Mortgages

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First Time Home Buyers

Being a first time home buyer is exciting and overwhelming at the same time. You have planned and dreamed of it for so long that when the time has come to finally make the biggest financial decision of your life, it all seems so surreal!

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Your Mortgage Needs can help you start the process of home ownership and build a foundation for a better future. Investing in your own home is essentially investing in yourself; by building equity and eventually getting a high return on investment. Whether you are recently graduated, just married or simply tired of throwing your money away into rent every month, our team is committed to providing answers to all your mortgage questions.

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With our unbiased advice, our team is dedicated to working closely with you to find the best mortgage solution for your needs!


Buying your first home is an exciting milestone, but it can also feel overwhelming. At Your Mortgage Needs, we’re here to guide you every step of the way and make the process as simple and stress-free as possible.

The Benefits of Being a First-Time Home Buyer in Canada

As a first-time buyer, you have access to several programs and incentives designed to make homeownership more affordable:



  1. First Home Savings Account (FHSA):
    Save up to $40,000 tax-free for your first home. Contributions are tax-deductible, and withdrawals for a qualifying home purchase are tax-free. It’s like combining the benefits of an RRSP and a TFSA!
  2. Home Buyers' Plan (HBP):
    Withdraw up to $35,000 from your RRSP to put towards your down payment, without paying tax on the withdrawal.
  3. 30-Year Amortizations:
    A longer amortization period can mean lower monthly mortgage payments, making homeownership more accessible while you’re starting out.


We’ll help you navigate these programs and show you how to maximize your benefits while finding the right mortgage for your needs.

Common Questions First-Time Home Buyers Ask

  • How much do I need for a down payment?

    • How much do I need for a down payment?
    • In Canada, the minimum down payment is 5% for homes under $500,000, and higher for more expensive properties.
    • What’s the difference between fixed and variable rates?
    • Fixed rates stay the same for your term, while variable rates can change with the market. We’ll help you decide which option works best for you.
    • How much can I afford?
    • We’ll walk you through your budget, pre-approval, and strategies to find a home you love within your means.

    Ready to take the first step? Let us guide you to your first home with expert advice and personal care.

  • What’s the difference between fixed and variable rates?

    Fixed rates stay the same for your term, while variable rates can change with the market. We’ll help you decide which option works best for you.

  • How much can I afford?

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FAQ’s for First Time Home Buyers

  • 1.What is the minimum down payment required in Canada?

    For homes priced up to $500,000, the minimum down payment is 5%. For the portion of the price between $500,000 and $1 million, it's 10%. Homes over $1 million require a 20% down payment.

  • 2.What is the First Home Savings Account (FHSA)?

    The FHSA allows first-time buyers to save up to $40,000 tax-free. Contributions are tax-deductible, and withdrawals for a qualifying home purchase are tax-free, combining benefits of RRSPs and TFSAs.

    Wikipedia

  • 3.How does the Home Buyers' Plan (HBP) work?

    The HBP lets you withdraw up to $35,000 from your RRSP to buy or build a qualifying home. Withdrawals are tax-free if repaid within 15 years.

    Wikipedia

  • 4.What are the benefits of a 30-year amortization?

    A longer amortization period reduces monthly mortgage payments, making homeownership more affordable. However, it may result in higher overall interest paid over the life of the loan.

  • 5.What other incentives are available for first-time buyers?

    Programs like the First-Time Home Buyer Incentive offer shared equity mortgages to reduce monthly payments. Additionally, some provinces provide land transfer tax rebates.

  • 6. What is the First-Time Home Buyers' Tax Credit (HBTC)?

    The HBTC is a non-refundable tax credit that allows first-time home buyers to claim up to $1,500 on their tax return, helping to offset some of the costs associated with purchasing a home.

    Government of Canada


  • 7. What is mortgage loan insurance, and when is it required?

    Mortgage loan insurance protects lenders against default and is required when your down payment is less than 20% of the home's purchase price. It allows you to secure a mortgage with a lower down payment.

  • 8. What are closing costs, and how much should I budget for them?

    Closing costs include expenses like legal fees, land transfer taxes, and home inspections. It's advisable to budget 1.5% to 4% of the home's purchase price for these costs.

  • 9. How do I get pre-approved for a mortgage?

    Pre-approval involves a lender reviewing your financial situation to determine how much they are willing to lend you. This process can give you a clear budget and show sellers you're a serious buyer.

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