First-time buyers plan
Navigating the world of Canadian home buying
Step 1: Figure out how much you can afford.
Start with your budget. Knowing what you can afford will save time and help you focus on homes within your reach.
Down Payment: Decide how much you can contribute. First-time buyers can withdraw up to $60,000 from their RRSPs tax-free through the Home Buyers’ Plan (HBP). If you’re buying with a partner, that’s up to $120,000 combined. Repayment must begin within two years and be completed over 15 years.
Closing Costs: These typically range from 1.5% to 4% of the purchase price. Factor in legal fees, home inspections, title insurance, land transfer tax, and moving expenses.
Affordability Rule: Your monthly housing costs (mortgage, property tax, heating) should stay below 32% of your gross monthly income. Your total debt load shouldn’t exceed 40%.
Mortgage Pre-Approval: A pre-approval gives you a clear borrowing limit and makes you a stronger buyer in the eyes of sellers.
Step 2: Figure out what type of home is right for you.
Make a list of what matters most to you.
Must-Haves: Think number of bedrooms and bathrooms, parking, a home office, or a backyard.
Nice-to-Haves: Hardwood floors, finished basement, open-concept design, or updated kitchen.
Be realistic about your current lifestyle—and where you see yourself in the next 5–10 years.
Step 3: Chose the right Neighbourhood
Location matters just as much as the home itself.
Are you looking for a vibrant city lifestyle, a quiet suburban street, or a rural retreat?
Consider your commute, access to schools, public transit, recreation, shopping, and safety.
Think about the kind of community that fits your lifestyle—family-friendly, walkable, dog-friendly, or full of local culture and charm.
Step 4: Begin Your Home Search
Now it’s time to explore what’s out there.
Browse listings on realtor.ca or through your REALTOR®’s MLS® access.
Attend open houses or schedule private showings.
Drive through your preferred neighbourhoods to get a feel for the area.
Step 5: Build your Real Estate Dream Team
Having the right professionals in your corner makes all the difference.
A knowledgeable REALTOR® to guide your search and negotiate on your behalf.
A Mortgage broker or lender to secure financing.
A real estate Lawyer to review and process legal documents.
A Home inspector to ensure the property is structurally sound.
An Insurance broker to protect your new investment.
Need referrals? I work with trusted experts who are ready to help.
Step 6: Make an offer.
You’ve found the one—now let’s secure it.
Your Offer to Purchase will include the price, deposit, closing date, included items (e.g., appliances), and any conditions like financing or home inspection.
The seller may accept, reject, or counter.
Your REALTOR® will negotiate to get you the best possible terms.
Step 7: Finalize your mortgage.
Once your offer is accepted, you’ll confirm the details of your mortgage.
Choose your rate type (fixed or variable), mortgage term, payment frequency, and amortization period.
Review your mortgage agreement carefully. Your broker or lender will ensure the mortgage aligns with your financial goals.
Step 8: Move in and enjoy!
Congratulations!
Once the legal and financial paperwork is finalized, it’s time to pack up and move in. Switch utilities, update your address, and get to know your new community.
Have Questions or Ready to Start Your Home Search?
I’m here to guide you through every step. Let’s make your dream home a reality.
Call me now 705 790 1524
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