Excited about your first home? Let’s get started!
Buying your first home is an exciting milestone, and I’m here to make the process as smooth and stress-free as possible. As a first-time homebuyer, you have access to special programs and incentives that can help make homeownership more affordable.
Budgeting for Your First Home
Before you start house hunting, it’s important to understand all the costs involved in homeownership:
- Mortgage payments - Your monthly principal and interest payments
- Property taxes - Annual taxes based on your property’s assessed value
- Home insurance - Required coverage to protect your investment
- Utilities - Electricity, gas, water, and other services
- Maintenance - Regular upkeep and unexpected repairs
- Condo fees (if applicable) - Monthly fees for shared amenities and maintenance
Additional Costs When Buying a Home
Be prepared for these upfront expenses:
- Down payment - Minimum 5% for homes under $500,000
- Closing costs - Typically 1.5% to 4% of the purchase price
- Home inspection - $300 to $500 to identify potential issues
- Appraisal fee - Required by lenders to confirm property value
- Legal fees - Lawyer costs for reviewing documents and title transfer
- Land transfer tax - Provincial tax based on purchase price
- Moving expenses - Costs to relocate your belongings
First-Time Home Buyer Programs
As a first-time buyer, you may qualify for:
- First-Time Home Buyer Incentive - Shared equity mortgage with the government
- Home Buyers’ Plan (HBP) - Withdraw up to $35,000 from your RRSP tax-free
- First-Time Home Buyers’ Tax Credit - $10,000 non-refundable tax credit
- GST/HST New Housing Rebate - Partial rebate on new home purchases
Get Pre-Approved
Getting pre-approved is the first step in your home buying journey. A mortgage pre-approval:
- Confirms how much you can afford
- Locks in your interest rate for 60-120 days
- Shows sellers you’re a serious buyer
- Helps you shop with confidence
Ready to take the first step toward homeownership? Let’s connect and discuss your options.