Your first home in Canada, step by step.

Build your Canadian credit history

Lenders look at your Canadian credit score. Start early:

• Open a Canadian bank account and get a credit card (a secured card is fine to start).
• Use it for small purchases and pay the full balance every month.
• Put your phone and utility bills in your name and pay on time.

Many Canadian banks have special mortgage programs for newcomers, which can work even with a short credit history.

Know your down payment

The minimum down payment in Canada depends on the price:

• 5% of the first $500,000
• 10% of the portion from $500,000 up to $1.5 million
• 20% for homes priced at $1.5 million or more

With less than 20% down, you'll need mortgage default insurance, which is added to your mortgage. Lenders will also want to see where your down payment came from, so keep records of money transferred from abroad.

Use the government programs

• First Home Savings Account (FHSA): save up to $8,000 a year ($40,000 lifetime), tax-free, for your first home.
• RRSP Home Buyers' Plan: withdraw up to $60,000 from your RRSP for a first home, repaid over 15 years.
• Land transfer tax refunds: first-time buyers can get up to $4,000 back from Ontario, plus up to $4,475 more in the City of Toronto.
• New home HST rebate: eligible first-time buyers of a newly built home can get the full 13% HST back on homes up to $1 million, with a reduced rebate up to $1.5 million (for agreements signed from March 20, 2025, before 2031).

Check which buyer rules apply to you

Permanent residents can buy like Canadian citizens. If you're in Canada on a work permit or as a student:

• The federal ban on foreign buyers of residential property runs until January 1, 2027. Work permit holders with at least 183 days left on their permit, and students who meet certain conditions, may be exempt for one home.
• Ontario charges a 25% Non-Resident Speculation Tax on homes bought by foreign nationals, with some exemptions.

These rules are detailed and can change. Always speak with a real estate lawyer before you make an offer.

Build your team

• A real estate agent who knows the area and explains each step in your language.
• A mortgage broker or bank specialist for your pre-approval.
• A real estate lawyer to review your offer and close the deal.
• A home inspector to check the home's condition before you commit.

We can introduce you to trusted professionals we've worked with for years.