FIRST-TIME HOME BUYER

Get a feel for the home‑buying process, understand your mortgage options, and make choices that make sense for you.

Plan for a big milestone
Take advantage of government programs
Get expert guidance

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Be prepared

Stages in buying your first home

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1. Plan

Before buying, plan for your down payment—typically 20%—and use tax‑free options to save faster Explore:

First Home Savings Account (FHSA)

Home Buyers Plan (HBP)

Tax Free Savings Account (TFSA)

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2. Prepare

Great job—you’re on track. With your savings plan in place, it’s time to explore mortgage options, rates, and lock in a rate for up to 120 days.

Mortgage Basics

Mortgage Calculators

6 Steps to Buying a Home

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3. Purchase

You’re ready to make an offer and go after your dream home. Just be sure to factor in closing costs, inspections, and appraisals.

Closing Costs for a Mortgage

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Ready to start your home buying journey?

Our advisors are happy to guide you and answer any questions or concerns you may have.

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Featured mortgage Rates

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Frequently asked questions

When am I ready to buy a home?

The first step is to save for a down payment. It's best to understand what is involved to ensure you are well prepared for all the expenses.

How long does it take to save for a down payment?

This will be different for everyone. Some factors that play a role are income, your savings plan, your time horizon, the purchase price of your home, if you're planning on getting an insured or uninsured mortgage. Your advisor will work with you to set a plan in place to maximize your savings potential to get you to your goals faster. The government provides some great savings programs that can assist with this.

What are the costs associated with buying a home?

Other than the cost of your home, you'll need to consider other closing costs like the property transfer tax, a home inspection, property appraisals, legal fees and more. Learn more here.

Do I need a good credit score to buy a home?

If you need to borrow money to buy a home then, yes, credit worthiness is a key requirement to obtaining a mortgage. A good credit score may also help you get the lowest rate.

When should I lock in a mortgage rate?

You can lock in a mortgage rate up to 120 days in advance. The earlier you do this the better chance you have of protecting yourself in case of rising rates and it gives you more time to plan for other aspects of your home buying journey.

What's the best rate type to choose?

It depends on each person’s individual needs. You can select a fixed or variable rate and they can be open or closed. Your advisor will help you determine which rate type best fits your goals.

Can I use money from my RRSP?

If you qualify under the Home Buyers Plan then you can withdraw up to $60,000 from your RRSP for the purposes of purchasing your first home.

What are the differences between Home Buyers Plan (HBP) and First Home Savings Account (FHSA)?

The Home Buyers’ Plan (HBP) allows you to withdraw up to $60,000 from your RRSP for the purposes of buying your first home but withdrawals must be repaid within 15 years. The FHSA (First Home Savings Account) is an account specifically designed to help you save tax-free for the purposes of buying your first home and allows up to a $40,000 lifetime contribution limit. They can be combined as long as its for the same qualifying home.

Expert advice