Buying Your First Home

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A Guide to Buying Your First Home in Canada

Learn more about getting credit to buy your first home

To buy a home in Canada, lenders will check your credit. That's why good credit matters. It helps you qualify for better mortgage rates. If you are a First Time Home Buyer in Canada, this is a key step.

How to Establish New Credit

Start small. Open a credit card or take a small loan. Use it carefully. Always pay on time. Keep your balance low. Over time, your credit will grow.

Will Collections Impact Your Mortgage?

Yes. If you have unpaid bills or collections, they can lower your score. That may hurt your chance of getting a mortgage. Try to pay off your debts before applying.

Learn more about your downpayment

A downpayment is the money you put toward your home upfront. It shows you're serious. Most buyers need at least 5%. A bigger downpayment means you can avoid extra insurance.

How to Save Money for a Downpayment

Open a savings account just for your home. Save a bit each month. Use tax-free savings plans like FHSA or your RRSP through the Home Buyers' Plan.

Downpayment Options

You can use cash, savings, gifted money from family, or government programs. Ask us about what fits your needs best.

Difference Between Deposit and Downpayment

A deposit is paid when you make an offer. A downpayment is paid at closing. The deposit is part of your full downpayment.