First-Time Buyer's Guide
Everything you need to know to make your first home purchase with confidence.
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Are You Ready to Buy?
Before you start house hunting, make sure you're financially prepared:
Stable employment and income for at least 2 years
Saved for down payment (minimum 5% in Canada)
Good credit score (680+ recommended)
Budget for closing costs (2-4% of purchase price)
Emergency fund for unexpected expenses
First-Time Home Buyer Incentives
Home Buyers' Plan (HBP)
Withdraw up to $35,000 from your RRSP to buy or build your first home without paying tax.
First-Time Home Buyer Incentive
A shared-equity mortgage with the Government of Canada that can help reduce monthly mortgage payments.
GST/HST New Housing Rebate
Recover some of the GST/HST paid on the purchase of a new or substantially renovated home.
Land Transfer Tax Rebate
Some provinces offer rebates on land transfer taxes for first-time buyers.
Common First-Time Buyer Mistakes
- ✗Not getting pre-approved before house hunting
- ✗Maxing out your budget without room for unexpected costs
- ✗Skipping home inspections to save money
- ✗Making decisions based on emotions rather than facts
- ✗Not considering resale value and neighbourhood growth