Can I really buy with 5% down?

Yes, on a home up to $500,000, and on the first $500,000 of a more expensive one. With less than 20% down your mortgage needs default insurance. The premium is added to the mortgage rather than paid up front.

Do I count as a first-time buyer?

It depends on the program. The First Home Savings Account and the Home Buyers' Plan generally count you if you haven't lived in a home you or your spouse owned in the last four calendar years. Ontario's land transfer tax refund is stricter: you can never have owned a home anywhere in the world. We'll check which ones you qualify for.

What is the stress test?

Lenders have to check you could still afford the payment if rates rose. You qualify at your contract rate plus two percentage points, or a federal minimum rate, whichever is higher. It's why the amount you qualify for is lower than the payment you'd actually make.

Can I get a 30-year amortization?

First-time buyers can, even with less than 20% down. A longer amortization lowers the monthly payment but costs more in interest overall, and on an insured mortgage it adds a little to the insurance premium.

How long does a pre-approval last?

Usually 90 to 120 days, depending on the lender. It holds a rate for that window, so if rates rise while you shop, you keep the lower one.

Your first home, without the guesswork.

What you need to put down, the programs that put money back in your pocket, and what closing really costs. Then we find the lender that fits, and walk you through every step to the keys.

Apply for a mortgage ↗Get more info

The numbers that matter firstSept 2026

$25,000

Minimum down payment on a $500,000 home

5% of the price

$40,000

First Home Savings Account

Tax-deductible in, tax-free out

$60,000

RRSP Home Buyers' Plan

Per person, repaid over 15 years

$4,000

Ontario land transfer tax refund

Up to $4,475 more in Toronto

We check which of these you qualify for before you start looking.

How much you need to put down

The minimum is set federally and depends on the price. Under 20% down, your mortgage needs default insurance, which is added to the loan.

Purchase priceMinimum down payment

Up to $500,0005% of the price

$500,000 to $1.5 million5% of the first $500,000, then 10% of the rest

$1.5 million and up20% of the price

Example: on a $700,000 home the minimum is $25,000 on the first $500,000 plus $20,000 on the rest, so $45,000.

See the monthly number before you shop.

Set a price and a down payment. The calculator won’t let you go below the legal minimum, and it adds the insurance premium for you.

$per month

Purchase price

Down payment

Interest rate you want to test

Amortization

Mortgage of $494,950, including a $19,950 default insurance premium. Insured amortizations past 25 years are only for first-time buyers and new builds. The rate is yours to set, not a quote. An estimate for planning, not an approval.

Money the government gives first-time buyers

Most people use one of these. Many qualify for all three.

First Home Savings Account$8,000 a year

Up to $40,000 in total. What you put in comes off your taxable income, and it comes out tax-free when you buy your first home.

RRSP Home Buyers' PlanUp to $60,000

Borrow from your own RRSP for the down payment, then pay it back to yourself over 15 years. A couple can each use it.

Land transfer tax reliefDepends on the province

Ontario refunds up to $4,000, and Toronto adds up to $4,475 more. BC exempts the first $500,000 on homes worth up to $835,000. Alberta has no land transfer tax at all.

Limits and eligibility as of September 2026. Programs change, so we confirm what applies to you before you count on it.

What closing actually costs

The down payment is not the only cheque. These come due on closing day, so budget for them from the start.

Land transfer taxOntario and BC charge it on the purchase price, less any first-time buyer relief. Toronto charges a second one.
Legal feesA lawyer closes the purchase and registers the mortgage. Get a quote that includes disbursements.
Title insuranceProtects against problems with ownership records. Usually a few hundred dollars, arranged by your lawyer.
Home inspectionOptional, and worth it on most resale homes. Paid before you firm up the offer.
AdjustmentsYour share of property tax or condo fees the seller already paid for the days you'll own the home.
Sales tax on mortgage insuranceIn Ontario, provincial sales tax on the insurance premium is due at closing and can't be added to the mortgage.

Before you look at listings

Five things that make the rest go smoothly. We help with every one of them.

1Check your credit report, so there are no surprises when a lender pulls it.
2Gather two recent pay stubs, a letter from your employer, and your last two years of tax slips.
3Show where your down payment came from. Lenders usually ask for 90 days of account history, or a signed gift letter.
4Get pre-approved before you book viewings, so you know your real budget and can move fast on an offer.
5Set aside money for closing costs on top of the down payment.