Your first home, made simple.
Buying your first home is exciting — and a little overwhelming. This guide walks you through each step so you always know what comes next.
1. Know your budget
Before you fall in love with a home, understand what you can comfortably afford. Lenders look at your income, debts, and the stress-test rate — I’ll help you find a realistic, sustainable number.
2. Save your down payment
In Canada the minimum is 5% on the first $500,000 and 10% on the portion above. Down payments under 20% require default insurance, which protects the lender and lets you buy sooner.
3. Get pre-approved
A pre-approval confirms your budget, can hold a rate for up to 120 days, and makes your offers far stronger. It’s free and only takes a little paperwork to get started.
4. Tap first-time buyer programs
You may qualify for the Home Buyers’ Plan (RRSP withdrawal), the First Home Savings Account (FHSA), the Land Transfer Tax rebate, and the First-Time Home Buyers’ Tax Credit.
5. Make an offer with confidence
With financing lined up, you can move quickly when you find the right home. I’ll be on call to firm up your financing condition.
6. Budget for closing costs
Set aside roughly 1.5–4% of the purchase price for land transfer tax, legal fees, title insurance, and adjustments. I’ll help you plan for these up front.
Government programs for first-time buyers
- Home Buyers’ Plan (HBP) — withdraw up to $60,000 from your RRSP
- First Home Savings Account (FHSA) — tax-free savings toward your home
- Land Transfer Tax rebate — up to $4,000 for eligible Ontario buyers
- First-Time Home Buyers’ Tax Credit — a federal non-refundable credit