Buying your first home is exciting, but it can also feel overwhelming.
Feeling unsure about where to start? Worried about saving for a down payment? We’ve helped hundreds of first-time buyers in Canada navigate these questions with confidence. Our goal is to turn your questions into a clear, actionable plan.
- Getting Pre-Approved
Start with a pre-approval to understand your budget and show sellers you’re serious.
Required Documents:
- Recent pay stubs (2-3 months)
- T4 slips or Notice of Assessment
- Bank statements (3 months)
- Employment letter
- Valid government ID
- House Hunting
With your budget confirmed, start exploring neighborhoods and properties that fit your lifestyle.
Pro Tips:
- Visit neighborhoods at different times
- Research schools and amenities
- Consider future resale value
- Don’t fall in love with the first home
- Making an Offer
When you find “the one,” your realtor will help craft a competitive offer.
Offer Components:
- Purchase price
- Deposit amount
- Closing date
- Conditions (financing, inspection)
- Inclusions/exclusions
- Closing Day
The final step where you sign documents, get your keys, and officially become a homeowner!
Final Steps:
- Final walkthrough
- Sign mortgage documents
- Transfer utilities
- Get home insurance
- Receive your keys! 🔑
Set up automatic transfers to a dedicated savings account. Even $200/month adds up quickly.
Savings Timeline Example:
$300/month × 12 months:$3,600
$300/month × 24 months:$7,200
$300/month × 36 months:$10,800
Minimize Your Debt
Reducing existing debt improves your mortgage qualification and frees up money for savings.
Debt Reduction Strategy:
- List all debts by interest rate
- Pay minimums on all, extra on highest rate
- Consider debt consolidation
- Avoid taking on new debt
Down Payment Requirements
Understanding the minimum requirements helps you set realistic savings goals.
Canadian Requirements:
Under $500K:5% minimum
$500K – $999,999:5% + 10% over $500K
$1M and above:20% minimum
Additional Costs to Consider
Budget for these closing costs on top of your down payment.
Typical Closing Costs:
- Legal fees: $1,500 – $3,000
- Home inspection: $400 – $800
- Appraisal: $300 – $500
- Land transfer tax: Varies by province
- Moving costs: $500 – $2,000
First Home Savings Account (FHSA)
The newest and most powerful tool for first-time buyers. Combines the best of RRSPs and TFSAs.
Annual Limit:$8,000
Lifetime Limit:$40,000
Tax Deductible:Yes
Tax-Free Withdrawal:Yes
💰
Home Buyers’ Plan (HBP)
Borrow from your existing RRSP for your down payment, interest-free.
Maximum:$35,000
Per Couple:$70,000
Repayment:15 years
Interest:0%
📋
First-Time Home Buyers’ Tax Credit
A non-refundable tax credit to help with closing costs.
Credit Amount:Up to $750
Based On:$5,000 purchase
Per Couple:$1,500
Applies To:Closing costs
Find Your Buying Power
Use our affordability calculator to get a clear idea of what your budget could be before you start your search.
Mona was the guide I needed. She explained everything in a way I could understand and helped me use the FHSA to buy my first condo. I felt supported every step of the way.
