Woman smiling being passed the key to her first home.

First Time Homebuyers

Buying your first home should be fun! Working with an experienced mortgage professional helps to lessen the stress of financing so you can focus on the most exciting parts.

There is a lot to navigate when buying your first home - choosing a searching for the perfect property, stressing over making offers, pulling together a downpayment and, of course, securing a loan. We are here to guide you through the process from pre-approval to close and with everything in between.

Here are a few tips that we recommend for all first time buyers! Questions? Email us or schedule a phone consultation below.

  • There is a difference between feeling prepared to purchase a home and knowing exactly what you can afford. Getting a pre-approval before starting your property search will ensure that you know ahead of time what you can offer and roughly what you monthly payments will be when you search.

    But remember: A pre-approval does not guarantee a mortgage.

  • Financing any large purchases leading up to buying your first home can dramatically decrease your purchasing power.

    When evaluating your finances for pre-approval, we look at your Total Debt Service ratio (TDS) - or the total you pay monthly toward your debts over your monthly income. A small additional monthly payment for a car, for example, can decrease your approval amount by tens of thousands!

  • There are some great programs available through the federal government to help Canadians purchase their first home.

    First-Time Home Buyer Incentive

    The First-Time Home Buyer Incentive helps first-time homebuyers without adding to their financial burdens. Eligible first-time homebuyers who have the minimum down payment for an insured mortgage can apply to finance a portion of their home purchase through a shared equity mortgage with the Government of Canada. Visit the First-Time Home Buyer Incentive for more detail.*

    Home Buyers' Plan (HBP)

    The Home Buyers' Plan (HBP) is a program that allows you to withdraw up to $35,000 in a calendar year from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability. Review the Home Buyers' Plan for more information.*

    Home Buyers' Amount

    The Home Buyers’ Amount offers a $5,000 non-refundable income tax credit amount on a qualifying home acquired during the year. For an eligible individual, the credit will provide up to $750 in federal tax relief. Go to the Home Buyers’ Amount webpage to see if you are eligible.

    There are also provincial tax exemption programs, incentives for new development and more! Chatting with a mortgage professional is the best way to know which ones will work for you!