Are you about to purchase your 1st home?

Compare how much you currently spend on expenses and debt payments with the amount you have saved or invested. According to CMHC, your monthly housing costs shouldn't be more than about 35% of your gross monthly income (mortgage payments and utilities), and your entire monthly debt load shouldn't be more than 42%.

Beyond your down payment, budget for upfront costs like:

• Home inspection and appraisal fees
• Insurance costs (get your quote here, whenever, wherever you are)
• Land registration fees
• Prepaid property taxes or utility bills
• Legal or notary fees — ask us for our favourite law firm recommendations
• Potential repairs or renovations
• Moving costs
• GST/HST/QST on a newly built house or mortgage loan insurance

Make saving part of your monthly budget — set up automatic transfers each pay cheque. Use the Financial Goal Calculator to see how long it'll take to hit your savings goal.

Add your prospective mortgage (at current rates), property tax, utilities and possible monthly repairs to your current financial picture. Keep in mind you may need a few extras on this first purchase — lawn mowers, weed wackers, seeding, paint, and so on.

This shows lenders your ability to consistently pay bills and debts, plus your debt-to-income ratio. More on your credit score.

Lenders may have different interest rates and conditions for similar mortgages, so talk to a few. Mortgage lenders lend money directly to you — banks, credit unions and other institutions. Mortgage brokers don't lend directly; they arrange transactions by finding a lender for you across a wider range of options, at no cost to you (the lender pays their commission).

Need a recommendation? Chat with our team within minutes. Important: when buying your first home, you can often leverage the First-Time Home Buyer Incentive of 5–10% for your down payment — which means you'll need mortgage insurance, since your down payment is under 20%. Keep reading.

If your down payment is less than 20% of your home's price, you need mortgage loan insurance (also called mortgage default insurance). It protects the lender if you're not able to make your payments — it does not protect you. This can affect your approval depending on the lender.

The Government of Canada offers the Home Buyers' Amount — claim it on your tax return the year you buy your first home for up to $750 back. Your province or territory may offer additional incentives. Check your eligibility.

You pay legal fees on closing day, usually $400–$2,500 depending on your lawyer or notary's rates. Want a recommendation? We've got partnerships everywhere — happy to help.

Why do you need a lawyer? They protect your legal interests, confirm the home has no lien against it, review every contract before you sign, and make sure your offer doesn't leave you stuck with something you didn't agree to.

You'll need home insurance in place as a condition of getting a mortgage. It typically protects your home and its contents against theft, loss or damage. This step can be frustrating — but not with us. Let's connect and get you coverage within minutes.

Before closing, you're required to pay to register your property's title under your name — sometimes called a land transfer tax, deed registration fee, tariff or property transfer tax. It's a percentage of the purchase price (e.g. 1.5% on a $300,000 home is $4,500).

If you buy a new-build home, you generally pay GST or HST. Some builders include it in the sale price, others don't — confirm, or you'll owe it upfront on closing day.

Mortgage lenders may ask for an appraisal as part of the approval process — a professional opinion on the home's market value. Fees generally run $350–$500. Read the appraisal guide.

A home inspection is also typically a condition of getting a mortgage, protecting you from surprises in the home's condition before you're locked in. Another step we can make painless — let's connect.

Before moving in, budget for:

• Moving costs
• Storage costs
• Real estate costs for selling your current home (if applicable)
• Redirecting mail

What to consider when choosing a moving company.