What To Do First When Buying A Home May 2026

Allows you to save up to $8,000 annually (to a $40,000 lifetime limit) tax-free for your down payment.

Don't just rely on a lender's maximum loan amount. Use an Online Mortgage Calculator to estimate monthly payments, but ensure your total housing costs (mortgage, taxes, insurance) stay under 32% of your gross monthly income to avoid being "house poor". what to do first when buying a home

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 Allows you to save up to $8,000 annually

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 000 annually (to a $40