What To Do First When Buying A Home -

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

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. what to do first when buying a home

Allows you to save up to $8,000 annually (to a $40,000 lifetime limit) tax-free for your down payment. Allows first-time buyers to withdraw up to $60,000

Don't just rely on a lender's maximum loan amount. Use an Online Mortgage Calculator to estimate monthly payments, but ensure your total housing costs (mortgage, taxes, insurance) stay under 32% of your gross monthly income to avoid being "house poor". While it is tempting to start browsing listings

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

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: