First-Time Home Buyer

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

Buying your first home is an exciting and major milestone therefore, it is something you should be proud of. At the same time, the process can feel overwhelming, especially when it’s your first time. Between setting a budget to choosing the right neighbourhood, there’s a lot to think about. As a first-time home buyer, you’ll have questions, and that’s why we’re here to give you the right answers to make you feel educated and comfortable with your decisions. 

Our team of specialty trained REALTORS® and support staff are committed to guiding you every step of the way with  the right preparation and support, expert advice, personalized plans, and a no-pressure approach, all tailored to you and what you need.

REACH OUT TO US TODAY:

MORTGAGE BASICS FOR FIRST-TIME HOME BUYERS

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, 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

  1. Avoid making any big purchases

  2. Avoid quitting or changing jobs

  3. Avoid applying for new credit

  4. Avoid co-signing on a loan

THE FINE PRINT OF BUYING YOUR FIRST HOME

Government Incentives for First-Time Buyers in Ontario.

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 This Plan allows you to pay back the withdrawn funds within a 15 year period.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

CANADA’S FIRST TIME HOME BUYING INCENTIVE:

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.

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For sale OPEN HOUSE $662,500
201 - 76 AERODROME CRESCENT, Toronto, Ontario

201 - 76 Aerodrome Crescent

Toronto, Ontario

2 Bedroom 2 Bathroom 900 - 999 ft2
Royal LePage Estate Realty
For sale OPEN HOUSE $779,000
2025 CLEAVER Avenue Unit# 8, Burlington, Ontario

2025 Cleaver Avenue Unit# 8

Burlington, Ontario

3 Bedroom 3 Bathroom 1,579 ft2
Royal LePage Burloak Real Estate Services
For sale $610,000
1403 - 330 MCCOWAN ROAD E, Toronto, Ontario

1403 - 330 Mccowan Road E

Toronto, Ontario

3 Bedroom 2 Bathroom 1,000 - 1,199 ft2
RE/MAX Ace Realty Inc.
For sale $1,295,000
1166 TANBARK AVENUE, Oakville, Ontario

1166 Tanbark Avenue

Oakville, Ontario

4 Bedroom 3 Bathroom 1,500 - 2,000 ft2
Akarat Group Inc.
For sale OPEN HOUSE $1,699,900
947 GLENWOOD Avenue, Burlington, Ontario

947 Glenwood Avenue

Burlington, Ontario

3 Bedroom 3 Bathroom 3,378 ft2
Royal LePage Burloak Real Estate Services
For sale $500,000
606 - 1230 MARLBOROUGH COURT, Oakville, Ontario

606 - 1230 Marlborough Court

Oakville, Ontario

2 Bedroom 2 Bathroom 1,200 - 1,399 ft2
Royal LePage Burloak Real Estate Services
For sale $1,750,000
450 QUEBEC AVENUE, Toronto, Ontario

450 Quebec Avenue

Toronto, Ontario

5 Bedroom 2 Bathroom 1,500 - 2,000 ft2
RE/MAX West Realty Inc.
For sale $899,800
ON - 7 BERNICE CRESCENT, Toronto, Ontario

On - 7 Bernice Crescent

Toronto, Ontario

4 Bedroom 2 Bathroom 700 - 1,100 ft2
RE/MAX West Realty Inc.
For sale $599,900
401 - 3865 LAKE SHORE BOULEVARD W, Toronto, Ontario

401 - 3865 Lake Shore Boulevard W

Toronto, Ontario

2 Bedroom 2 Bathroom 800 - 899 ft2
Keller Williams Real Estate Associates
For sale $2,199,000
114 WATERVIEW Common, Oakville, Ontario

114 Waterview Common

Oakville, Ontario

4 Bedroom 5 Bathroom 3,855 ft2

RE/MAX Aboutowne Realty Corp.
For sale OPEN HOUSE $774,999
50 LAMBERT Street, Hamilton, Ontario

50 Lambert Street

Hamilton, Ontario

3 Bedroom 2 Bathroom 1,029 ft2
RE/MAX Escarpment Golfi Realty Inc.
For sale OPEN HOUSE $899,990
31 KINGFISHER Drive, Hamilton, Ontario

31 Kingfisher Drive

Hamilton, Ontario

3 Bedroom 3 Bathroom 1,777 ft2
RE/MAX Escarpment Realty Inc.