You're buying your first property. It's probably the biggest financial decision of your life, and no one really taught you how to make it. Here's the guide I wish I'd had when I bought my first home.
The 5 essential steps
Know your real capacity
The bank lends you up to 32% of your gross income toward housing (GDS). But living at 32% is financially strangled. Realistic target: 28% max.
Use my calculator for a precise figure before the bank.
Mortgage pre-approval
Never visit without written pre-approval. You lock your rate for 90-120 days and your offers are taken seriously. Free, with no commitment.
Down payment
Minimum 5% under $500K, 10% between $500K and $1.5M, 20% above. Under 20%: CMHC insurance mandatory (1.8-4% of the loan).
Government programs
The HBP, FHSA and federal/provincial tax credits can mean significant savings for a first-time buyer. The exact amounts depend on your tax situation — to be confirmed with a tax specialist or financial planner.
Search, offer and closing
Pre-selection on your criteria, guided showings, drafting the offer, inspection, notary. 3-5 months between pre-approval and keys.
Government programs to know
FHSA (since 2023)
- Contributions tax-deductible
- Max $8,000/year, $40,000 lifetime
- Withdrawal non-taxable to buy
- Combinable with the HBP
- The most advantageous in 2026
HBP (Home Buyers' Plan)
- Withdraw up to $60,000/person of the RRSP
- $120,000 as a couple
- No tax
- Repayment over 15 years
- Powerful if your RRSP is well stocked
Plus: federal and provincial tax credits ($1,500 each at filing), and GST/QST rebate on new builds.
The hidden costs no one mentions
On top of the down payment, plan for 1.5% to 3% of the purchase price in one-time fees:
| Fees | Typical amount |
|---|---|
| Pre-purchase inspection | 600-1 200 $ |
| Notary | 1 200-2 500 $ |
| Welcome tax (transfer duty) | ~1-2% of the price |
| Municipal/school tax adjustments | 500-2 500 $ |
| Moving + small jobs | 3 000-8 000 $ |
A classic surprise. The welcome tax arrives 30-60 days after taking possession. On a $600K purchase, it can amount to $7,500-9,000 payable at once. Plan for it in cash.
How I support you
Since June 2022, the buyer brokerage contract (OACIQ form) provides for a fee owed by the buyer. In practice, this fee is usually covered in whole or in part by the fee split offered by the seller's listing broker. The exact terms are set out in the buyer brokerage contract we sign together. In concrete terms, here's what I do for you:
- Pre-selection on your real criteria (not just price + number of bedrooms)
- Guided showings: 33 years of experience to spot red flags
- Referrals to the best mortgage brokers, inspectors, notaries
- Drafting and negotiating your offer to purchase — an experienced broker can make a significant difference on the final price and the conditions secured
- Coordination through to handover of the keys
FAQ — first-time buyer
What income do you need to buy in Blainville in 2026?
As a guide: for a median single-family home at $685,000 with a 20% down payment and 2026 rates, a household income of around $135,000-150,000/year qualifies. For a condo at $380,000, about $75,000/year. These figures are indicative — your real capacity is determined by your lender or mortgage broker after a full review of your file.
How long does the whole process take?
From pre-approval to taking possession: 3 to 5 months.
What if the inspection reveals problems?
Three options: renegotiate the price, demand repairs, or cancel the offer. My role is to guide you to the rational decision.