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 This Plan allows you to pay back the withdrawn funds within a 15 year period.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 rent $2,200 Monthly
BASEMENT - 1153 STAG HOLLOW STREET, Oakville, Ontario

Basement - 1153 Stag Hollow Street

Oakville, Ontario

2 Bedroom 1 Bathroom 3,000 - 3,500 sqft
Keller Williams Edge Realty
For sale $712,400
7 GRAND RIVER Street N Unit# 203, Paris, Ontario

7 Grand River Street N Unit# 203

Paris, Ontario

1 Bedroom 1 Bathroom 865 sqft
RE/MAX Escarpment Realty Inc.
For rent $2,499 Monthly
76 APPALACHIAN Crescent Unit# Upper, Kitchener, Ontario

76 Appalachian Crescent Unit# Upper

Kitchener, Ontario

3 Bedroom 2 Bathroom 1,070 sqft
Exp Realty
For rent $2,625 Monthly
63 SANATORIUM Road Unit# UPPER LEVEL, Hamilton, Ontario

63 Sanatorium Road Unit# Upper Level

Hamilton, Ontario

3 Bedroom 1 Bathroom 1,296 sqft
RE/MAX Escarpment Realty Inc.
For rent $2,450 Monthly
1207 - 20 GEORGE STREET, Hamilton, Ontario

1207 - 20 George Street

Hamilton, Ontario

2 Bedroom 2 Bathroom 900 - 999 sqft
Bradbury Estate Realty Inc.
For rent $2,650 Monthly
1002 - 20 GEORGE STREET, Hamilton, Ontario

1002 - 20 George Street

Hamilton, Ontario

2 Bedroom 2 Bathroom 1,000 - 1,199 sqft
Bradbury Estate Realty Inc.
For sale $499,900
61 PRINCESS STREET, Fort Erie, Ontario

61 Princess Street

Fort Erie, Ontario

5 Bedroom 2 Bathroom 2,000 - 2,500 sqft
Exp Realty
For sale $1,499,900
89 SIXTH STREET, Welland, Ontario

89 Sixth Street

Welland, Ontario

2,917 sqft
RE/MAX Niagara Realty Ltd
For sale $699,900
351 NORTHVIEW HEIGHTS Place, Cambridge, Ontario

351 Northview Heights Place

Cambridge, Ontario

3 Bedroom 2 Bathroom 1,371 sqft
RE/MAX Real Estate Centre Inc.
For lease $45 / ft2
90 EASTERN Avenue Unit# 25, Brampton, Ontario

90 Eastern Avenue Unit# 25

Brampton, Ontario

1,187 sqft
Century 21 Millennium Inc
For rent $2,125 Monthly
55 GREEN VALLEY Drive Unit# 1606, Kitchener, Ontario

55 Green Valley Drive Unit# 1606

Kitchener, Ontario

2 Bedroom 2 Bathroom 940 sqft
Exp Realty
For rent $1,695 Monthly
30 FRANCIS Street S Unit# 3002, Kitchener, Ontario

30 Francis Street S Unit# 3002

Kitchener, Ontario

1 Bedroom 1 Bathroom 401 sqft
Kingsway Real Estate Brokerage

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

905.512.1846 | [email protected]

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