Buy a home with a number you trust.
From the first budget conversation to the keys — pre-approval, down payment strategy, government programs and the closing costs nobody mentions.
Rate holds of up to 120 days while you shop
Shop with a budget, not a guess.
A pre-approval reviews your income, credit and down payment, then holds a rate while you search. Sellers take your offer more seriously, and you avoid falling for a home you cannot finance.
- Real budget, tested at the federal stress-test rate
- Rate held for up to 90–120 days, depending on the lender
- Document gaps found before you make an offer
A pre-approval is not a final approval. The lender still reviews the property, appraisal and final documents.
Start My Pre-ApprovalHow much do you actually need?
Canada uses a tiered minimum. Below 20% down, mortgage default insurance (CMHC, Sagen or Canada Guaranty) is required and added to the loan.
| Purchase price | Minimum down | As % |
|---|---|---|
| $400,000 | $20,000 | 5.0% |
| $750,000 | $50,000 | 6.7% |
| $1,200,000 | $95,000 | 7.9% |
| $1,600,000 | $320,000 | 20.0% |
| Down payment | Insurance premium | On the loan |
|---|---|---|
| 5% – 9.99% | 4.00% | Added to mortgage |
| 10% – 14.99% | 3.10% | Added to mortgage |
| 15% – 19.99% | 2.80% | Added to mortgage |
| 20% or more | None | Conventional mortgage |
Standard premiums for owner-occupied homes; a 30-year insured amortization adds 0.20%. In some provinces, including Ontario, Québec and Saskatchewan, provincial sales tax on the premium is paid at closing.
Help you should not leave on the table.
Used together, these can add tens of thousands to a down payment. Eligibility rules apply to each.
FHSA
Save $8,000 a year, up to $40,000. Contributions are tax-deductible and qualifying withdrawals are tax-free.
RRSP Home Buyers’ Plan
Withdraw up to $60,000 from your RRSP for a first home, then repay it over 15 years.
30-year amortization
First-time buyers can stretch an insured mortgage to 30 years for a lower payment — at a higher total interest cost.
Tax credits & rebates
The federal home buyers’ tax credit plus provincial land transfer tax rebates where they apply.
The money you need after the down payment.
Lenders expect you to have closing costs set aside — usually 1.5% to 4% of the price, depending on province and property.
Land transfer tax
Provincial (and in Toronto, municipal) tax on the purchase. First-time buyer rebates may apply.
Legal or notary fees
Your lawyer or notary registers the mortgage and title and handles the funds.
Title insurance
A one-time premium that protects against title defects and fraud.
Inspection & appraisal
A home inspection before you firm up, and an appraisal if the lender requires one.
Adjustments
Repaying the seller for prepaid property tax, condo fees or utilities.
Moving & set-up
Movers, utility hook-ups and the first months of home insurance.
Before you make an offer.
More in the learning centre
Can I use a gift for my down payment?
Yes, from an immediate family member, usually with a signed gift letter and proof the funds are in your account before closing.
Should I choose fixed or variable?
Fixed gives payment certainty; variable moves with the lender’s prime rate and often has lower penalties. Your budget, plans and risk comfort decide — not just the rate.
Does a pre-approval affect my credit score?
A credit check is required. Several mortgage inquiries within a short window are usually treated as one shopping event by the credit bureaus.
What if the appraisal comes in low?
The lender lends on the lower value, so the gap comes from your down payment. Firming up only after financing is confirmed protects you.
A clear plan before you sign anything.
Buying, renewing or refinancing — a 30-minute review shows your options, the trade-offs and the documents to gather first. No obligation.