Allows first-time buyers to withdraw up to $60,000 from their RRSP tax-free, provided it is repaid over 15 years. 3. Secure a Mortgage Pre-Approval Buying your first home - Canada Life
The following article outlines the essential first steps for any prospective homebuyer. what to do first when buying a home
In Canada, the minimum down payment is 5% for homes under $500,000, while homes over $1.5 million require 20%. 2. Leverage Government Incentives Allows first-time buyers to withdraw up to $60,000
Your score directly impacts your mortgage rate. Aim for at least 680 to 720 to secure competitive terms. You can check your report for free via Equifax or TransUnion . In Canada, the minimum down payment is 5%
Allows you to save up to $8,000 annually (to a $40,000 lifetime limit) tax-free for your down payment.
When buying a home, the absolute first thing you should do is . While it is tempting to start browsing listings immediately, establishing a realistic budget based on your actual income and expenses—rather than just what a bank might approve—is the critical foundation of the process.