First-Time Home Buyer Mortgages
Buying your first home is exciting, but it can also feel overwhelming. Between saving for a down payment, understanding mortgage options, navigating government programs, and figuring out what you can afford, there is a lot of information to sort through.
The good news? You don't need to know everything before getting started.
My job is to help you understand your options, answer your questions, and guide you through the process with confidence. Whether you're ready to buy now or just beginning to plan for the future, we'll create a strategy that works for your goals.
Not sure where to start? Let's discuss your goals and build a plan together
Programs and Resources for First-Time Home Buyers
First Home Savings Account (FHSA)
The First Home Savings Account (FHSA) allows eligible Canadians to save for their first home while receiving valuable tax benefits. Contributions may be tax deductible, and qualifying withdrawals can be made tax-free when purchasing your first home.
Home Buyers' Plan (RRSP)
The Home Buyers' Plan allows eligible first-time buyers to withdraw funds from their RRSP to help purchase a home. This can be a great way to boost your down payment while taking advantage of savings you've already built.
New GST Relief for First-Time Home Buyers
The federal government has introduced new GST measures designed to improve affordability for first-time home buyers purchasing qualifying newly built homes.
As government programs and eligibility requirements can change, we recommend reviewing the latest information directly from the Government of Canada.
[View Current Government Information]
30-Year Amortizations for Eligible First-Time Buyers
Recent mortgage rule changes have expanded access to 30-year amortizations for eligible first-time home buyers purchasing qualifying properties with less than 20% down.
A longer amortization can help reduce monthly payments and improve affordability, although it may increase total interest costs over time.
Every situation is different, and we'll help you understand whether this option makes sense for your goals.
Common Questions from First-Time Buyers
How much down payment do I need?
The minimum down payment depends on the purchase price of the property.
Less than $500,000 price - 5% down
$500,000 - 1.5 Million - 5% of the first 500k and 10% of the remainder over that original 500k
Can I use gifted down payment funds?
In many cases, yes. Gifted down payments from immediate family members are commonly accepted by lenders, provided certain requirements are met.
How much can I qualify for?
Qualification depends on several factors, including income, debts, credit history, down payment, and the property you're purchasing. Lets connect to chat about your plans to see what you can qualify for.
What credit score do I need?
Every lender has different requirements. A stronger credit profile generally provides access to more options, but there are often solutions available even if your credit isn't perfect.
Should I get pre-approved before house hunting?
Absolutely YES! A pre-approval will give you an understand of not just what the lenders guidelines tell us is your maximum but also ensure that we find what will suit your budgets. The pre-approval will allow you to shop with confidence.
What closing costs should I budget for?
In addition to your down payment, you'll want to budget for legal fees, adjustments, home inspections, moving costs, and other closing expenses. We generally suggest you set aside 1.0% of your purchase price minimum
Not Ready Yet? Let's Make a Plan.
Not everyone is ready to buy a home today—and that's okay.
Whether you're working on your down payment, improving your credit, paying down debt, or simply figuring out where to start, we can create a personalized plan to help you reach your homeownership goals.
Many of our most successful clients started with a conversation months or even years before they purchased their first home.
Not sure where to start? Let's discuss your goals and build a plan together
