FIRST-TIME HOME BUYER GUIDE
Where do you start? What do you need to know? Where do you find the answers? Not to worry! We’ve got you covered.
Enjoy this quick and easy guide to prepare you for your first major purchase!
01
Down Payment
Minimum down payments are determined based on the home’s purchase price. The minimum down payment in Canada is 5% for a purchase price $500,000 or less. This will give you an idea of how much money you need to save to afford the home you want.
02
Pre-approval
We can’t stress this step enough. A pre-approval should be the first step you take in your home buying process. Because if you don’t know how much you can actually afford, you won’t be looking at the right value properties.
03
Affordability
Be realistic about what you can afford, and don’t forget to take into account other expenses like personal expenses, utilities, property tax, condo fees. It all ads up and you don’t want to stretch yourself thin.
04
Mortgage
Shop around for a mortgage and get different quotes. We highly recommend using a Mortgage Broker because they have access to a variety of different lenders and can get you the best rate that’s available. And it’s a free service, so why not?
05
First-Time Home Buyer Programs
There are a number of programs available to support first-time home buyers. Consult with your Mortgage Broker to find out what you qualify for! It could save you lots of money!
- The Home Buyers’ Tax Credit
- Canadian Home Buyers’ Plan (HBP)
- Land Transfer Tax rebate
- Sales tax rebate
06
Closing Costs
These can sometimes feel like they sneak up on you at the last minute.
- Land Transfer Tax
- Legal Fees and Disbursements
- Title Insurance
- Property Insurance
- Utility Bills
- Property taxes
