{"id":1436,"date":"2022-05-04T00:00:12","date_gmt":"2022-05-04T07:00:12","guid":{"rendered":"https:\/\/www.nerdwallet.com\/ca\/?page_id=1436"},"modified":"2025-01-10T10:07:52","modified_gmt":"2025-01-10T18:07:52","slug":"first-time-home-buyer-guide","status":"publish","type":"page","link":"https:\/\/www.nerdwallet.com\/ca\/mortgages\/first-time-home-buyer-guide","title":{"rendered":"First-Time Home Buyer In Canada? Here&#8217;s What You Need To Know"},"content":{"rendered":"\n<p class=\"\">Canada\u2019s real estate market is tough for first-time home buyers.&nbsp;A lack of supply, <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/osfi-mortgage-rule-changes\">strict mortgage guidelines<\/a> and elevated prices all create obstacles to becoming a homeowner.&nbsp;<\/p>\n\n\n\n<p class=\"\">Getting a grasp on the home-buying process can help you shop for homes more confidently. Creating a realistic budget, understanding your local housing market, and contacting the right professionals are just a few ways to get started.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"budget\"><strong>First step: Make a home-buying budget<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">1. Find out how much house can you afford<\/h3>\n\n\n\n<p class=\"\">You can\u2019t make an offer on a home until you know how much financing you\u2019ll be approved for. Skipping this step could lead to painful legal and financial headaches.<\/p>\n\n\n\n<p class=\"\">Here are two ways to determine your home buying budget:<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\"><strong>Use a mortgage calculator<\/strong>. A <a href=\"https:\/\/www.nerdwallet.com\/ca\/p\/calculators\/mortgages\/canada-mortgage-affordability-calculator\">mortgage affordability calculator<\/a> estimates the maximum home price you can afford based on your income and debts. A <a href=\"https:\/\/www.nerdwallet.com\/ca\/p\/calculators\/mortgages\/canada-mortgage-payment-calculator\">mortgage payment calculator<\/a> breaks down a home purchase into monthly payments. Both can be useful, but neither one is an official document you can base an offer on.<\/li>\n\n\n\n<li class=\"\"><strong>Get pre-approved for a mortgage.<\/strong> A <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/what-is-mortgage-pre-approval\">mortgage pre-approval<\/a> from a lender or mortgage broker tells you how much money you will be able to borrow for a future home purchase. This is an indispensable step in the home buying process.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">2. Estimate upfront costs<\/h3>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-layout-1 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h4 class=\"wp-block-heading has-text-align-center\">How much do I need for a down payment?<\/h4>\n\n\n\n<p class=\"\">The cash you pay upfront for a home is called a down payment. This is money you may have saved or received as a gift<a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/using-gift-money-as-mortgage-down-payment\"> from a family member<\/a>. Many provinces and local governments also offer down payment assistance programs for those who qualify (income often determines eligibility).<\/p>\n\n\n\n<p class=\"\">You\u2019ll have to adhere to Canada\u2019s <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/how-much-down-payment-for-a-house\">minimum down payment guidelines<\/a> to be approved for a mortgage. Put down less than 20% and you\u2019ll be required to purchase <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/what-is-mortgage-insurance\">mortgage default insurance<\/a>, which will be added to your mortgage principal.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h4 class=\"wp-block-heading has-text-align-center\">How much will my closing costs be?<\/h4>\n\n\n\n<p class=\"\">Closing costs pay for things like <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/canada-land-transfer-tax-and-fee-calculator\">land transfer taxes<\/a>, appraisals and legal fess. The exact amount can vary, but be prepared to pay 3-5% of the home\u2019s market value. <\/p>\n\n\n\n<p class=\"\">Use a <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/closing-costs-calculator\">closing costs calculator<\/a> to estimate what you might pay in a particular province.<\/p>\n<\/div>\n<\/div>\n\n\n\n<p class=\"has-lightest-green-background-color has-background\"><strong>Nerdy Tip. <\/strong>When saving for a down payment, a <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/first-home-savings-account\">First Home Savings Account<\/a>, <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/what-is-a-tfsa\">Tax-Free Savings Account<\/a> or the <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/what-is-the-home-buyers-plan\">Home Buyers\u2019 Plan<\/a> may be better options than a regular savings account. These tools all have their own rules and benefits, so <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/fhsa-tfsa-or-hbp-hopeful-homebuyers\">compare them<\/a> before you start using one. <\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-layout-2 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-layout-1 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/how-much-down-payment-for-a-house\">what&#8217;s your minimum down payment?