Your Journey to Homeownership Starts Here
We understand buying your first home is a big step. Let us guide you through the real costs, available programs, and smart financial decisions that will set you up for success.
The True Cost of Homeownership
Understanding the full picture of homeownership costs helps you budget realistically and avoid financial surprises down the road.
$50,000
CMHC insurance: $14,175 added to mortgage
Upfront Costs to Budget For
Beyond your down payment, here are the upfront costs you should be prepared for
Down Payment
$50,000
10% of purchase price
Closing Costs
$15,000
2-4% of purchase price
Land Transfer Tax
$7,500
Varies by province
Legal Fees
$2,000
Lawyer and title insurance
Home Inspection
$600
Professional inspection
Moving & Setup
$6,500
Moving, furniture, appliances
Total Upfront Investment
Including 3-month emergency fund
$92,352
Government Programs & Incentives
Take advantage of programs designed to help first-time buyers
Shared-equity mortgage with the Government of Canada for 5-10% of home purchase price.
Withdraw up to $35,000 from your RRSP to buy or build your first home.
First-time buyers may be eligible for full or partial land transfer tax rebates.
Recover some of the GST/HST paid on a new home purchase or construction.
Non-refundable income tax credit of up to $1,500 for first-time buyers.
Many provinces offer additional programs and incentives for first-time buyers.
Our Homeownership Tools
Resources to help you make informed decisions
Step-by-Step Financial Preparation
Follow these steps to prepare financially for homeownership
Build Your Credit Score
Aim for a credit score of 680+ for the best rates. Pay bills on time, keep credit utilization below 30%, and avoid opening new credit accounts before applying.
Save for Down Payment
While 5% is the minimum, aim for 20% to avoid mortgage insurance. Use the Home Buyers' Plan to leverage your RRSP savings. Set up automatic transfers to a dedicated savings account.
Reduce Your Debt
Lower your debt-to-income ratio by paying off high-interest debt first. Avoid taking on new debt while preparing to buy. Aim for a debt service ratio below 40%.
Get Pre-Approved
A mortgage pre-approval shows sellers you're serious and gives you a clear budget. It locks in your rate for 90-120 days and speeds up the closing process.
Build Your Emergency Fund
Set aside 3-6 months of total housing costs for emergencies. This protects you from unexpected repairs, job loss, or other financial setbacks. Keep this fund separate from your down payment savings.
Common Financial Mistakes to Avoid
Learn from others' mistakes and set yourself up for success
Just because you're approved for a certain amount doesn't mean you should spend it all. Leave room for life changes, interest rate increases, and unexpected expenses.
Don't drain your entire savings for the down payment. You'll need funds for closing costs, moving expenses, immediate repairs, and an emergency fund.
Many first-time buyers only budget for the mortgage payment and are surprised by property taxes, insurance, utilities, and maintenance costs that can add 30-40% to monthly expenses.
Taking on new debt or making large purchases before closing can affect your debt-to-income ratio and potentially derail your mortgage approval, even if you're pre-approved.
A home inspection can reveal issues that could cost tens of thousands to repair. It's one of the most important protections you have as a buyer.
Even a 0.25% difference in interest rates can save you thousands over the life of your mortgage. Different lenders offer different rates and terms.
Frequently Asked Questions
Get answers to common questions about first-time home buying
Ready to Take the Next Step?
Let's turn your homeownership dreams into reality. Our team of mortgage experts is here to guide you through every step of the process.
Expert Guidance
Personalized advice from experienced mortgage professionals
Best Rates
Access to competitive rates from multiple lenders
Full Support
We're with you from pre-approval to closing and beyond
Have questions? Call us at 1-800-555-0123 or email [email protected]