Buying Your First Home in Canada? Let's Make Sure You Don't Overpay.
Buying your first home is a huge financial decision — and most banks only show you their own products. We compare 50+ lenders and walk you through every dollar so you start ownership on solid ground.
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- Rates that often beat bank posted rates
- Same-day pre-approvals
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Get Your First-Home Pre-Approval
Takes less than 60 seconds. We never share your information.
- No impact on your credit score
- No obligation to proceed
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Why This Form Is Different
What First-Time Buyers Actually Need to Know
Down payment: In Canada, the minimum is 5% on the first $500,000 and 10% on the portion above that, up to $1.5M. Anything under 20% requires mortgage default insurance — we'll show you exactly what your monthly cost looks like at each scenario.
FHSA (First Home Savings Account): Contribute up to $8,000/year (max $40,000 lifetime), get a tax deduction like an RRSP, and withdraw tax-free for your first home — like a TFSA. Most first-time buyers don't realize they can combine the FHSA with the Home Buyers' Plan.
Home Buyers' Plan (HBP): Withdraw up to $60,000 from your RRSP tax-free toward your down payment (must be repaid over 15 years). Combined with the FHSA, this can mean over $100,000 in tax-advantaged down payment funds.
Qualifying income: Lenders look at your gross income, your debts, and the federal stress test. The amount you qualify for can vary by tens of thousands across lenders for the same income — which is exactly why comparing 50+ options matters.
How It Works
- 1
Fill Out Form
Takes 60 seconds — no documents needed yet.
- 2
We Compare Lenders
We shop 50+ lenders to find your best fit.
- 3
Get Your Best Option
Receive your options within one business day.
Common Questions
How much down payment do I really need as a first-time buyer?+
The federal minimum is 5% on the first $500,000 of the purchase price and 10% on the portion between $500,000 and $1.5M. Below 20% down, you'll pay CMHC (or equivalent) insurance, which is added to your mortgage. We'll model out the trade-off between buying sooner with less down vs. saving longer to avoid insurance.
Should I use the FHSA, the HBP, or both?+
For most first-time buyers, both. The FHSA gives you a tax deduction and tax-free growth for the down payment. The HBP lets you tap your RRSP without immediate tax. Used together, you can build a much larger down payment faster than with either alone — we'll help you decide the right mix for your timeline.
How much home can I actually afford?+
It depends on your income, your debts, the down payment you have, and current rates. As a rough guide, your total housing costs (mortgage, taxes, heat, half of condo fees) usually need to fit within about 39% of your gross income. The most useful next step is a free pre-approval — it gives you a real number, not a guess.
Should I get pre-approved before I start house hunting?+
Yes. Pre-approval tells you exactly what you qualify for, locks in a rate hold for 90–120 days, and signals to sellers that you're serious. Going to showings without pre-approval is one of the most common (and most expensive) first-time buyer mistakes.
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