Allows first-time buyers to withdraw up to $60,000 from their RRSP tax-free, provided it is repaid over 15 years. 3. Secure a Mortgage Pre-Approval Buying your first home - Canada Life
Allows you to save up to $8,000 annually (to a $40,000 lifetime limit) tax-free for your down payment.
The following article outlines the essential first steps for any prospective homebuyer.
In Canada, the minimum down payment is 5% for homes under $500,000, while homes over $1.5 million require 20%. 2. Leverage Government Incentives
When buying a home, the absolute first thing you should do is . While it is tempting to start browsing listings immediately, establishing a realistic budget based on your actual income and expenses—rather than just what a bank might approve—is the critical foundation of the process.
Buying a home is likely the largest financial commitment you will ever make. To ensure a smooth journey, you must start with preparation long before you attend your first open house. Before looking at houses, look at your bank statements.
Your score directly impacts your mortgage rate. Aim for at least 680 to 720 to secure competitive terms. You can check your report for free via Equifax or TransUnion .
Take advantage of programs designed to help you save faster: