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The complete guide for first-time home buyers in Canada
– moneysense.ca
Real Estate
The complete guide for first-time home buyers in Canada
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By Erin Pepler and Justin Dallaire on July 8, 2024Estimated reading time: 17 minutes
Buying your first home is an exciting experience, but it can also be an overwhelming one—especially if you’re not sure where to start. That’s why we’ve outlined some simple steps that anyone shopping for a home should take, from figuring out what you can actually afford to getting pre-approved for a mortgage and understanding the government programs designed to help you. If you have questions, we have the answers in our complete guide for first-time home buyers.
Table of contents (click to expand)
The cost of buying a home in Canada
The down payment
The deposit
Closing costs
First-time home buyer programs and rebates
The first home savings account
The Home Buyers’ Plan
The First-Time Home Buyer Incentive
The Home Buyers’ Tax Credit
Land transfer tax rebates
How mortgages work in Canada
What is a mortgage?
How fixed and variable mortgage rates work
Best mortgage rates in Canada
Lender vs…
It’s possible to be a first-time home buyer twice—here’s how
– moneysense.ca
There are a few supports and programs in place for first-time buyers in Canada, including the Home Buyers’ Plan and the first home savings account (FHSA). First-time home buyers may also be eligible for land transfer tax rebates.
Chances are, if you’ve used one of these incentives in the past, you won’t need to a second time. However, there are a variety of reasons you may want to participate in a first-time home buyer program again—and you might just qualify.
“It truly depends on the program,” says Denise Laframboise, a mortgage broker with LaframboiseMortgage.ca in Brooklin, Ont. “Each program has its own criteria for [qualifying as a] first-time home buyer. It isn’t a one-size-fits-all across every program and every provincial or municipal incentive.”
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Should you get a 30-year mortgage?
– moneysense.ca
While prices in Toronto have fallen slightly, with an average selling price of $1.16 million in May 2024, according to figures from the Toronto Regional Real Estate Board, they remain significantly higher than they were pre-2020. In some cities, like Vancouver, home prices continue to go up. The benchmark price for all Vancouver residential properties was $1.2 million, according to the Canadian Real Estate Association, a 2.3% increase over the previous year.
You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quote*I’m buying a homeI’m renewing/refinancingYou will be leaving MoneySense. Just close the tab to return.
Historically high interest rates are still taking a toll on Canadian homebuyers, even as the Bank of Canada (BoC) cautiously suggests rate cuts are on the horizon…
