First-Time Home Buyer

READY TO BUY YOUR FIRST HOME? YOU'RE IN THE RIGHT PLACE.

First-Time Home Buyer? Buying your first home is an exciting milestone, but navigating the real estate market can feel overwhelming when you are a new home buyer. From budgeting to selecting the right neighborhood, a first-time property buyer faces many critical decisions. If you are searching for affordable starter homes, you likely have questions about where to begin. Our mission is to provide the clear answers and expert market insights you need to feel completely confident in your choices.
Our team of specially trained REALTORS® and support staff is committed to guiding every beginning home buyer through each step of the journey. We provide tailored preparation, expert advice, and personalized home-buying plans with a strict no-pressure approach. Whether you are looking for an entry-level house or an urban condo, we align our strategy with your unique financial goals.

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First-Time Home Buyer

MORTGAGE BASICS FOR NEW HOMEOWNERS

First and foremost, meet with a mortgage broker to gain a clear understanding of your financial situation and how it impacts your ability to purchase your first home. If you don’t have one already, instead, we’re happy to refer you to a trusted partner who can guide you through your options.

GATHER YOUR PRE-APPROVAL DOCUMENTS

  • Income Qualification: T4s, Paystubs, RRSP, and Your Employment Letter
  • Credit Verification: Credit Report, Outstanding Debt, Past Collections etc.
  • Government Issued Photo ID: Driver’s License, Passport, Ontario Photo Card, Status Card etc.
  • Gift Letter: Obtain this document if a family member plans to contribute to your home purchase

4 THINGS TO AVOID ONCE YOU ARE PRE-APPROVED

  • Avoid making any big purchases
  • Avoid quitting or changing jobs
  • Avoid applying for new credit
  • Avoid co-signing on a loan

THE FINE PRINT OF BUYING YOUR FIRST HOME

Government Incentives for First-Time Buyers in Ontario.

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HOME BUYER’S PLAN: enables you to withdraw funds from your Registered Retirement Savings Plan (RRSP) to buy or build a home. This program allows you to withdraw up to $35,000 without being taxed. This Plan allows you to pay back the withdrawn funds within a 15 year period.

Source: Canada HBP

HOME BUYER’S TAX CREDIT: enables you to claim up to $5000 for the purchase of a home on your personal tax return for the year of purchase. This helps to cover any closing costs.

Source: Canada HBTC

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CANADA’S FIRST TIME HOME BUYING INCENTIVE:

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Is a shared-equity mortgage aimed at LOWERING first-time home buyers monthly mortgage payments WITHOUT increasing the amount you need for a down payment.

  • The government contributes 5-10% of the purchase price
  • The Loan is INTEREST-FREE
  • The Loan must be paid in full within 25 years of when the home was purchased and/or when the home is sold.

HOW TO KNOW WHEN YOU’RE READY TO BUY

Points to stay within your comfort zone as a First-Time Home Buyer:

  1. To begin with, aim to keep your monthly mortgage payments below 40% of your household take-home income

  2. Additionally, Save up at least 5% of the purchase price for your down payment

  3. Ideally, you want to try to keep your credit score above 680

  4. Finally, plan to stay in your new home longer than 3 years to cover your upfront costs.

Affordable starter homes for first-time buyers in Southern Ontario

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For sale $994,900
79 GARINGER Crescent, Hamilton, Ontario

79 Garinger Crescent

Hamilton, Ontario

6 Bedroom 2,533 sqft
Right At Home Realty
For sale $1,074,000
42 FENSIDE STREET, Kitchener, Ontario

42 Fenside Street

Kitchener, Ontario

5 Bedroom 4 Bathroom 2,000 - 2,500 sqft
Century 21 Heritage House Ltd Brokerage
For rent $2,700 Monthly
961 NINTH STREET, Mississauga, Ontario

961 Ninth Street

Mississauga, Ontario

2 Bedroom 1 Bathroom 700 - 1,100 sqft
Century 21 Miller Real Estate Ltd.
For sale OPEN HOUSE $1,025,000
1026 FRONT Road, St. Williams, Ontario

1026 Front Road

St. Williams, Ontario

3 Bedroom 4 Bathroom 2,896 sqft
RE/MAX Escarpment Realty Inc.
Coldwell Banker Momentum Realty
For sale $559,000
36 AMELIA Street, Paris, Ontario

36 Amelia Street

Paris, Ontario

3 Bedroom 2 Bathroom 1,674 sqft
RE/MAX Twin City Realty Inc.
For sale $729,999
10 INGALLS AVENUE, Brantford, Ontario

10 Ingalls Avenue

Brantford, Ontario

4 Bedroom 3 Bathroom 2,000 - 2,500 sqft
RE/MAX Niagara Realty Ltd
For rent $1,650 Monthly
LOWER - 12 FERNDALE AVENUE, St. Catharines, Ontario

Lower - 12 Ferndale Avenue

St. Catharines, Ontario

2 Bedroom 1 Bathroom 0 - 699 sqft
RE/MAX Escarpment Realty Inc.
For sale $650,000
57 WOODROW STREET, St. Catharines, Ontario

57 Woodrow Street

St. Catharines, Ontario

5 Bedroom 2 Bathroom 700 - 1,100 sqft
RE/MAX Niagara Realty Ltd
For sale $698,000
633 POINT ABINO ROAD S, Fort Erie, Ontario

633 Point Abino Road S

Fort Erie, Ontario

3 Bedroom 2 Bathroom 2,000 - 2,500 sqft
RE/MAX Niagara Realty Ltd
For rent $1,600 Monthly
4 LOWER - 8196 MCLEOD ROAD, Niagara Falls, Ontario

4 Lower - 8196 Mcleod Road

Niagara Falls, Ontario

1 Bathroom 0 - 699 sqft
RE/MAX Niagara Realty Ltd
For sale $464,999
6073 WILDROSE CRESCENT, Niagara Falls, Ontario

6073 Wildrose Crescent

Niagara Falls, Ontario

3 Bedroom 2 Bathroom 1,100 - 1,500 sqft
Royal LePage NRC Realty
For rent $12 Monthly
180 - 200 FITCH STREET, Welland, Ontario

180 - 200 Fitch Street

Welland, Ontario

2,830 sqft
Royal LePage NRC Realty

Curious about Buying a Home?
Get in touch with us today.

905.512.1846 | [email protected]

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