First-Time Homebuyer Guide for the GTA

Buying your first home is exciting — but it can also feel overwhelming. Between saving for a down payment, qualifying for a mortgage, and understanding all the fine print, there’s a lot to take in. That’s why we’ve put together this step-by-step guide for first-time homebuyers in the GTA and Ontario.

With the right preparation (and the right mortgage partner by your side), you can feel confident about every step of your journey.

Ready to start exploring your options? Contact us today for personalized advice.

Why First-Time Buyers Face Unique Challenges

As a first-time buyer, you’re entering the housing market with fresh eyes. That comes with advantages — but also some common challenges:

Affordability: Rising home prices in the GTA make budgeting more important than ever.
Mortgage Qualification: Lenders have strict requirements around income, credit, and debt.
Knowledge Gap: Without prior experience, it’s easy to feel unsure about the process.

This guide will help you tackle those challenges head-on.

Step 1: Get Pre-Approved for a Mortgage

Your first step should always be mortgage pre-approval. This shows you how much you can afford and makes your offers stronger in the eyes of sellers.

Learn more in our Guide to Getting Pre-Approved for a Mortgage.

Step 2: Save for Your Down Payment

In Canada, the minimum down payment is:

5% for homes under $500,000
10% for the portion of homes priced between $500,000 and $999,999
20% for homes $1M+

First-time buyers may also be eligible for government programs like the First-Time Home Buyer Incentive or using RRSP funds through the Home Buyers’ Plan.

Step 3: Understand Closing Costs

Closing costs typically range from 1.5% to 4% of the purchase price. These include legal fees, land transfer tax, appraisal fees, and more. Planning ahead ensures you’re not caught off guard on closing day.

Step 4: Explore Government Incentives

The government offers several programs to support first-time buyers:

First-Time Home Buyers’ Tax Credit (HBTC)
Land Transfer Tax Rebates (Ontario + Toronto municipal rebate)
GST/HST New Housing Rebate

Ask us how these programs can reduce your upfront costs.

Step 5: Choose the Right Mortgage

Not all mortgages are created equal. As your mortgage broker, we’ll help you compare lenders, rates, and features to find the best fit.

Explore our full mortgage services.

Step 6: Budget Beyond the Mortgage

Owning a home comes with ongoing costs like property taxes, insurance, maintenance, and utilities. A solid budget ensures your new home is a blessing, not a burden.

Use our mortgage calculators to test different scenarios and plan ahead.

Step 7: Work With the Right Team

Your first home purchase will involve more than just your mortgage. You’ll also need:

A real estate agent to help you find the right property.
A lawyer to manage the closing.
An inspector to ensure the property is safe and sound.

We’ll connect you with trusted professionals to make the process as smooth as possible.

Final Thoughts

Buying your first home is a huge milestone — and it doesn’t have to be overwhelming. With the right guidance, you can move forward with clarity and confidence.

Take the first step today. Get in touch with us and let’s start planning your first home purchase.

For more insights, don’t miss our Guide to Getting Pre-Approved for a Mortgage.

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