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 This Plan allows you to pay back the withdrawn funds within a 15 year period.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 $525,000
4663 Guy Avenue, Hanmer, Ontario

4663 Guy Avenue

Hanmer, Ontario

3 Bedroom 2 Bathroom 1,500 - 2,000 sqft
Lake City Realty Ltd. Brokerage
For sale $350,000
33 Pembroke, Sturgeon Falls, Ontario

33 Pembroke

Sturgeon Falls, Ontario

3 Bedroom 2 Bathroom 700 - 1,100 sqft
RE/MAX Crown Realty Inc. (Sudbury)
For sale $699,900
90 North and South Road Road, West Nipissing, Ontario

90 North And South Road Road

West Nipissing, Ontario

3 Bedroom 2 Bathroom 1,500 - 2,000 sqft
Sutton-Benchmark Realty Inc.
For sale $2,250,000
41 Greenway Drive, Garson, Ontario

41 Greenway Drive

Garson, Ontario

4 Bedroom 5 Bathroom 3,500 - 5,000 sqft
Lake City Realty Ltd. Brokerage
For sale $649,000
2276 Mildred Street, Sudbury, Ontario

2276 Mildred Street

Sudbury, Ontario

4 Bedroom 2 Bathroom 1,100 - 1,500 sqft
RE/MAX Crown Realty Inc. (Sudbury)
For sale $554,900
584 Mead Boulevard, Espanola, Ontario

584 Mead Boulevard

Espanola, Ontario

4 Bedroom 2 Bathroom 2,000 - 2,500 sqft
Your Move Realty Inc.
For sale $580,000
187 Cress Road, Mindemoya, Ontario

187 Cress Road

Mindemoya, Ontario

4 Bedroom 3 Bathroom 1,100 - 1,500 sqft
Royal LePage North Heritage Realty
For sale $474,900
4434 Leger, Greater Sudbury, Ontario

4434 Leger

Greater Sudbury, Ontario

4 Bedroom 2 Bathroom 1,500 - 2,000 sqft
Coldwell Banker - Charles Marsh Real Estate
For sale $264,900
7 King Street, Chelmsford, Ontario

7 King Street

Chelmsford, Ontario

2 Bedroom 1 Bathroom 700 - 1,100 sqft
Century 21 Select Realty Ltd
For sale $195,000
14 Fairview Avenue, Greater Sudbury, Ontario

14 Fairview Avenue

Greater Sudbury, Ontario

4 Bedroom 2 Bathroom 1,100 - 1,500 sqft
Century 21 Integrity
For sale $457,000
195 Donald Street, Sudbury, Ontario

195 Donald Street

Sudbury, Ontario

4 Bedroom 2 Bathroom 700 - 1,100 sqft
Royal LePage North Heritage Realty
For sale $749,900
53 COAL DOCK Road, Nairn Centre, Ontario

53 Coal Dock Road

Nairn Centre, Ontario

3 Bedroom 2 Bathroom 1,100 - 1,500 sqft
RE/MAX Crown Realty Inc. (Sudbury)

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

905.512.1846 | [email protected]

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