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 This Plan allows you to pay back the withdrawn funds within a 15 year period.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 $2,999,999
402 - 253 CHURCH STREET, Oakville, Ontario

402 - 253 Church Street

Oakville, Ontario

2 Bedroom 3 Bathroom 2,000 - 2,249 sqft
RE/MAX Aboutowne Realty Corp.
For sale $659,000
49 MARINA POINT Crescent, Hamilton, Ontario

49 Marina Point Crescent

Hamilton, Ontario

3 Bedroom 3 Bathroom 1,442 sqft
RE/MAX Realty Services Inc M
For sale $629,900
13 GOLDEN ACRES Drive, Smithville, Ontario

13 Golden Acres Drive

Smithville, Ontario

3 Bedroom 2 Bathroom 2,013 sqft
RE/MAX Escarpment Golfi Realty Inc.
For sale $369,900
30 BLUE SPRINGS Drive Unit# 307, Waterloo, Ontario

30 Blue Springs Drive Unit# 307

Waterloo, Ontario

2 Bedroom 2 Bathroom 1,007 sqft
Peak Realty Ltd.
For sale $874,900
132 LAMETTI Drive, Fonthill, Ontario

132 Lametti Drive

Fonthill, Ontario

4 Bedroom 1 Bathroom 2,365 sqft
Royal LePage State Realty Inc.
For lease $15.45 / ft2
96 HURON Street Unit# 3, New Hamburg, Ontario

96 Huron Street Unit# 3

New Hamburg, Ontario

1,188 sqft
RE/MAX Twin City Realty Inc.
For rent $2,250 Monthly
563 WELLINGTON Street N Unit# 4, Kitchener, Ontario

563 Wellington Street N Unit# 4

Kitchener, Ontario

2 Bedroom 2 Bathroom 1,100 sqft
Flux Realty
For rent $2,350 Monthly
563 WELLINGTON Street N Unit# 3, Kitchener, Ontario

563 Wellington Street N Unit# 3

Kitchener, Ontario

2 Bedroom 2 Bathroom 1,100 sqft
Flux Realty
For sale $619,900
15 ADELAIDE Street, Grimsby, Ontario

15 Adelaide Street

Grimsby, Ontario

3 Bedroom 2 Bathroom 2,008 sqft
RE/MAX Niagara Realty Ltd.
For sale $619,900
15 ADELAIDE Street, Grimsby, Ontario

15 Adelaide Street

Grimsby, Ontario

4 Bedroom 2 Bathroom 2,008 sqft
RE/MAX Niagara Realty Ltd.
For sale $279,900
63 FIRST Street Unit# 11, Orangeville, Ontario

63 First Street Unit# 11

Orangeville, Ontario

2 Bedroom 1 Bathroom 723 sqft
RE/MAX Twin City Realty Inc.
For rent $2,250 Monthly
563 WELLINGTON Street N Unit# 2, Kitchener, Ontario

563 Wellington Street N Unit# 2

Kitchener, Ontario

2 Bedroom 2 Bathroom 1,100 sqft
Flux Realty

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

905.512.1846 | [email protected]

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