How much of a down payment do I need?

Less than most people think. The minimum depends on the purchase price, and a portion can be as little as 5%. When you put down under 20%, the mortgage is insured, which is normal and lets you buy sooner.

What is a pre-approval and should I get one first?

Yes, it should be your first step. A pre-approval confirms the price range a lender will support and typically holds a rate for a set period while you shop, which makes your offers stronger.

What is mortgage default insurance?

When your down payment is under 20%, lenders require the mortgage to be insured through CMHC, Sagen, or Canada Guaranty. It protects the lender, but it is what makes a lower down payment possible, and the premium can be added to your mortgage.

How much home can I actually afford?

It depends on your income, debts, down payment, and the federal stress-test rules in effect. We run your real numbers and give you a firm figure, and you can model scenarios anytime in our free Mortgage Toolbox app.

First-Time Home Buyer Mortgages

Buying your first home, made clear

The hardest part of a first mortgage is usually not the numbers. It's not knowing what you don't know. How much do you really need for a down payment? What will the bank actually approve? Which government programs are you leaving on the table? We walk you through all of it before you ever make an offer, so you shop with confidence and a firm budget.

As an independent team, we compare 50+ lenders rather than a single bank's shelf of products. That means we can match a first-time buyer with the lender and product that actually fits, not whatever one institution happens to be promoting that month.

What we help you with

Pre-approval that means something

A real pre-approval tells you your price range and locks a rate hold while you shop, so a rising market doesn't move the goalposts. We'll get you pre-approved and explain exactly what it does and doesn't guarantee. Want a head start? See what you could qualify for in seconds, no sign-up required.

Your down payment and insurance

In Canada you can buy with less of a down payment than most first-time buyers expect. When your down payment is below 20%, your mortgage is insured (CMHC or a private insurer), which is what makes a smaller down payment possible. We'll show you the trade-offs so the number you choose is a decision, not a surprise.

First-time buyer programs and rebates

There are real dollars set aside for first-time buyers, and many people miss them. Depending on where you buy and your situation, that can include the First Home Savings Account (FHSA), the RRSP Home Buyers' Plan, the federal first-time buyer incentives in effect at the time, and provincial or municipal land transfer rebates. We'll confirm which ones apply to you and the current limits when you apply.

Who this is for

You've never owned a home, or you're re-entering the market and qualify as a first-time buyer again
You're not sure what you can afford and want a firm, realistic budget
You want someone to handle the lender shopping and paperwork for you
You want to make sure you're claiming every program you're entitled to

First-time home buyer mortgages