The complete guide for first-time home buyers in Canada + MORE Mar 28th

Spring mortgage season is bringing better fixed-rate deals, but not all borrowers are seeing relief. While lenders continue trimming fixed rates, discounts on variable rates are shrinking.

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. mortgage broker

How much can I afford on a mortgage?

Using mortgage calculators to weigh your options

Why you should get pre-approved

How much can you actually afford?

What is the mortgage stress test?

Tips for first-time home buyers

Strategies for first-time home buyers

Best places to buy a home in Canada

Should you buy a home in Canada?

Cost of buying a home in Canada

Many first-time buyers will have to borrow money when buying a home…

As prepayment penalties climb, many borrowers are left in the dark about the true cost of breaking their mortgage. Now, a first-of-its-kind tool is bringing much-needed transparency, helping borrowers and brokers assess whether making a move could lead to significant savings.