<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-layout-2 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/how-to-save-for-a-down-payment\">tips to reach your first down payment<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">3. <strong>Plan for additional ongoing costs<\/strong><\/h3>\n\n\n\n<p class=\"\">To get a more accurate sense of how much homeownership might cost you, it\u2019s important to factor in expenses beyond your mortgage. If you move to a suburban location and have to commute to work, for example, you should calculate what your commuting costs might add up to each month.&nbsp;<\/p>\n\n\n\n<p class=\"\">Other expenses you\u2019ll want to account for include:<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\">Lifestyle spending like shopping, socializing and subscriptions.<\/li>\n\n\n\n<li class=\"\">Utility bills that aren\u2019t factored into your mortgage pre-approval.<\/li>\n\n\n\n<li class=\"\">Parking.<\/li>\n\n\n\n<li class=\"\">Seasonal maintenance costs.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-lightest-green-background-color has-background\" id=\"firstmortgage\"><strong>Nerdy Tip: <\/strong>When estimating your homeownership budget, it might be helpful to get the help of a mortgage professional or real estate agent. If you\u2019re crunching your own numbers, be as accurate as possible. Erring on the high side when tallying these costs can help account for rising prices in the future.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Step 2: Getting a mortgage<\/h2>\n\n\n\n<p class=\"\">There are programs and products designed especially for first-time home buyers, but everyone plays by the same rules when it\u2019s time to get a mortgage. Tap the tabs below to get answers to common questions first-timers have about the mortgage process.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-nerdwallet-blocks-accordion\"><div class=\"c-block-accordion-wrapper\"><div class=\"c-block-accordion-list\"><div class=\"c-block-accordion-item\">\n\t<div class=\"c-block-accordion-item__header\">\n\t\t<div>\n\t\t\t<div class=\"c-block-accordion-item__title\">How do I get the best mortgage rate?<\/div>\n\t\t\t\t\t<\/div>\n\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"23\" height=\"23\" fill=\"\" viewBox=\"0 0 256 256\"><path d=\"M213.66,101.66l-80,80a8,8,0,0,1-11.32,0l-80-80A8,8,0,0,1,53.66,90.34L128,164.69l74.34-74.35a8,8,0,0,1,11.32,11.32Z\"><\/path><\/svg>\n\t<\/div>\n\t<div class=\"c-block-accordion-item__content\">\n\t\t\n<div class=\"wp-block-nerdwallet-blocks-accordion-item\">\n<p class=\"\">Lenders use many variables, including your <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/first-time-home-buyer-guide#:~:text=Your-,credit%20score,-is%20a%20reliable\">credit score<\/a> and income, when determining which rates to offer you. Increasing your annual income and <a href=\"https:\/\/www.nerdwallet.com\/ca\/personal-finance\/get-a-better-credit-score\">improving your credit score<\/a> can have a big impact on your rate.&nbsp;<\/p>\n\n\n\n<p class=\"\"><a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/mortgage-rates-canada\">Comparing mortgage rates<\/a> from different lenders and mortgage brokers is another way to get a better rate. Just as you\u2019d probably go to multiple dealerships if you were car shopping, you stand to benefit from speaking to multiple mortgage lenders.&nbsp;<\/p>\n\n\n\n<p class=\"\">And just because it\u2019s your first time getting a mortgage doesn\u2019t mean you shouldn\u2019t negotiate your rate. Always ask if your lender or broker can improve on their initial offer.<\/p>\n<\/div>\n\t<\/div>\n<\/div>\n\n\n<div class=\"c-block-accordion-item\">\n\t<div class=\"c-block-accordion-item__header\">\n\t\t<div>\n\t\t\t<div class=\"c-block-accordion-item__title\">How do lenders decide how much I can borrow?<\/div>\n\t\t\t\t\t<\/div>\n\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"23\" height=\"23\" fill=\"\" viewBox=\"0 0 256 256\"><path d=\"M213.66,101.66l-80,80a8,8,0,0,1-11.32,0l-80-80A8,8,0,0,1,53.66,90.34L128,164.69l74.34-74.35a8,8,0,0,1,11.32,11.32Z\"><\/path><\/svg>\n\t<\/div>\n\t<div class=\"c-block-accordion-item__content\">\n\t\t\n<div class=\"wp-block-nerdwallet-blocks-accordion-item\">\n<p class=\"\" id=\"block-56c39e45-e11b-4965-a5d5-ba6de30ae856\"><br>Lenders use <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/what-are-debt-service-ratios\">debt service ratios<\/a> two common formulas to find maximum loan amounts. In most cases:&nbsp;<\/p>\n\n\n\n<ul id=\"block-53504ca8-cd53-406e-bfa8-76baff29ea88\" class=\"\">\n<li class=\"\">Your gross debt service ratio, which includes your projected mortgage, property taxes and utilities, can\u2019t exceed 39% of your income.<\/li>\n\n\n\n<li class=\"\">Your total debt service ratio, which includes your housing expenses and your monthly debts (car payments, student loans, credit card payments, child support, etc.) can\u2019t exceed 44% of your income.<\/li>\n<\/ul>\n\n\n\n<p class=\"\" id=\"block-2e68f259-dcd3-4fd7-abf6-3286c778c093\">Don&#8217;t feel like you have to construct your budget around the highest possible amount you can borrow. Even if a lender is willing to approve a particular amount, it may not be affordable&#8221; for you in the long run.