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First-time buyers

Buy your first Canadian home with confidence — and take full advantage of the federal programs built for first-time buyers.

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Buying your first home is one of the biggest financial decisions you'll make. A Finevo advisor walks you through pre-approval, down payment planning, and closing costs, then matches you with the lender and rate that fit your budget. We also make sure you're using every first-time buyer program you qualify for so you keep more money in your pocket.

What to know

Down payment minimums

In Canada you need at least 5% down on the first $500,000 of the purchase price and 10% on the portion between $500,000 and $1.5 million. We help you plan a down payment that avoids surprises.

First Home Savings Account (FHSA)

Contribute up to $8,000 per year (up to $40,000 lifetime) toward your first home. Contributions are tax-deductible and withdrawals for a qualifying home are tax-free.

Home Buyers' Plan (HBP)

Withdraw up to $60,000 from your RRSP (or $120,000 per couple) toward your purchase, repayable over 15 years.

Longer amortizations on new builds

First-time buyers purchasing a newly built home may qualify for a 30-year insured amortization, lowering monthly payments.

Good to know

  • Insured (high-ratio) mortgages are now available on homes priced up to $1.5 million.
  • The First-Time Home Buyers' Tax Credit can return up to $1,500 at tax time.
  • Provincial and municipal land transfer tax rebates may apply in Ontario, British Columbia, Prince Edward Island, and the City of Toronto.
  • Default insurance (CMHC, Sagen, or Canada Guaranty) is required when your down payment is less than 20%.

This information is a general overview of Canadian mortgage options and is not financial advice. Programs, rates, and eligibility are subject to change and to lender and insurer qualification. Speak with a licensed Finevo advisor for guidance specific to your situation.

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Connect with a licensed Finevo advisor for a personalized look at your first-time buyers options across 40+ Canadian lenders.

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