Buying your first home is a serious decision. From the moment the idea is born to the the first turn of the key, there are quite a few steps you need to take.
Identify your needs
Before beginning your house hunt, you need to clearly identify your needs.
Complete the Home Features Checklist (PDF - 9 KB).
Assess your financial means using our tools
Make your down payment
Many people will tell you that your down payment has to be at least 20%. But that's not always the case. You can make a down payment as low as 5% of the price you pay for the home (5% for a duplex and 10% for a triplex). However, if your down payment is less than 20%, your mortgage loan must be insured by the Canada Mortgage and Housing Corporation (CMHC), which will incur some fees.
Buying your first home? Find out about the Home Buyers' Plan (HBP).
Inspect your future home
While we recommend that you have the final inspection done by a professional, you can do an initial inspection yourself using our Home Hunting Worksheet (PDF - 31 KB).
Choose your mortgage loan
Our agents will listen closely to your needs and expectations and answer your questions. See the main types of mortgage loans we offer
Anticipate start-up expenses
Whether you're buying a new home, an existing home or a condo, you need to factor in certain expenses in addition to your mortgage payments. These include :
- GST of 5% and QST of 8.5% (before rebates) on a new home
- Appraisal fees required for a mortgage loan: Approximately $300
- Home inspection fees : $150 to $500
- Property, municipal and school taxes : Based on the value of the home
- Portion of taxes paid in advance by the seller
- Property transfer tax : 0.5% to 1.5% of the purchase price
- CMHC insurance premium for a high loan-to-value ratio and provincial tax on total premium : 9%
- Fees for real estate agent or mortgage broker, if applicable
- Lawyer or notary fees : At least $500
- Surveyor's fees, if applicable
- Hook-up fees for utilities and other services (e.g. telephone, cable)
- Moving expenses
- Renovation and repair costs
- Monthly condo fees, if applicable
Insure your home
How would you like to save money without compromising on coverage? Find out about our home insurance.
Save on your mortgage loan
By simply changing the frequency of your mortgage payments, you could see considerable savings. You can also significantly reduce the amortization period of your mortgage loan by making accelerated payments and prepayments.
Call us to apply for a mortgage loan
1 866 227-2606
8:30 a.m. to 5:00 p.m. weekdays