&nbsp;<\/p>\n<\/div>\n\t<\/div>\n<\/div>\n\n\n<div class=\"c-block-accordion-item\">\n\t<div class=\"c-block-accordion-item__header\">\n\t\t<div>\n\t\t\t<div class=\"c-block-accordion-item__title\">What if I have bad credit?<\/div>\n\t\t\t\t\t<\/div>\n\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"23\" height=\"23\" fill=\"\" viewBox=\"0 0 256 256\"><path d=\"M213.66,101.66l-80,80a8,8,0,0,1-11.32,0l-80-80A8,8,0,0,1,53.66,90.34L128,164.69l74.34-74.35a8,8,0,0,1,11.32,11.32Z\"><\/path><\/svg>\n\t<\/div>\n\t<div class=\"c-block-accordion-item__content\">\n\t\t\n<div class=\"wp-block-nerdwallet-blocks-accordion-item\">\n<p class=\"\">The <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/minimum-credit-score-for-mortgage-canada\">minimum credit score<\/a> for a traditional mortgage with a mainstream lender is usually around 680. You might still qualify for a <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/how-to-get-a-bad-credit-mortgage\">mortgage with a B-lender if your credit score is lower<\/a>, though they typically charge higher interest rates.<\/p>\n\n\n\n<p class=\"\">If you have the option of waiting, you could put buying on hold in order to build your savings, improve your credit score and try to qualify with an A-lender.<\/p>\n<\/div>\n\t<\/div>\n<\/div>\n\n\n<div class=\"c-block-accordion-item\">\n\t<div class=\"c-block-accordion-item__header\">\n\t\t<div>\n\t\t\t<div class=\"c-block-accordion-item__title\">How Long should my Amortization period be?<\/div>\n\t\t\t\t\t<\/div>\n\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"23\" height=\"23\" fill=\"\" viewBox=\"0 0 256 256\"><path d=\"M213.66,101.66l-80,80a8,8,0,0,1-11.32,0l-80-80A8,8,0,0,1,53.66,90.34L128,164.69l74.34-74.35a8,8,0,0,1,11.32,11.32Z\"><\/path><\/svg>\n\t<\/div>\n\t<div class=\"c-block-accordion-item__content\">\n\t\t\n<div class=\"wp-block-nerdwallet-blocks-accordion-item\">\n<p class=\"\">The amortization period is how long it will take you to pay off your mortgage in full. Most Canadians choose amortizations of 25 years or less. Your monthly payment will be smaller if you pay off your mortgage over a longer period of time, but you could pay much more in interest.<\/p>\n\n\n\n<p class=\"\"><a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/30-year-mortgage-canada\">30-year amortizations<\/a> are also available to all&nbsp;first-time home buyers&nbsp;and anyone purchasing new construction. <\/p>\n<\/div>\n\t<\/div>\n<\/div>\n\n\n<div class=\"c-block-accordion-item\">\n\t<div class=\"c-block-accordion-item__header\">\n\t\t<div>\n\t\t\t<div class=\"c-block-accordion-item__title\">Do I pay property taxes with my mortgage?<\/div>\n\t\t\t\t\t<\/div>\n\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"23\" height=\"23\" fill=\"\" viewBox=\"0 0 256 256\"><path d=\"M213.66,101.66l-80,80a8,8,0,0,1-11.32,0l-80-80A8,8,0,0,1,53.66,90.34L128,164.69l74.34-74.35a8,8,0,0,1,11.32,11.32Z\"><\/path><\/svg>\n\t<\/div>\n\t<div class=\"c-block-accordion-item__content\">\n\t\t\n<div class=\"wp-block-nerdwallet-blocks-accordion-item\">\n<p class=\"\">In some cases, you can opt to pay your <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/what-is-property-tax\">property taxes<\/a> as part of your monthly mortgage payment. This isn\u2019t mandatory, but bundling the two costs means one less payment for you to keep track of.&nbsp;<\/p>\n<\/div>\n\t<\/div>\n<\/div>\n\n\n<div class=\"c-block-accordion-item\">\n\t<div class=\"c-block-accordion-item__header\">\n\t\t<div>\n\t\t\t<div class=\"c-block-accordion-item__title\">What is a mortgage pre-approval?<\/div>\n\t\t\t\t\t<\/div>\n\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"23\" height=\"23\" fill=\"\" viewBox=\"0 0 256 256\"><path d=\"M213.66,101.66l-80,80a8,8,0,0,1-11.32,0l-80-80A8,8,0,0,1,53.66,90.34L128,164.69l74.34-74.35a8,8,0,0,1,11.32,11.32Z\"><\/path><\/svg>\n\t<\/div>\n\t<div class=\"c-block-accordion-item__content\">\n\t\t\n<div class=\"wp-block-nerdwallet-blocks-accordion-item\">\n<p class=\"\">A mortgage pre-approval is about more than establishing a budget. It&#8217;s also when you\u2019ll make other decisions regarding your mortgage. Depending on the state of your finances, you may be asked to choose between:<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\">A <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/fixed-vs-variable-mortgage\">fixed or variable rate of interest.<\/a>&nbsp;<\/li>\n\n\n\n<li class=\"\">An <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/open-vs-closed-mortgage\">open or closed mortgage<\/a>.<\/li>\n\n\n\n<li class=\"\">Different <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/amortization-period-vs-mortgage-term\">mortgage term<\/a> lengths.<\/li>\n<\/ul>\n\n\n\n<p class=\"\">Your choices will often be determined by cost, qualification requirements or convenience. Your mortgage advisor can explain how each option will affect your mortgage, but the ultimate decision is yours.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Broker or bank for your pre-approval?<\/h4>\n\n\n\n<p class=\"\">Typically, a pre-approval with a mortgage broker will provide more options than one with a Big Six bank\u2019s mortgage advisor.<\/p>\n\n\n\n<p class=\"\">A mortgage broker works with multiple lenders, some of which might have less stringent lending criteria. A bank, on the other hand, has one strict set of lending standards to hold you to.