Guide
First-time home buyer guide
- 1
Check your starting point
Look at your savings, monthly debts and credit report. Knowing these numbers early avoids surprises later.
- 2
Estimate your budget
Use our affordability calculator to see a ballpark price range under the federal stress test, then talk to a broker for a real assessment.
- 3
Get pre-approved
A broker reviews your documents and arranges a pre-approval, which sets your budget and may hold a rate for a period.
- 4
Plan for closing costs
Beyond the down payment, budget for legal fees, a home inspection, any land transfer tax, insurance and moving costs.
- 5
Shop and make an offer
Work with your realtor. Consider making your offer conditional on financing and inspection.
- 6
Final approval
Once your offer is accepted, your broker sends the property details to the lender for final approval.
- 7
Closing day
Your lawyer handles the funds and title transfer. Then you get the keys.
Questions
How much do I need saved?
The minimum down payment plus closing costs. The minimum depends on the price; our calculator shows it.
Are there programs for first-time buyers?
Yes, there are federal and some provincial programs, and rules change. Your broker will explain what's currently available to you.
How long is a pre-approval good for?
It varies by lender. Your broker will tell you how long your rate hold lasts.
Ready to talk it through?
Book a no-obligation call or start a short pre-application.