years ago.
When Should You Start, and What Should You Watch For?
Start now, even if you're a year or two from buying. FHSA room only begins accumulating once the account is open, so opening one early (even with a small deposit) starts the clock on your participation room and your tax deductions. Then watch for four things:
First, the HBP requires RRSP funds to sit in your account for at least 90 days before withdrawal, so plan ahead of your closing date. Second, you must be a first-time buyer under the program rules, and you must intend to occupy the home as your principal residence. Third, make sure your mortgage pre-approval reflects your real down payment so you aren't surprised at the table. Fourth, keep your closing costs in mind: legal fees, title insurance and adjustments are separate from your down payment.
Tax rules and program details do change, so confirm your numbers with your accountant or the CRA before you act.
The Bottom Line
Cory Martin is Broker and Co-Founder of Martin Group, serving Oakville, Burlington and the surrounding Halton communities. Martin Group has performed in the Top 1% by TRREB MLS® sales volume every year since 2008.
The Bottom Line
For a first-time buyer in Oakville or Burlington, stacking the FHSA ($40,000), the Home Buyers' Plan ($60,000) and the Ontario land transfer tax rebate (up to $4,000) can turn a stretch purchase into a realistic one. The earlier you open the account and plan the sequence, the more you keep.
Ready to see what your numbers could buy in Halton? Call Martin Group at (905) 338-2083 or visit themartingroup.ca and we'll map out a plan built around your budget.