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>You\u2019ll need to pass a mortgage stress test<\/strong><\/h4>\n\n\n\n<p class=\"\">To qualify for a mortgage in Canada, all home buyers must pass the <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/mortgage-stress-test\">mortgage stress test<\/a>.&nbsp;<\/p>\n\n\n\n<p class=\"\">You must show that you can afford mortgage payments based on an interest rate of 2% over the rate you\u2019re offered, or 5.25%, whichever is higher.&nbsp;<\/p>\n\n\n\n<p class=\"\">If the bank is offering you a rate of 4%, for example, you would need to prove that you can still afford to make monthly mortgage payments if interest rates rose to 6%.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>You may need to take a step back from the market<\/strong><\/h4>\n\n\n\n<p class=\"\">During the pre-approval phase, you might find out that you aren\u2019t able to qualify for the mortgage you need. In these cases, a lender could ask you to pay off some of your debt or increase your down payment. Both steps might require you to hit pause on your home buying plans so you can strengthen your finances.\u00a0<\/p>\n<\/div>\n\t<\/div>\n<\/div>\n<\/div><\/div><\/div>\n\n\n<div class=\"c-block-in-house-promotion is-advert-style__branded is-style-horizontal wp-block-nerdwallet-blocks-in-house-ad\">\n\n\t\n\t<div\n\t\tclass=\"c-block-in-house-promotion__inner\"\n\t\tstyle=\"background-image: none;\"\n\t>\n\n\t\t\n\t\t<div class=\"c-block-in-house-promotion__content-wrapper\">\n\t\t\t\n\t\t\t<h3 class=\"c-block-in-house-promotion__title\">Mortgage Affordability Calculator<\/h3>\n\t\t\t\t\t\t\t<p class=\"c-block-in-house-promotion__content\">\n\t\t\t\t\tCrunch the numbers to compare rates and terms, <br>and know how much mortgage you can afford.\t\t\t\t<\/p>\n\t\t\t\t\t<\/div>\n\n\t\t<div class=\"c-block-in-house-promotion__cta wp-block-button\"><a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/canada-mortgage-affordability-calculator\" target=\"_self\" class=\"nw-cta track-click-mon wp-block-button__link wp-element-button\" data-placement=\"Promotional banner\">Try it<\/a><\/div>\t<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"housingmarket\"><strong>Step 3: Prepare for a rough housing market<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Assemble your real estate team<\/h3>\n\n\n\n<p class=\"\">Whether or not you\u2019re a first-time home buyer, it\u2019s inevitable that you\u2019ll bring in a professional or two to help complete the home buying process. You\u2019ll generally need to find:<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\"><strong>A real estate agent or Realtor.<\/strong> You don\u2019t need to <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/how-to-find-a-real-estate-agent\">hire an agent<\/a> to help you find a home, but their local expertise and negotiating experience may be invaluable. As a buyer, you don\u2019t pay commission to an agent or Realtor.<\/li>\n\n\n\n<li class=\"\"><strong>A mortgage professional.<\/strong> You can\u2019t get a mortgage without either a bank\u2019s mortgage advisor or an independent mortgage broker underwriting your loan and explaining the terms of your mortgage.&nbsp;<\/li>\n\n\n\n<li class=\"\"><strong>A real estate lawyer. <\/strong>Another must-have, if only to look over the details of your purchase agreement and ensure you understand them.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"\">Finding real estate professionals can be somewhat stressful since you\u2019ll want to find people you can trust. Start by asking your friends and family for recommendations.<\/p>\n\n\n\n<p class=\"\">If necessary, expand your search to the internet. Look for a combination of positive customer reviews and extensive local experience.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Understand local housing conditions<\/strong><\/h3>\n\n\n\n<p class=\"\">One of the biggest challenges first-time home buyers face is entering a competitive housing market. Navigating it in a productive way requires focusing on current, local conditions.<\/p>\n\n\n\n<p class=\"\">National housing statistics, like those released each month by the <a href=\"https:\/\/creastats.crea.ca\/en-CA\" target=\"_blank\" rel=\"noreferrer noopener\">Canadian Real Estate Association<\/a>, are useful for the media. But they don\u2019t provide much value for individual home buyers because they\u2019re heavily influenced by sales and prices in Vancouver and Toronto.<\/p>\n\n\n\n<p class=\"\">To get an accurate sense of how much properties cost where you intend to buy, get familiar with <a href=\"http:\/\/realtor.ca\" target=\"_blank\" rel=\"noreferrer noopener\">Realtor.ca<\/a>, where you can search current listings based on location, price and property details.&nbsp;<\/p>\n\n\n\n<p class=\"\">If you want data, focus on what\u2019s made available by either your provincial or municipal real estate board.&nbsp;<\/p>\n\n\n\n<p class=\"\">Much of the information you seek should be provided by the real estate agent or realtor you decide to work with.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Brace for a bidding war<\/h3>\n\n\n\n<p class=\"\">There\u2019s a real possibility that several other buyers might challenge you for the home you want to buy. Recent <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/new-mortgage-rules-help-or-harm\">changes to mortgage rules<\/a> might increase the possibility of finding yourself in a <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/real-estate-bidding-war\">bidding war<\/a>.