First-Time Buyers
Your first home starts with the right mortgage
Buying your first home is one of the biggest financial decisions of your life. I guide first-time buyers across Canada through every step -- from pre-approval to closing -- with access to 30+ lenders and the latest 2026 government incentives.
Your Journey Starts Here
Navigating the Canadian housing market as a first-time buyer
The Canadian real estate market in 2026 presents both opportunities and challenges for first-time buyers. With recent policy changes including the expanded insured mortgage cap, extended amortization options for new builds, and the maturing First Home Savings Account program, there has never been more support available to help you enter the market.
As a licensed mortgage advisor with Homewise, I work with over 30 banks and lenders to compare rates, terms, and products on your behalf -- ensuring you get the most competitive mortgage available for your unique financial situation. My service is always free to you; the lender pays my fee.
Whether you are purchasing in Ontario, British Columbia, Alberta, or any other province across Canada, I provide expert guidance tailored to your local market conditions and provincial programs.
2026 Incentives
Government programs for first-time home buyers
Canada offers several programs to help first-time buyers reduce costs and enter the housing market sooner. Here are the key programs available in 2026.
First Home Savings Account (FHSA)
The FHSA allows you to save up to $8,000 per year (lifetime maximum of $40,000) in a registered plan that combines the tax benefits of an RRSP and a TFSA. Contributions are tax-deductible, and withdrawals for a qualifying home purchase are completely tax-free. The FHSA has been available since April 2023 and is now a cornerstone of first-time buyer planning in 2026.
Home Buyers' Plan (HBP)
The HBP allows you to withdraw up to $60,000 from your RRSP to fund the purchase of your first home. The amount must be repaid over 15 years starting the fifth year after withdrawal. You can combine the HBP with the FHSA for maximum purchasing power -- potentially accessing up to $100,000 in tax-advantaged savings.
First-Time Home Buyer Tax Credit
The federal First-Time Home Buyer Tax Credit provides a $10,000 non-refundable tax credit, resulting in up to $1,500 in tax relief at the 15% federal rate. This credit can be claimed in the year you purchase your qualifying home and helps offset closing costs like legal fees and land transfer taxes.
Insured Mortgage Cap: $1.5 Million
As of December 2024, the insured mortgage purchase price cap was raised from $1 million to $1.5 million. This means first-time buyers can purchase higher-valued homes with as little as 5% down on the first $500,000 and 10% on the remainder, with CMHC mortgage insurance covering the difference.
30-Year Amortization for New Builds
First-time buyers purchasing newly constructed homes can now access 30-year amortization periods on insured mortgages. This reduces monthly payments compared to the standard 25-year amortization, improving affordability and making it easier to qualify for the mortgage you need.
Provincial Land Transfer Tax Rebates
Many provinces offer land transfer tax rebates for first-time buyers. In Ontario, for example, first-time buyers can receive a rebate of up to $4,000 on provincial land transfer tax. Toronto buyers may also qualify for the municipal land transfer tax rebate of up to $4,475.
The Process
From consultation to keys in hand
Free Consultation
We review your income, credit profile, savings, and home-buying goals to understand your complete financial picture. I explain all available programs and incentives you qualify for.
Pre-Approval
I shop your profile across 30+ lenders to secure a competitive pre-approval rate and determine your maximum purchasing power. A pre-approval gives you a clear budget and strengthens your offers.
House Hunting
With your pre-approval in hand, you can shop with confidence knowing exactly what you can afford. I remain available throughout to answer questions about any property you are considering.
Final Approval & Closing
Once your offer is accepted, I handle the full lender submission, satisfy all conditions, coordinate with your lawyer, and guide you through to closing day and beyond.
What every first-time buyer needs to know in 2026
The mortgage stress test
All federally regulated lenders in Canada are required to qualify you at the higher of your contract rate plus 2%, or the benchmark qualifying rate set by the Office of the Superintendent of Financial Institutions (OSFI). This stress test applies to all insured and uninsured mortgages. In 2026, understanding how the stress test affects your purchasing power is critical to setting realistic expectations and structuring the right mortgage product.
Down payment requirements
For purchase prices up to $500,000, the minimum down payment is 5%. For amounts between $500,000 and $1.5 million, you need 5% on the first $500,000 and 10% on the remainder. For purchases above $1.5 million, a minimum 20% down payment is required. CMHC mortgage insurance is mandatory for any down payment below 20% and is added to your mortgage balance.
Closing costs to budget for
Beyond the down payment, first-time buyers should budget 1.5% to 4% of the purchase price for closing costs. These include legal fees ($1,500 to $2,500), title insurance ($300 to $500), home inspection ($400 to $600), land transfer tax (varies by province), and potential property tax adjustments. I walk you through every expected cost upfront so there are no surprises on closing day.
Fixed vs. variable rate mortgages
Choosing between a fixed rate and a variable rate mortgage depends on your risk tolerance, financial flexibility, and market outlook. A fixed rate provides payment certainty for your term (typically 3 to 5 years), while a variable rate fluctuates with the Bank of Canada prime rate and may offer savings if rates decrease. I analyze both options based on current market conditions and your personal financial situation.
First-time buyer checklist
Here is what I help you prepare before starting the mortgage process:
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