First-Time Buyer

Your journey to homeownership starts here. Expert guidance every step of the way.

Programs & Incentives

Take advantage of programs designed to help first-time buyers enter the market.

First-Time Home Buyer Incentive

The government provides 5–10% of the home's purchase price, reducing your mortgage and monthly payments. Repayment is due after 25 years or when you sell.

Home Buyers' Plan (HBP)

Withdraw up to $35,000 from your RRSP tax-free to use toward your down payment. Repay over 15 years with no interest.

First-Time Home Buyers' Tax Credit

Claim up to $10,000 for the purchase of a qualifying home, resulting in a tax credit of up to $1,500.

The Home Buying Process

A clear roadmap from dreaming to owning your first home.

1. Assess Your Finances

Review your credit score, calculate your savings for a down payment, and determine how much you can afford monthly. Don’t forget closing costs (1.5–4% of purchase price).

2. Get Pre-Approved

Meet with a mortgage professional to get pre-approved. This tells you exactly how much you can borrow and shows sellers you're serious.

3. Start Your Search

Work with a SirLuckHomes agent to find properties that match your criteria. Attend open houses and schedule private showings.

4. Make an Offer

When you find the right home, your agent will help you craft a competitive offer. We'll negotiate terms on your behalf.

5. Due Diligence

Get a home inspection, finalize your mortgage, and review all documents. Your lawyer will handle the legal aspects.

6. Close & Celebrate

Sign the final paperwork, transfer funds, and receive your keys. Welcome to homeownership!

Costs to Expect

Budget for these expenses when buying your first home.

Down Payment

Minimum 5% for homes under $500,000. Larger down payments mean lower monthly payments and no mortgage insurance (at 20%+).

Closing Costs

Legal fees, land transfer tax, title insurance, and other fees typically total 1.5–4% of the purchase price.

Ongoing Expenses

Mortgage payments, property taxes, home insurance, utilities, maintenance, and condo fees (if applicable).

Common First-Timer Mistakes Checklist

Avoid these pitfalls that catch many first-time buyers off guard.

Skipping the Pre-Approval:

Don't shop without knowing your budget. Pre-approval prevents disappointment.

Maxing Out Your Budget:

Leave room for unexpected expenses and lifestyle changes.

Skipping the Inspection:

Always get a professional inspection to avoid costly surprises.

Ignoring Future Needs:

Consider how long you'll live there and how your needs might change.

Making Big Purchases:

Avoid buying cars or taking on new debt before closing on your home.

Ready to Buy Your First Home?

Our first-time buyer specialists are here to guide you every step of the way.

Talk to a First-Time Buyer Specialist

Contact

Phone: (416) 747-5825
Email: [email protected]
Office: Virtual (New Space Coming Soon)

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