This September, Canada's federal government is launching program aimed at helping first-time home buyers afford their mortgages — but literally nobody who buys a house that exists in Toronto right now will be eligible.

Aptly named the "First Time Home Buyer Incentive" or FTHBI, the program essentially grants interest-free loans of 5 per cent toward the purchase of a resale home or 10 per cent toward the puchase of a new build. Many rules and stipulations apply.

By the real-estate brokerage Zoocasa's calculations, the maximum purchase price for a resale home that would qualify for even a 5 per cent down payment would be $505,000.

At present, the average house price in Toronto is $1,299,061. Even in the neighbourhoods where housing costs are cheapest (which, according to Zoocasa, are in Scarborough), the minimum average house price is a whopping $762,175.

With a purchase price cap of $505,000 for resale homes, first time house buyers in Canada's largest urban markets won't be able to take advantage of the federal government's new incentive program. Image via Zoocasa.

There's good news, however, for those who want to take advantage of the FTHBI, and it comes in the form of condos... but only in specific neighbourhoods.

"According to recent data compiled by Zoocasa, there are only 13 out of the city’s 35 MLS district neighbourhoods where such homes are available," reads a report from the firm released today.

"And options are limited to condos located away from the city core, including North York condos and Etobicoke condos."

The most affordable neighbourhoods for first time home buyers according to Zoocasa.

Here are the parts of Toronto in which a FTHBI could be used to buy a condo in Toronto, as per Zoocasa's analysis:

1. West Hill, Centennial Scarborough (average condo apartment price: $352,389)
2. Malvern, Rouge (average condo apartment price: $362,037)
3. Black Creek, York University Heights (average condo apartment price: $373,932)
4. Willowridge, Martingrove-Richview (average condo apartment price: $374,050)
5. Rexdale-Kipling, West Humber-Clairville (average condo apartment price: $388,935)
6. Dorset Park, Kennedy Park (average condo apartment price: $397,600)
7. Milliken, Agincourt North (average condo apartment price $423,726)
8. Scarborough Village, Guildwood (average condo apartment price: $430,104)
9. Steeles, L’Amoreaux, Tam O’Shanter-Sullivan (average condo apartment price: $437,213)
10. Morningside, Woburn, Bendale (average condo apartment price:  $438,615)
11. East York, Danforth Village (average condo apartment price: $449,750)
12. Yorkdale, Glen Park, Weston (average condo apartment price: $454,470)
13. Bathurst Manor, Clanton Park (average condo apartment price: $497,967)