<\/p>\n\n\n\n<p class=\"\" id=\"incentives\">Bidding wars are dangerous because the emotions involved can cloud a person\u2019s judgment and lead to overbidding. It\u2019s important that you listen to your real estate agent and mortgage advisor and put a hard cap on the amount you can offer on a home, even if that means missing out on your dream home.It\u2019s better to come to terms with how tight the market is before wading into it. Consider reaching out to a <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/realtor-vs-real-estate-agent\">real estate agent<\/a> who specializes in the area, or areas, where you\u2019d like to buy. They\u2019ll be able to tell you how competitive the local market is \u2014 and how much higher than the asking price you may have to pay.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">F<strong>irst-time home buyer assistance in Canada<\/strong><\/h2>\n\n\n\n<p class=\"\">The government of Canada offers a variety of national programs to people buying their first home. Generally, you\u2019ll be considered a first-time home buyer if you or your common-law partner has never owned a home or investment property. Some programs have <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/can-i-use-first-time-home-buyer-twice-canada\">exceptions<\/a>, such as if you have recently experienced a breakdown of a marriage or a common-law partnership. Additionally, these programs may extend to permanent residents and non-permanent residents authorized to work, in addition to Canadian citizens.<\/p>\n\n\n\n<div class=\"wp-block-nerdwallet-blocks-accordion\"><div class=\"c-block-accordion-wrapper\"><div class=\"c-block-accordion__header\"><h2 class=\"c-block-accordion__title\"><strong>The RRSP Home Buyers\u2019 Plan<\/strong><\/h2><div class=\"c-block-accordion__intro\"><p>Homebuyers can withdraw up to $60,000, tax-free, from their registered retirement savings plan (RRSP) to put towards a home purchase.<\/p><\/div><\/div><div class=\"c-block-accordion-list\"><div class=\"c-block-accordion-item\">\n\t<div class=\"c-block-accordion-item__header\">\n\t\t<div>\n\t\t\t<div class=\"c-block-accordion-item__title\">RRSP Home Buyers\u2019 Plan details<\/div>\n\t\t\t\t\t<\/div>\n\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"23\" height=\"23\" fill=\"\" viewBox=\"0 0 256 256\"><path d=\"M213.66,101.66l-80,80a8,8,0,0,1-11.32,0l-80-80A8,8,0,0,1,53.66,90.34L128,164.69l74.34-74.35a8,8,0,0,1,11.32,11.32Z\"><\/path><\/svg>\n\t<\/div>\n\t<div class=\"c-block-accordion-item__content\">\n\t\t\n<div class=\"wp-block-nerdwallet-blocks-accordion-item\">\n<ul class=\"\">\n<li class=\"\">Funds must be paid back within 15 years.<\/li>\n\n\n\n<li class=\"\">RRSP funds must be in your account for at least 90 days.<\/li>\n\n\n\n<li class=\"\">You have until October 1 of the year following your withdrawal to buy or build your home.<\/li>\n<\/ul>\n\n\n\n<p class=\"\"><strong>More information:<\/strong> NerdWallet\u2019s guide to the <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/what-is-the-home-buyers-plan\">RRSP Home Buyers\u2019 Plan<\/a>.<\/p>\n<\/div>\n\t<\/div>\n<\/div>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-nerdwallet-blocks-accordion\"><div class=\"c-block-accordion-wrapper\"><div class=\"c-block-accordion__header\"><h2 class=\"c-block-accordion__title\"><strong>The Home Buyers\u2019 Tax Credit<\/strong><\/h2><div class=\"c-block-accordion__intro\"><p>A non-refundable income tax credit of up to $10,000 for first-time home buyers. It results in a $1,500 tax rebate.<\/p><\/div><\/div><div class=\"c-block-accordion-list\"><div class=\"c-block-accordion-item\">\n\t<div class=\"c-block-accordion-item__header\">\n\t\t<div>\n\t\t\t<div class=\"c-block-accordion-item__title\">Home Buyers\u2019 Tax Credit details<\/div>\n\t\t\t\t\t<\/div>\n\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"23\" height=\"23\" fill=\"\" viewBox=\"0 0 256 256\"><path d=\"M213.66,101.66l-80,80a8,8,0,0,1-11.32,0l-80-80A8,8,0,0,1,53.66,90.34L128,164.69l74.34-74.35a8,8,0,0,1,11.32,11.32Z\"><\/path><\/svg>\n\t<\/div>\n\t<div class=\"c-block-accordion-item__content\">\n\t\t\n<div class=\"wp-block-nerdwallet-blocks-accordion-item\">\n<p class=\"\">This won\u2019t help you get a house any sooner \u2014 it doesn\u2019t kick in until the first tax return after you\u2019ve bought a house \u2014 but it will make that first year of homeownership a little more affordable.<\/p>\n\n\n\n<p class=\"\"><strong>More information:<\/strong> NerdWallet\u2019s <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/first-time-home-buyer-tax-credit-canada\">Home Buyers\u2019 tax credit guide.<\/a>&nbsp;<\/p>\n<\/div>\n\t<\/div>\n<\/div>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-nerdwallet-blocks-accordion\"><div class=\"c-block-accordion-wrapper\"><div class=\"c-block-accordion__header\"><h2 class=\"c-block-accordion__title\"><strong>The First Home Savings Account<\/strong><\/h2><div class=\"c-block-accordion__intro\"><p>Route your savings for a new home through this account and save on taxes.