FIRST-TIME BUYER CENTRE
You Don’t Need to Understand the Entire Process Before You Begin
Start with the financial basics and take your first purchase one clear step at a time.
BEFORE THE SEARCH
Start here before you start scrolling through listings
The first steps are less about finding a house and more about making sure the search is built on something realistic.
Know your financial range
What you qualify for and what you feel comfortable carrying are not always the same number.
Build a cash plan
Your down payment is only one piece. Plan for the deposit, closing costs and some breathing room after closing.
Understand representation
Know who is representing you and where your advice is coming from before making property-specific decisions.
Decide what the home needs to do
Separate your true day-to-day needs from the nice-to-haves so your search stays realistic.
ONE LABEL, DIFFERENT RULES
You may qualify for one program and not another
“First-time home buyer” sounds simple, but different programs use different rules. Previous ownership, a spouse’s ownership history, timing and occupancy requirements can all affect eligibility.
Do not use one program’s definition to decide whether you qualify for another. Confirm each program separately before counting the benefit in your purchase plan.
PROGRAMS WORTH ASKING ABOUT
Different programs help in different ways
Some help you save, some let you access existing savings and others reduce tax. None of them replaces mortgage qualification.
First Home Savings Account (FHSA)
Save toward a qualifying first home through a registered account, with up to $8,000 of new participation room per year and a $40,000 lifetime contribution limit.
Home Buyers’ Plan (HBP)
Eligible buyers may be able to withdraw up to $60,000 from their RRSP toward a qualifying home purchase.
Ontario Land Transfer Tax Refund
Eligible first-time buyers may receive a refund of up to $4,000 toward Ontario land transfer tax.
Home Buyers’ Amount
Eligible buyers may claim up to $10,000 on their federal income tax return for the year they purchase a qualifying home.
Buying new construction?
New builds can involve different deposits, builder adjustments and GST/HST rebates than a typical resale purchase. We’ll cover those separately in the New Construction guide.
COMMON FIRST-TIME BUYER MISTAKES
The expensive part is often the assumption
Using every available dollar
A bigger down payment can feel responsible, but owning a home with no reserve can create immediate stress after closing.
Treating pre-approval as final approval
A pre-approval is only the starting point. The lender still needs to approve the specific property and confirm the final file.
Making a major financial change
New credit, a vehicle purchase, changed employment or moving money around can affect financing before closing.
Expecting the first home to solve twenty years
Your first home does not need to predict your entire future. It needs to fit your budget and work well enough for the next stage of your life.
THE RIGHT QUESTION TO THE RIGHT PERSON
You are not expected to get every answer from one person
REALTOR®
Property, market, search, offer and transaction guidance.
Mortgage Professional
Financing, qualification, lender requirements and mortgage costs.
Real Estate Lawyer
Contracts, title, land transfer tax, closing funds and registration.
Inspector or Specialist
Property condition and technical questions within their professional scope.
A good purchase comes from having the right professionals answering the right questions early enough to make a thoughtful decision.
This site provides general information only and is not legal, financial or professional advice. Real estate decisions are specific to your situation. Always verify important details with the appropriate professionals.