First-Time Home Buyer Mortgages in Canada
Your dream of homeownership starts here.
Take advantage of special programs, lower down payment requirements, and government incentives designed specifically for first-time home buyers in Canada. Lenderoo shops 40+ lenders and matches you with a top mortgage professional to guide you through every step — free, and on your side.
Why Choose Us for Your First Home
The mortgage professionals in our network specialize in helping first-time buyers navigate the complex mortgage process with expertise and patience.
We help you access exclusive first-time buyer programs, incentives, and rebates available across Canada.
Qualify with as little as 5% down payment on homes under $500,000, making homeownership more accessible.
Take advantage of tax rebates, RRSP withdrawals, and federal incentive programs to reduce your costs.
From pre-approval to closing, we provide comprehensive support throughout your entire home buying journey.
Complete transparency in our process with no surprise costs or hidden fees. You'll know exactly what to expect.
First-Time Buyer Timeline
Understand how much you can borrow and show sellers you're a serious buyer
Calculate what you can afford including down payment, closing costs, and monthly payments
Work with an experienced agent who understands first-time buyers' needs
Visit properties that fit your budget and lifestyle requirements
Submit a competitive offer with appropriate conditions to protect yourself
Complete final inspections, secure financing, and receive the keys to your new home
First-Time Home Buyer Programs in Canada
The FTHBI offers 5% or 10% of the home's purchase price for first-time buyers. This reduces your monthly mortgage payments without adding to your debt.
- 5% for resale homes, 5-10% for new construction
- Must have minimum 5% down payment from own resources
- Total borrowing cannot exceed 4x your annual income
Withdraw up to $35,000 from your RRSP tax-free to put toward your down payment. Couples can withdraw up to $70,000 combined.
- No tax on withdrawal if repaid within 15 years
- Funds must be in RRSP for at least 90 days
- Start repaying in the second year after withdrawal
Many provinces offer land transfer tax rebates for first-time home buyers, potentially saving you thousands of dollars.
- Ontario: Up to $4,000 rebate
- BC: Full or partial exemption based on property value
- Other provinces may have similar programs
If you're buying a newly constructed home, you may be eligible for a rebate of some of the GST/HST paid.
- Up to 36% of GST on homes under $350,000
- Partial rebate for homes between $350,000-$450,000
- Must be used as primary residence
Many provinces offer additional programs to help first-time buyers, from tax credits to down payment assistance.
- BC: First-Time Home Buyers' Program
- Alberta: Various municipal programs
- Check your province for specific programs
Minimum Down Payment Requirements
Minimum down payment:
5%
Example: $25,000 down on a $500,000 home
5% on first $500,000
$25,000
10% on remainder
Variable
Example: $75,000 down on a $750,000 home ($25,000 + $25,000)
Minimum down payment:
20%
Example: $200,000 down on a $1,000,000 home
Note: CMHC insurance not available for homes over $1 million
Common First-Time Buyer Mistakes to Avoid
What You Need to Qualify
Minimum Credit Score Requirements
Generally 600+ for insured mortgages, 680+ for conventional mortgages. Higher scores typically qualify for better rates.
Down Payment Source
Your down payment must come from your own resources (savings, RRSP withdrawal, gift from family). Some restrictions apply on borrowed down payments.
Stable Employment History
Typically 2 years of employment history in the same field. Self-employed applicants may need additional documentation.
Debt-to-Income Ratio
Total debt payments (including mortgage) should not exceed 44% of gross monthly income. Housing costs alone should be under 39%.
Proof of Income
Recent pay stubs, T4s, Notice of Assessment, employment letter, and/or business financial statements depending on your employment type.
Benefits of Being a First-Time Home Buyer
Only 5% down required on homes under $500,000, making it easier to enter the market compared to the standard 20% for conventional mortgages.
Exclusive access to programs like the First-Time Home Buyer Incentive and the Home Buyers' Plan that aren't available to repeat buyers.
Qualify for land transfer tax rebates and the First-Time Home Buyers' Tax Credit, potentially saving thousands of dollars.
Withdraw up to $35,000 from your RRSP tax-free under the Home Buyers' Plan to boost your down payment.
Start building equity with every mortgage payment instead of paying rent, creating long-term wealth and financial security.
Access to mortgage professionals who specialize in first-time buyers and understand the unique challenges you face.
What Our First-Time Buyers Say
"As a first-time buyer, I was completely overwhelmed. The team walked me through every step, explained all the programs I qualified for, and helped me save thousands with the FTHBI program. I'm now a proud homeowner!"
- Sarah M., Toronto
"I thought I'd never be able to afford a home in Vancouver, but they found me a great rate and helped me access the Home Buyers' Plan. Their expertise saved me over $15,000 in the first year alone."
- Michael L., Vancouver
"The team answered all my questions (and I had a lot!) with patience and expertise. They made sure I understood everything before moving forward. I felt confident and supported throughout the entire process."
- Jennifer K., Calgary
First-Time Buyer Affordability Calculator
Find out how much home you can afford based on your income and down payment
Your calculation results will appear here
Questions & Answers
Frequently Asked Questions
Straight answers to the questions every first-time home buyer in Canada asks before making an offer.
Ready to Become a Homeowner?
Take the first step toward your dream home today. Get pre-approved and discover how much you can afford with our expert first-time buyer specialists.