Buying your first home is one of the most exciting—and overwhelming—financial decisions you'll ever make. This guide walks you through every step, from understanding your budget to getting the keys, giving you the confidence to navigate the Canadian housing market.
Getting Started: Know Your Budget
Before browsing listings, understand what you can actually afford. The general rule: your monthly housing costs shouldn't exceed 32% of your gross monthly income. This includes:
- Mortgage principal and interest
- Property taxes
- Heating costs
- Condo fees (if applicable)
Pro tip: Use our mortgage calculator to see what payments look like at different price points.
Down Payment Requirements in Canada
In Canada, minimum down payments are based on purchase price:
Our complete closing costs guide breaks down everything you'll need, or use our Closing Costs Calculator to estimate your costs.
Ready to Take the First Step?
Get pre-approved today and know exactly what you can afford.
Get Pre-ApprovedFAQ
Q: How much do I need saved before buying?
A: At minimum, your down payment plus 1.5-4% for closing costs. For a $500,000 home with 5% down, budget around $35,000–$40,000 total.
Q: Can my parents help with the down payment?
A: Yes! Gifted down payments are common. You'll need a gift letter confirming no repayment is expected.
Q: How long does the buying process take?
A: From pre-approval to closing, typically 60-90 days. See our home buying timeline guide for details.
Q: What credit score do I need?
A: Generally 620+ for approval, but 680+ gets better rates. Check our credit score improvement guide if you need to boost yours.
What's Next
Ready to start your homeownership journey? Get pre-approved today to see exactly what you can afford. Our team will guide you through every step of the process.
Ready to Get Started?
Contact us today for personalized mortgage advice and competitive rates.
