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100% Financing for
First Time Home Buyers
The dream of owning a home can be a reality for First time home buyers. Depending on your unique situation (i.e. credit, employment, personal debt and household income) you can access 100% Financing, Down Payment assistance and/or Rent to Own Programs.
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Homeowners VS Renters
In 2018, the Chief Economist (Will Dunning) for Mortgage Professionals Canada wrote a report entitled ‘Owning vs Renting a Home in Canada’ (dated September 2018). It mentions that ‘Homeowners tend to be better off financially than tenants. According to Statistics Canada’s 2016 Survey of Financial Security5 (“SFS”) homeowner households had an average net worth of just over $1 million while tenant households had an average net worth of about $127,000.
Homeownership solutions designed for the following situations:
First Time Home Buyers FAQ's
What qualifies you as a first-time buyer?
You have not previously owned a home in Canada or within the last 4 years.
What are the first-time home buyers’ benefits?
They include down payment assistance programs and the avoidance of land transfer tax.
What kind of credit score do you need for a first-time home buyer?
The score is contingent upon mortgage insurer’s guidelines, however scores of 680 and above provide you with a higher chance of qualifying.
Who qualifies for first time home buyer Canada?
The up to date criteria is determined by the mortgage insurer which is typically CMHC.
Do First time buyers need a deposit?
First time home buyers still require a deposit to purchase a home.
Can I borrow my down payment to buy a house?
Yes, you can borrow the down payment to purchase a home.
What type of properties can I buy with the First-Time Home Buyer Incentive?
Owner-occupied residential properties qualify for the program.
How much do you need for a down payment?
Down payments can be as low as 5%.
When should I get pre-approved for a mortgage?
It is wise to get pre-approved before looking for a home.
How does the home-buying process work?
The process includes getting a pre-approval, finding a home, submitting an offer and obtaining financing.