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 This Plan allows you to pay back the withdrawn funds within a 15 year period.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 lease $18 / ft2
111 SHERWOOD Drive Unit# 6A, Brantford, Ontario

111 Sherwood Drive Unit# 6a

Brantford, Ontario

2,567 sqft
RE/MAX Escarpment Realty Inc.
For sale $1,395,000
518 GATE Street, Niagara-on-the-Lake, Ontario

518 Gate Street

Niagara-On-The-Lake, Ontario

3 Bedroom 3 Bathroom 2,337 sqft
RE/MAX Niagara Realty Ltd.
For rent $2,750 Monthly
1200 GUELPH Line Unit# 6, Burlington, Ontario

1200 Guelph Line Unit# 6

Burlington, Ontario

3 Bedroom 2 Bathroom 1,054 sqft
RE/MAX Escarpment Realty Inc.
For sale $1,395,000
518 GATE STREET, Niagara-on-the-Lake, Ontario

518 Gate Street

Niagara-On-The-Lake, Ontario

3 Bedroom 3 Bathroom 2,000 - 2,500 sqft
RE/MAX Niagara Realty Ltd
For sale $599,000
61 WINSLOW CRESCENT, Thorold, Ontario

61 Winslow Crescent

Thorold, Ontario

3 Bedroom 2 Bathroom 1,100 - 1,500 sqft
Coldwell Banker Momentum Realty
For sale $4,150,000
11037 NIAGARA RIVER PARKWAY, Niagara Falls, Ontario

11037 Niagara River Parkway

Niagara Falls, Ontario

5 Bedroom 6 Bathroom 5,000 - 100,000 sqft
Royal LePage NRC Realty
For sale $1,150,000
2782 CANADIANA COURT, Fort Erie, Ontario

2782 Canadiana Court

Fort Erie, Ontario

4 Bedroom 3 Bathroom 2,500 - 3,000 sqft
The Agency
For sale $474,900
909 TAMARAC Street, Dunnville, Ontario

909 Tamarac Street

Dunnville, Ontario

3 Bedroom 2 Bathroom 1,384 sqft
RE/MAX Escarpment Realty Inc.
For sale $569,900
61 BRADLEY STREET, St. Catharines, Ontario

61 Bradley Street

St. Catharines, Ontario

3 Bedroom 2 Bathroom 700 - 1,100 sqft
Boldt Realty Inc.
For sale $499,900
1429 SHEFFIELD Road Unit# 11, Hamilton, Ontario

1429 Sheffield Road Unit# 11

Hamilton, Ontario

2 Bedroom 2 Bathroom 1,143 sqft
RE/MAX Twin City Faisal Susiwala Realty
For sale $1,200,000
745 KING Street E, Kitchener, Ontario

745 King Street E

Kitchener, Ontario

4,166 sqft
RE/MAX Twin City Faisal Susiwala Realty
For sale $969,900
37 YELLOW BIRCH Drive, Kitchener, Ontario

37 Yellow Birch Drive

Kitchener, Ontario

4 Bedroom 3 Bathroom 2,416 sqft
RE/MAX Twin City Faisal Susiwala Realty

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

905.512.1846 | [email protected]

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