Buying your first home is exciting, but let’s be honest, it can also feel a bit overwhelming. As a mortgage broker, I’ve helped hundreds of Canadians take this big step, and I know the process can seem complicated at first. Don’t worry — you don’t have to do it alone.

If you’re a first-time home buyer in Canada, here are a few key things to know (and a few tips to make the journey smoother).

1. You Don’t Need a 20% Down Payment

Let’s start with one of the most common myths I hear: that you need to have a 20% down payment to buy a home. It’s simply not true. As a first-time buyer in Canada, you can purchase a property with as little as 5% down — as long as the home is priced at $500,000 or less.

If the home costs more than $500,000, you’ll need 5% down on the first $500,000 and 10% down on the portion between $500,000 and $999,999. For homes priced at $1 million or more, the rules change as a full 20% down payment is required.

Now, keep in mind that if your down payment is under 20%, you’ll also need mortgage default insurance. This insurance, provided by CMHC, Sagen, or Canada Guaranty, protects the lender, but it also benefits you by allowing access to the housing market earlier. And starting to build equity now often beats waiting years to save up 20%.

2. Take Advantage of First-Time Buyer Incentives

Buying your first home doesn’t have to be a solo financial mission — the government has a few tools to help you out. Two of the biggest ones are:

• RRSP Home Buyers’ Plan (HBP): This allows you to withdraw up to $60,000 tax-free from your RRSP to use as a down payment. You have 15 years to repay it without penalty.
• First Home Savings Account (FHSA): A new program that combines the benefits of an RRSP and TFSA — you contribute tax-free, your money grows tax-free, and you can withdraw it tax-free when buying your first home.

Both are powerful tools, especially when used together. My job as a mortgage broker includes helping you understand which programs apply to you, how to qualify, and how to structure your finances so you don’t miss out.

3. Get Pre-Approved Before You Fall in Love With a Home

This one’s huge: get pre-approved before you start looking at homes. It’s not just a box to check — it’s your foundation.

A pre-approval gives you:

• A clear idea of your maximum purchase price
• Protection against interest rate increases (your rate is typically held for 90–120 days)
• Confidence when making offers (especially in a competitive market)

It also helps you house-hunt within your real budget, which saves time and reduces stress. I help clients get pre-approved quickly and easily, often without needing to visit a bank. It’s a no-pressure step, but one that gives you a solid starting point.

4. Don’t Forget the “Hidden” Costs

The purchase price is just one part of the equation. First-time buyers are often surprised by the additional expenses involved in closing a deal and moving in. These can include:

• Legal fees (you’ll need a real estate lawyer to finalize the transaction)
• Land transfer tax (varies by province and city, and can be significant)
• Home inspection fees (optional but highly recommended)
• Appraisal fees (sometimes required by lenders)
• Moving costs and furnishings
• Property tax adjustments

These add up, often in the range of 1.5% to 4% of the purchase price. When we work together, I make sure you understand the entire financial picture, not just the down payment. That way, you’re fully prepared for closing day.

5. Choose a Mortgage Broker Who Works for You

Unlike a bank representative, I don’t work for one specific lender — I work for you. That means I can shop the market with dozens of lenders (major banks, credit unions, and alternative lenders) to find the best rate and mortgage terms based on your unique situation.

Whether you’re:

• A salaried employee
• Self-employed
• New to Canada
• Receiving a gifted down payment
• Carrying student debt
• Navigating variable income

I tailor your mortgage to your needs, not just for now, but with an eye on the future. I also explain every step in plain language, so you feel in control of your decisions, not overwhelmed by fine print.

When Should You Start the Process?

If you’re thinking about buying a home in the next 6 to 12 months, now is the perfect time to start a conversation.

Even if you’re not quite ready to buy, having a plan in place can make all the difference. You’ll know what you need to save, how your credit score looks, and whether there are any financial moves you should make before applying for a mortgage.

Ready sooner than you thought? Even better, since you’ll be prepared.

Let’s Chat — No Pressure

Buying your first home is a big deal, and you deserve guidance that’s clear, honest, and actually helpful.

If you’ve got questions, I’ve got answers. There’s no obligation, no pressure, and definitely no jargon.

Let’s connect. Your future home is closer than you think.