Everything you need to know before buying your first home in Canada—from the initial pre-approval and down payment saving to closing day and government incentives.
Phase 1: Preparation
Before you even look at a listing, you need to know your "purchasing power." A mortgage pre-approval is non-negotiable in the Mississauga and GTA market. It locks in a rate for up to 120 days and tells sellers you are a serious, qualified buyer.
Utilizing Government Incentives
The Canadian government offers several programs to help first-timers:
- TFSA & RRSP: Leverage the Home Buyers' Plan (HBP) to withdraw from your RRSP tax-free for a down payment.
- First-Time Home Buyer Incentive: A shared-equity mortgage that helps lower your monthly payments.
- Land Transfer Tax Rebates: Significant savings on the closing costs of your first purchase.
Finding the Right Fit
Is a 5-year fixed the best choice, or does a variable rate make more sense for your career trajectory? We'll analyze your cash flow to ensure your new home remains a blessing, not a burden.
"Your first home is more than just a place to live—it's the foundation of your future equity and financial stability."— Rahul Jain