\u00a0<\/p><\/div><\/div><div class=\"c-block-accordion-list\"><div class=\"c-block-accordion-item\">\n\t<div class=\"c-block-accordion-item__header\">\n\t\t<div>\n\t\t\t<div class=\"c-block-accordion-item__title\">First Home Savings Account program details<\/div>\n\t\t\t\t\t<\/div>\n\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"23\" height=\"23\" fill=\"\" viewBox=\"0 0 256 256\"><path d=\"M213.66,101.66l-80,80a8,8,0,0,1-11.32,0l-80-80A8,8,0,0,1,53.66,90.34L128,164.69l74.34-74.35a8,8,0,0,1,11.32,11.32Z\"><\/path><\/svg>\n\t<\/div>\n\t<div class=\"c-block-accordion-item__content\">\n\t\t\n<div class=\"wp-block-nerdwallet-blocks-accordion-item\">\n<p class=\"\"><\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\">The FHSA operates a little like an <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/what-is-an-rrsp\">RRSP<\/a> and a little like a <a href=\"https:\/\/www.nerdwallet.com\/ca\/investing\/how-to-invest-in-tfsa\">TFSA<\/a>.&nbsp;<\/li>\n\n\n\n<li class=\"\">Each year, you can deposit up to $8,000 in your FHSA, up to a total limit of $40,000. Deposits are tax-deductible.<\/li>\n\n\n\n<li class=\"\">You can invest your deposits. Any earnings are tax-free.&nbsp;<\/li>\n\n\n\n<li class=\"\">You can tap the account for down payment funds and closing costs.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"\"><strong>More information:<\/strong> NerdWallet\u2019s <a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/first-home-savings-account\">First Home Savings Account<\/a> guide.<\/p>\n<\/div>\n\t<\/div>\n<\/div>\n<\/div><\/div><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">P<strong>rovincial assistance programs for first-time home buyers<\/strong><\/h3>\n\n\n\n<p class=\"\" id=\"checklist\">You may be able to use local and provincial first-time home buyer programs, including programs that offer interest-free loans you can use for a down payment. Details vary from program to program, so you\u2019ll want to explore the programs where you live.<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-layout-3 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"http:\/\/nerdwallet.com\/ca\/mortgages\/first-time-home-buyer-ontario\" target=\"_blank\" rel=\"noreferrer noopener\">Ontario Home buyer&#8217;s guide<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"http:\/\/nerdwallet.com\/ca\/mortgages\/first-time-home-buyer-bc\" target=\"_blank\" rel=\"noreferrer noopener\">B.c. Home Buyer&#8217;s Guide<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"http:\/\/nerdwallet.com\/ca\/mortgages\/alberta-first-time-home-buyer-guide\" target=\"_blank\" rel=\"noreferrer noopener\">Alberta Home Buyer&#8217;s Guide<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group has-lightest-green-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading\" id=\"checklist\"><strong>First-time home buyer<\/strong> checklist<\/h2>\n\n\n\n<p class=\"\"><strong>Firm up your credit score.&nbsp;<\/strong><\/p>\n\n\n\n<ul class=\"is-style-checkmark\">\n<li class=\"\">Access your credit score for free to see where you stand now.<\/li>\n\n\n\n<li class=\"\">Check the report for any lingering issues or mistakes.<\/li>\n\n\n\n<li class=\"\">Decide if there are debts that can be paid down quickly, which could improve your score.<\/li>\n<\/ul>\n\n\n\n<p class=\"\"><strong>Create an initial budget<\/strong><\/p>\n\n\n\n<ul class=\"is-style-checkmark\">\n<li class=\"\">Confirm the down payment savings you have available.<\/li>\n\n\n\n<li class=\"\">Add up your household monthly income and subtract recurring debt payments and monthly expenses.<\/li>\n\n\n\n<li class=\"\">Use a mortgage affordability calculator to estimate mortgage payment amounts.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"\"><strong>Get pre-approved for a mortgage<\/strong><\/p>\n\n\n\n<ul class=\"is-style-checkmark\">\n<li class=\"\">Contact your bank or a mortgage broker and assemble the list of documents required for pre-approval.<\/li>\n\n\n\n<li class=\"\">When pre-approval is complete, review your mortgage options.<\/li>\n<\/ul>\n\n\n\n<p class=\"\"><strong>Be specific about what you\u2019re looking for<\/strong><\/p>\n\n\n\n<ul class=\"is-style-checkmark\">\n<li class=\"\">Based on your pre-approval amount, research homes available within your budget.<\/li>\n\n\n\n<li class=\"\">Make a list of \u201cmust-haves\u201d for the home you buy, including location and neighbourhood amenities.<\/li>\n\n\n\n<li class=\"\">Make a list of \u201cnice-to-haves\u201d that you\u2019re willing to compromise on.<\/li>\n<\/ul>\n\n\n\n<p class=\"\"><strong>Find a real estate agent to work with<\/strong><\/p>\n\n\n\n<ul class=\"is-style-checkmark\">\n<li class=\"\">Ask friends and family if there\u2019s a local agent they would recommend.&nbsp;<\/li>\n\n\n\n<li class=\"\">Interview a few agents until you find one you\u2019re comfortable with.<\/li>\n\n\n\n<li class=\"\">Discuss your must-haves and nice-to-haves with your agent.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"\"><strong>View properties and make offers<\/strong><\/p>\n\n\n\n<ul class=\"is-style-checkmark\">\n<li class=\"\">Ask your agent to explain the various conditions sellers might require when accepting offers.<\/li>\n\n\n\n<li class=\"\">Factor in the taxes, insurance, upkeep and repairs you\u2019d be paying for as a homeowner.