The Complete First-Time Home Buyer Guide in Canada

First-Time Home Buyer incentives, grants and tax credits are a few programs available to you. This guide covers all you need to know to buy your first house anywhere in Canada.

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First-Time Home Buyer Overview

Congratulations on taking the first step towards one of life’s most gratifying milestones: owning a home!

If you’re looking to buy your first home in Canada, navigating the sea of mortgage options, incentive programs, and property choices can be overwhelming.

This comprehensive guide will arm you with all the information you need to transition from a first-time buyer to a savvy homeowner.

Read on to learn about mortgage pre-approvals, budgeting, house hunting, and much more!

Guides To Buying Your First Home In Canada

These guides cover all you need to know about buying your first home in Canada. You’ll learn the steps to securing the right mortgage financing, how to house search, first-time buyer credits, and incentives you should use to buy your first home.

7 Steps To First Home Buying

Ste-by-step to help you navigate the house-buying process.

First-Time Home Buyer Plan (RRSP)

Learn the RRSP guidelines for first-timer and house to use this program

First-Time Home Buyer Rebates

Learn about first-time homebuyer rebate programs and how to get qualified for them.

First Home Buyer Tax Credit

Learn how to get the $5.000 tax credit for buying your first home.

First-Timer House Buying Essentials

The essential things you need to keep in mind as you shop for your first home.

Mortgage Basics

It all starts from the basics. Arm yourself with the knowledge and tools to manage your mortgage like a pro!

Getting A Mortgage As A First-Time Homebuyer In Canada

Who Qualifies as a First-Time Home Buyer in Canada?

Are you unsure if you qualify as a first-time homebuyer in Canada? You’re considered eligible if you:

Are a Canadian citizen or a permanent resident
Have a disability or are helping a family member with a disability buy or build a home
Have never owned or had a registered interest in a primary residence anywhere in the world within the last four years
Have a spouse or common-law partner who also hasn’t owned a home in the past four years

Your 5-Step Plan to Landing Your First Mortgage

Step 1: The Importance of Pre-Approval

Getting pre-approved should be your first move before house hunting.

Not only does it give you an edge with sellers, but it also clarifies the mortgage types and interest rates available to you.

Keep in mind that pre-approval isn’t a final guarantee. It’s the lender’s provisional agreement to offer a specified loan amount under certain terms.

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Step 2: Budget Like a Pro

Your next step is to outline your budget, considering the down payment monthly mortgage payments, and how they align with your current lifestyle. A well-thought-out budget gives you financial clarity and prepares you for various scenarios, such as unexpected unemployment.

Step 3: Shop for Your Dream Home With Confidence

Once you’re pre-approved for a mortgage, your hunt for your first home begins!

You can look through real estate websites that show listings in your area to get started. These databases easily filter listings based on your budget, preferred neighbourhoods, and more.

You should also enlist the help of a real estate agent. They’ll be an expert in whatever market you’re looking for a home in, and the more they understand what you’re looking for, the better they’ll be able to help a first-time home buyer like yourself find what you’re looking for.

Step 4: Making Your Offer Stand Out

Once you’ve found the perfect home that suits your needs, it is time to make an offer. However, before you do, discuss your bid with your real estate agent and determine if it is reasonable.

Depending on how hot the market is and how much interest there is in your selected home, you could get into a bidding war with other purchasers.

Even if you are the only person interested in the property, the seller could make a counter-offer which you will need to negotiate.

Offers can be made contingent on the home’s inspection report, financing, or other factors.

Step 5: Choose Your Ideal Mortgage

When choosing a mortgage, there are many things to consider, including total borrowing costs (interest rate and fees), repayment schedule of the loan, the lender, and how the mortgage terms fit your current and future situation.

You have to consider different mortgage options, but the most common ones available in Canada are variable-rate and fixed-rate mortgages.

The mortgage rate for variable mortgages adjusts with the market, whereas the mortgage rates for fixed mortgages stay the same throughout the mortgage term.

Suppose you take out a variable-rate mortgage. In that case, your monthly payment could fluctuate with the lender’s prime rate, as well as economic factors that influence rates such as employment data, exports/imports around the globe—the list goes on! If you’re not comfortable with this variation, choose the fixed mortgage rate, which will help you budget better.

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The Complete First-Time Home Buyer Guide in Canada

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First-Time Home Buyer Overview

Guides To Buying Your First Home In Canada

7 Steps To First Home Buying

First-Time Home Buyer Plan (RRSP)

First-Time Home Buyer Rebates

First Home Buyer Tax Credit

First-Timer House Buying Essentials

Mortgage Basics

Getting A Mortgage As A First-Time Homebuyer In Canada

Who Qualifies as a First-Time Home Buyer in Canada?

Your 5-Step Plan to Landing Your First Mortgage

Step 1: The Importance of Pre-Approval

Shop Across 25+ Lenders For Your Best Mortgage Deals

Step 2: Budget Like a Pro

Step 3: Shop for Your Dream Home With Confidence

Step 4: Making Your Offer Stand Out

Step 5: Choose Your Ideal Mortgage

Shop Across 25+ Lenders For Your Best Mortgage Deals

Get A Mortgage With approvU

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