Becoming a homeowner in Canada is a major milestone, but for first-time buyers, it can feel overwhelming. From understanding mortgage options to navigating government programs, the process is filled with critical decisions.

Start With a Pre-Approval:
One of the first steps is getting a mortgage pre-approval. This not only sets a clear budget but also shows sellers you’re serious. According to the Canadian Real Estate Association (CREA), buyers with pre-approvals often secure homes faster in competitive markets.

Understand Government Incentives:
Canada offers several first-time homebuyer programs, like the First-Time Home Buyer Incentive, where the government offers 5% or 10% of your home’s purchase price to put toward a down payment. There’s also the Home Buyers’ Plan (HBP), allowing you to withdraw up to $35,000 from your RRSP tax-free.

Budget Beyond the Down Payment:
Many new buyers focus solely on the down payment but forget about closing costs, land transfer taxes, and moving expenses. Experts suggest budgeting an additional 1.5%–4% of the home’s purchase price for these costs.

Expert Insight:
“Many first-time buyers underestimate the long-term financial commitment. Owning a home is rewarding but requires strategic financial planning,” says Phil Soper, CEO of Royal LePage.