“Between fluctuating mortgage rates, government incentives, and a competitive real estate market, first-time buyers in Canada face a unique set of challenges.” (“5 Things Every First-Time Home Buyer in Canada Should Know”, 2025)
Getting Pre-Approved ✔️
A good place to start in your buying journey is getting pre-approved.
Getting pre-approved is a good way to show sellers you’re serious, gives you a clear idea of your price range and locks in your interest rate for 90–120 days while you shop.
Plan Your Budget
The next thing you should start planning is your budget. “According to Canada Mortgage and Housing Corporation (CMHC), your monthly housing costs should not be more than about 39% of your gross (before deductions) monthly income. These costs include your mortgage payments, property taxes and heat costs” (Buying a home, 2025).
Closing Costs
Another thing to be aware of is closing costs, these include home inspection fees, legal fees, property tax adjustments and title insurance. Be prepared to spend between 1.5% – 4% of the home’s purchase price on these costs (Buying a home, 2025).
Government Incentives
The last thing you should be aware of is any government incentive or program you qualify for, you can find out what you qualify for on the Government of Canada website.
Click the link below to see what you qualify for ↓
Create a Checklist 📋
Now that you have your budget planned and you have a good idea of what you can spend, you can create a list of must haves for your new home. This can include; the number of bedrooms and bathrooms, the location of the home, and the amount of space you and your family will need.
After that make a list of some negotiable things you’d like, maybe a Chef’s kitchen, pool or walk-in closet. This will make it easier to narrow down your search when you start looking at homes.
Choosing a Realtor®
That’s a lot of information but don’t worry, if you use a trusted Realtor® they can help guide you through this complicated process.
A Realtor® will talk to you about current market conditions, compare your wants and needs against your budget, show you homes that fit your criteria, work with other professionals you’ll need during the process, negotiate with sellers on your behalf, complete the required paperwork and make sure deadlines are met, and work with you to make sure all your questions and concerns are taken care of.
We understand that buying a home for the first time is stressful, if you need some extra guidance check out our Buyer Checklist. Happy home hunting!