<\/li>\n<\/ul>\n<\/div>\n\n\n\n<div class=\"wp-block-nerdwallet-blocks-faq c-block-faq\" itemscope itemtype=\"https:\/\/schema.org\/FAQPage\"><div class=\"c-block-faq__wrapper\"><div class=\"c-block-faq__header\"><h2 class=\"c-block-faq__title\"><\/h2><\/div><div class=\"c-block-faq__section-list\">\n<div id=\"faq\" class=\"wp-block-nerdwallet-blocks-faq-section\"><div class=\"c-block-faq-section c-block-accordion-wrapper\"><div class=\"c-block-accordion__header\"><h3 class=\"c-block-accordion__title\">First-time home buyer FAQs<\/h3><\/div><div class=\"c-block-accordion-list\">\n<div class=\"c-block-faq-item c-block-accordion-item\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"c-block-accordion-item__header\"><div class=\"c-block-accordion-item__title\" itemprop=\"name\"><strong>What assistance is available for first-time home buyers in Canada?<\/strong><\/div><\/div><div class=\"c-block-accordion-item__content\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div class=\"wp-block-nerdwallet-blocks-faq-item\" itemprop=\"text\">\n<p class=\"\">Canadian first-time home buyers can use the Home Buyers\u2019 Plan, the First Home Savings Account and the Home Buyers\u2019 Tax Credit to help make home buying more affordable. They can also access several provincial and municipal programs.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"c-block-faq-item c-block-accordion-item\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"c-block-accordion-item__header\"><div class=\"c-block-accordion-item__title\" itemprop=\"name\"><strong>Should I keep renting or buy my first house?<\/strong><\/div><\/div><div class=\"c-block-accordion-item__content\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div class=\"wp-block-nerdwallet-blocks-faq-item\" itemprop=\"text\">\n<p class=\"\">The long-term benefits of homeownership are hard to deny, but paying off a home at today\u2019s prices can mean making significant lifestyle and spending sacrifices not everyone is ready for. The decision to rent or buy ultimately comes down to what you can afford and what you\u2019re willing to give up.&nbsp;<\/p>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"nwb-authors nwb-authors__footer wp-block-nerdwallet-blocks-authors-card\">\n\t<div class=\"nwb-authors__wrapper\">\n\t\t<h4 class=\"nwb-authors__title\">\n\t\t\tAbout the Authors\t\t<\/h4>\n\n\t\t\t\t\t<div class=\"nwb-authors__content\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\">\n\t\t\t\t\t\t<img\n\t\t\t\t\t\t\tclass=\"nwb-authors__image\"\n\t\t\t\t\t\t\tsrc=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/IMG_20220329_114424-150x150.jpg\"\n\t\t\t\t\t\t\twidth=\"120\" height=\"120\"\n\t\t\t\t\t\t\talt=\"Clay Jarvis photo\"\n\t\t\t\t\t\t\/>\n\t\t\t\t\t<\/a>\n\t\t\t\t\n\t\t\t\t<div>\n\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\">\n\t\t\t\t\t\t<strong>Clay Jarvis<\/strong>\n\t\t\t\t\t<\/a>\n\n\t\t\t\t\t<div class=\"nwb-authors__bio\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<p>Clay Jarvis is NerdWallet\u2019s mortgage and real estate expert in Canada. Thus far, his entire professional writing career has revolved around real estate. Prior to joining NerdWallet, he was the&hellip;<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\" title=\"Read more about Clay Jarvis\">\n\t\t\t\t\t\t\t<span>Read more about Clay Jarvis and explore their articles<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<div class=\"nwb-authors__content\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/kurt-woock\">\n\t\t\t\t\t\t<img\n\t\t\t\t\t\t\tclass=\"nwb-authors__image\"\n\t\t\t\t\t\t\tsrc=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2023\/07\/kurt-woock-100x100.jpeg\"\n\t\t\t\t\t\t\twidth=\"120\" height=\"120\"\n\t\t\t\t\t\t\talt=\"Kurt Woock photo\"\n\t\t\t\t\t\t\/>\n\t\t\t\t\t<\/a>\n\t\t\t\t\n\t\t\t\t<div>\n\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/kurt-woock\">\n\t\t\t\t\t\t<strong>Kurt Woock<\/strong>\n\t\t\t\t\t<\/a>\n\n\t\t\t\t\t<div class=\"nwb-authors__bio\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<p>Kurt Woock started writing for NerdWallet in 2021 and has covered mortgages, cryptocurrency, electric vehicles and small business software. Prior to joining NerdWallet, Kurt worked for the Colorado Public Employees&#039;&hellip;<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/kurt-woock\" title=\"Read more about Kurt Woock\">\n\t\t\t\t\t\t\t<span>Read more about Kurt Woock and explore their articles<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t<\/div>\n<\/div>\n\n\n\n\t<section class=\"c-block-card-grid container\"\n\t\t\t>\n\t\t\t\t\t<h4 class=\"c-block-card-grid__title\">\n\t\t\t\tDIVE EVEN DEEPER\t\t\t<\/h4>\n\t\t\n\t\t<div class=\"c-block-card-grid-scroll column-four\">\n\t\t\t<div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-14245\" class=\"c-block-card post-14245 page type-page status-publish has-post-thumbnail hentry content-classification-mortgages topic-mortgage-calculator cluster-all-mortgage-calculators\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/canada-mortgage-payment-calculator\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"435\" height=\"290\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/11\/GettyImages-1371867761-435x290.