Mortgage services · 03
Your first home
Nobody is born understanding mortgages. You bring the questions — I bring the programs, the rebates, and more than 40 lenders. Buying your first home is a series of small, clear steps.
Minimum down payment
5% of the first $500,000 of the price, 10% of the part above that.
Cost of my help
Free on standard purchases — the lender pays the brokerage (OAC).
First step
A free call. No documents needed for the first conversation.
The basics
The down payment, explained
The down payment is the part of the price you pay yourself. The mortgage covers the rest.
The minimum in Canada:
- 5% of the first $500,000 of the purchase price,
- 10% of the portion above $500,000, up to a $1.5 million price,
- 20% minimum if the home costs more than $1.5 million.
With less than 20% down, your mortgage is insured — you pay an insurance premium, and in exchange lenders offer you their best rates. First-time buyers with insured mortgages can also stretch payments over 30 years, which lowers each monthly payment.
Example
For a $600,000 home: 5% of $500,000 is $25,000, plus 10% of the remaining $100,000 is $10,000. Minimum down payment: $35,000.
Free money first
Programs that help you get there
Canada and Ontario offer real help for first-time buyers. We check every one of these on your file:
- FHSA (First Home Savings Account). A savings account just for a first home. Money goes in tax-free and comes out tax-free — up to $8,000 per year, $40,000 in total.
- RRSP Home Buyers' Plan. Borrow up to $60,000 from your own retirement savings, tax-free, and repay it over 15 years.
- Land transfer tax rebates. Ontario refunds up to $4,000 of the land transfer tax for first-time buyers. Buying in Toronto? There is a second rebate up to $4,475 for the city's own tax.
- Family gifts. A gift from close family can form part or all of your down payment, with a signed gift letter.
These stack. Savings + FHSA + RRSP + a gift is how many first buyers get to the number sooner than they expected.
The path
From first call to keys
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Free call
We talk about your income, savings, and timeline. You leave knowing your realistic price range.
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Pre-approval
I check your file properly and hold a rate for up to 120 days. If rates rise while you shop, you keep the lower one. See the Pre-Qualify page for details.
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You shop with confidence
Every listing is a quick yes or no against your number. Your offers are stronger because the financing behind them is real.
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Offer, approval, keys
When your offer is accepted, the lender confirms the property, your lawyer handles the closing, and you get the keys.
One more term you will hear: the stress test. Lenders must check you could still pay if rates were about 2% higher. It is why your maximum is lower than you might expect — and it is already built into every number I give you.
The other budget
Closing costs: money you need on top of the down payment
The down payment is not the only cash you need on closing day. Plan for roughly 1.5% to 4% of the purchase price. Here is a typical $600,000 purchase in Toronto:
That PST line catches people out: the mortgage insurance premium itself can be added to your mortgage, but the 8% Ontario tax on it cannot — it has to come from your own funds on closing day. With 20% down or more there is no premium and no tax, so take roughly $1,800 back off the total. Outside Toronto there is no municipal land transfer tax, so the total drops substantially again. Ontario's first-time buyer rebate is up to $4,000, and Toronto's is up to $4,475 — I calculate your exact figures before you make an offer.
Lenders also like to see a small cushion left in your account after closing. It is not always required, but it makes a file stronger.
What this means for you
Nobody should discover these numbers a week before closing. On our first call I give you a written estimate for the exact price range you are shopping in.
Common questions
Questions people ask
Short answers in plain English. Your situation may be different — ask me anything on a free call.
What credit score do I need?
Insured lending is generally comfortable from the mid-600s. Below that, some options still exist with the right file. The pattern matters more than the number — a year of on-time payments opens more doors than a quick score boost.
My spouse owned a home before. Am I still a first-time buyer?
It depends on the program. The FHSA, the RRSP plan, and the tax rebates each define 'first-time' differently. Living in a home your spouse owned can affect some of them. Tell me on the call — it changes the strategy, not the outcome.
How much does a broker cost?
Nothing on approved standard purchases — the lender pays the brokerage (OAC). If your file ever needed a lender that charges a fee, you would know the exact amount in writing before signing anything.
How much do I need beyond the down payment?
Plan for closing costs of roughly 1.5–4% of the price: land transfer tax (minus your rebate), lawyer fees, title insurance, and adjustments. Lenders also like to see you have a small cushion left after closing. I give you a full list for your exact purchase, so nothing surprises you.
Is it better to buy now or keep saving?
It depends on your numbers, not on the news. Waiting for a 20% down payment lets you avoid mortgage insurance, but prices and rents may move meanwhile. On our call I run both versions — buying now at your current savings, and buying later with more down — so you can see the real difference instead of guessing.
The best first step costs nothing
A 15-minute call tells you your price range, your down payment plan, and what to do next. No documents needed yet, no obligation.