From your first pre-approval to the day you get the keys — a trusted expert by your side at every step. Navigate stress tests, CMHC, closing costs, and negotiations with confidence.
Ten steps from financial readiness to keys in hand — each one explained clearly so you know exactly what to expect, when, and why it matters.
Before you look at a single home, understand exactly what you can afford. This means getting a formal mortgage pre-approval — not just a pre-qualification estimate. A pre-approval locks your rate for 90–120 days and tells sellers you're a serious buyer.
Your lender will stress-test your application at the higher of your contract rate + 2% or 5.25%, and verify income through T4s, pay stubs, and your Notice of Assessment. Know your GDS and TDS ratios before you start shopping.
Stress test appliesIn Canada, minimum down payments are: 5% on homes under $500K; 5–10% on $500K–$1.5M; 20% on $1.5M+. Anything under 20% requires CMHC mortgage default insurance, which costs 2.80–4.00% of your mortgage and is added to your loan.
As of August 2024, the HBP limit is $60,000/person ($120K/couple) from your RRSP. FHSA allows $40,000 tax-free with no repayment required — the most powerful first-time buyer tool available.
FHSA + HBP availableYour buyer's agent is your advocate, negotiator, and market expert — and as a buyer, their commission is paid by the seller. There's no cost to you for professional representation. Choose someone with deep local market knowledge, a track record of competitive-offer success, and who communicates clearly.
Avoid using the listing agent as your buyer's agent — a dual-agency situation creates a conflict of interest that can cost you leverage in negotiations.
No cost to buyerIn competitive Canadian markets like Toronto, Vancouver, and Calgary, homes often sell in multiple-offer situations — sometimes within days. Understand the difference between asking price and market value. Review comparables (comps) for every property before making an offer.
Look beyond the listing: review the property's history, status certificate (condos), neighbourhood trends, school ratings, transit access, and future development plans. Your agent should provide a full market analysis for every serious contender.
Neighbourhood intel mattersAn offer isn't just a price — it's a strategy. Key terms include: price, deposit (typically 5% of purchase price, due within 24 hours of acceptance), closing date, and conditions (financing, home inspection, status certificate).
In a seller's market, conditions can be waived to strengthen your offer — but never waive a home inspection without understanding what you're taking on. Your agent will advise based on current conditions and the specific property.
Deposit: 5% of purchase priceIf your offer includes a home inspection condition, hire a CAHPI-certified inspector to assess the property's structural, mechanical, electrical, and environmental condition. A typical inspection costs $400–$700 and can reveal issues that either kill the deal or become negotiating leverage.
For condos: request and review the status certificate — it reveals the condo corporation's financial health, any pending special assessments, reserve fund balance, and key rules.
$400–$700 / CAHPI certifiedOnce your offer is accepted, submit a full mortgage application. Your lender will order a property appraisal (typically $350–$500) to confirm the home's market value. If the appraisal comes in lower than the purchase price, you'll need to cover the gap in cash.
Choose between fixed (predictable payments, penalty risk if you break early) and variable (moves with prime rate, typically lower penalties). A mortgage broker can access 40+ lenders and may find better rates than your bank's posted rate.
Fixed vs. variable decisionA real estate lawyer is mandatory in Canada. Your lawyer reviews the Agreement of Purchase and Sale, conducts a title search, registers the title in your name, handles the mortgage funds, and disburses proceeds on closing day.
Budget $1,200–$2,000 in legal fees plus disbursements (title insurance ~$300–$400, registration fees vary by province). Engage your lawyer as soon as your offer is accepted.
Mandatory in CanadaBeyond your down payment, budget an additional 1.5–4% of the purchase price for closing costs. The biggest is Land Transfer Tax — Ontario charges up to 2.5% (Toronto buyers pay double with the municipal tax). First-time buyers get a federal and provincial rebate.
Other costs: home inspection ($400–$700), lawyer fees ($1,500–$2,500), title insurance ($300–$400), moving costs ($1,000–$5,000), and immediate repairs. Always keep a cash buffer — do not use your last dollar for closing.
Budget 1.5–4% extraOn closing day, your lawyer receives mortgage funds from your lender, pays the seller, registers the property in your name, and hands you the keys. You'll typically do a final walkthrough 24 hours before closing to confirm the property is in the condition agreed upon.
After closing: update your address, set up utilities, purchase home insurance (required before your lender releases funds), and explore the First-Time Home Buyers' Tax Credit ($1,500) and any available federal or provincial rebates.
Keys are yoursClosing costs catch many first-time buyers off guard. Here's every cost you need to plan for — beyond the purchase price and down payment.
Canadian mortgage rules are meaningfully different from the US. These are the key policies that affect how much you can borrow and what it costs.
Know your numbers before you step into a showing. Our Canadian-specific calculators cover every cost and scenario.
The most common questions we hear from Canadian home buyers — answered clearly and honestly.
The stress test requires you to qualify at max(your rate + 2%, 5.25%). If your lender offers 5.24%, you must prove you can afford payments at 7.24%. This typically reduces your maximum purchase price by 15–20% compared to qualifying at your actual rate. It doesn't change your actual payments — it just ensures you could still afford the home if rates rise.
Both have merit. A mortgage broker accesses 40+ lenders and is paid by the lender — no cost to you. They often find better rates and more flexible products than a single bank's posted rates. Going directly to your bank is simpler if you have a strong existing relationship. For most buyers — especially first-timers or self-employed — a broker adds real value. We can refer you to trusted brokers we've worked with for years.
Yes — with context. In a hot market, some buyers waive inspections to compete. But a $500 inspection that reveals $50,000 in hidden issues is invaluable. Alternatives: pre-offer inspections or a CAHPI inspector doing a quick walk-through before offer night. Never waive an inspection on an older home, a home with obvious deferred maintenance, or a property where you're stretching your budget.
The FHSA (First Home Savings Account) is newer (2023) and generally superior: contributions are tax-deductible, withdrawals are tax-free, up to $8,000/year and $40,000 lifetime, and there's no repayment required. The RRSP HBP allows $60,000/person but must be repaid over 15 years. Ideal strategy: maximize FHSA first, then use HBP as a secondary source.
As a buyer in Canada, you pay nothing directly for buyer agent representation. The seller's listing agreement typically includes compensation for the buyer's agent, paid from the seller's proceeds. There is no financial reason to navigate the purchase of your largest asset alone. Our job is to protect your interests, negotiate on your behalf, and ensure you don't overpay.
Fixed rate: predictable payments for your full term, protection from rate increases, but penalties for breaking early are often severe. Best for buyers who value certainty and plan to stay for the full term. Variable rate: moves with the Bank of Canada prime rate, historically lower on average, and penalties are typically only 3 months' interest. Best for buyers who can handle payment fluctuation and may sell or refinance before term end.
Tell us what you're looking for — budget, neighbourhoods, timeline, and must-haves. We'll reach out within 24 hours with a personalized strategy and curated listings that match your goals.
No pressure, no obligation — just a conversation about your goals and how we can help.