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"Mortgage Payment Calculator\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/canada-mortgage-payment-calculator\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tMortgage Payment Calculator\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>Use our mortgage payment calculator to estimate your monthly mortgage payments in Canada. Enter your loan details to get an accurate and quick assessment of your mortgage costs.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/IMG_20220329_114424-150x150.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Clay Jarvis<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-14245 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-74243\" class=\"c-block-card post-74243 page type-page status-publish has-post-thumbnail hentry content-classification-mortgages topic-mortgage-syndication cluster-mortgage-syndication\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/new-mortgage-rules-help-or-harm\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"435\" height=\"290\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2024\/09\/GettyImages-1484800420-435x290.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"Canada\u2019s New Mortgage Rules: Help Or Harm For Housing?\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/new-mortgage-rules-help-or-harm\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tCanada\u2019s New Mortgage Rules: Help Or Harm For Housing?\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>Two upcoming mortgage rule changes \u2014 affecting down payments and amortization periods \u2014 could have a major impact on your ability to buy a home.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/IMG_20220329_114424-150x150.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Clay Jarvis<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-74243 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-2246\" class=\"c-block-card post-2246 page type-page status-publish has-post-thumbnail hentry content-classification-mortgages topic-mortgage-calculator cluster-buying-real-estate\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/first-time-home-buyer-tips\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"192\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/10\/GettyImages-1200912156-e1635257072704-460x192.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"12 Essential Tips for First-Time Home Buyers\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/first-time-home-buyer-tips\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\t12 Essential Tips for First-Time Home Buyers\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>Saving the right down payment, preparing for the mortgage stress test and looking for assistance programs are tips first-time home buyers can use to reduce stress and save money.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/kurt-woock\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2023\/07\/kurt-woock-40x40.jpeg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Kurt Woock<\/a><a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/hannah-logan\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/Hannah-Logan-e1626212867388-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Hannah Logan<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-2246 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-4949\" class=\"c-block-card post-4949 page type-page status-publish has-post-thumbnail hentry content-classification-mortgages topic-mortgage-basics cluster-home-buyer-programs-incentives\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/first-time-home-buyer-grants-assistance\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"198\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/GettyImages-665870928-e1648569315411-460x198.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"First-Time Home Buyer Grants and Assistance Programs\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/mortgages\/first-time-home-buyer-grants-assistance\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tFirst-Time Home Buyer Grants and Assistance Programs\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>Various grants and assistance programs in Canada can make it easier and more affordable to buy your first home.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/clay-jarvis\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/IMG_20220329_114424-150x150.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Clay Jarvis<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-4949 -->\n<\/div>\t\t<\/div>\n\t<\/section>\n\n","protected":false},"excerpt":{"rendered":"<p>A little knowledge about the housing market, mortgages and incentive programs can help you afford your first home.<\/p>\n","protected":false},"author":4,"featured_media":1437,"parent":106,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-templates\/article-sidebar.php","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"middle","apple_news_slug":"","apple_news_sections":"[\"https:\\\/\\\/news-api.apple.com\\\/sections\\\/258a2d7c-962b-47be-93aa-4e3a3f4b4a02\"]","apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":"","_nw_pros_cons_block_schema":""},"content-classification":[16],"topic":[117],"cluster":[233],"pp_author":[87,880],"acf":[],"apple_news_notices":[],"yoast_head":"<!-- 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