First-Time Buyers
First-Time Home Buyer Guide
Everything you need to know about buying your first home in Canada — from saving your down payment to picking up the keys. Updated for 2025.
The Home Buying Process in Canada
Check Your Finances
Review your credit score, calculate your debt-to-income ratio, and determine how much you've saved for a down payment.
Get Pre-Approved
A mortgage pre-approval shows sellers you're serious and tells you exactly how much you can borrow before you start house-hunting.
Find Your Home
Work with a real estate agent to find properties within your approved budget. Make an offer with conditions, including financing.
Finalize Your Mortgage
Your broker submits to the lender, the lender appraises the property, and issues a formal mortgage commitment.
Close & Get Your Keys
Your lawyer handles title transfer and funds the mortgage. You pay closing costs and receive the keys to your new home.
First-Time Buyer Programs
First Home Savings Account (FHSA)
Contribute up to $8,000/year (lifetime $40,000). Tax-deductible contributions, tax-free withdrawals for a first home. Canada's best first-time buyer account.
Learn more →RRSP Home Buyers' Plan (HBP)
Withdraw up to $35,000 from your RRSP tax-free for a first home ($70,000 for couples). Must be repaid over 15 years.
Learn more →First-Time Home Buyer Incentive
A shared-equity program where the government contributes 5–10% of your purchase price in exchange for a share of your home's future value.
Learn more →Minimum Down Payment Requirements
| Purchase Price | Minimum Down Payment |
|---|---|
| Under $500,000 | 5% |
| $500,000 – $999,999 | 5% on first $500K + 10% on remainder |
| $1,000,000+ | 20% |
Get Your First Rate Quote
Free quotes from licensed brokers who specialize in first-time buyers.