Buying a Home in Canada
Learn about the costs, programs, and steps involved in buying a home in Canada.
Understanding Your Budget
Monthly Housing Costs
Your monthly housing costs should not exceed 39% of your gross monthly income.
Total Debt Load
Your total monthly debt load should not exceed 44% of your gross monthly income.
Saving for Your Down Payment
1
Budgeting
Make saving a part of your budget and set up automatic transfers to a savings account.
2
Short-Term Savings Options
Consider savings accounts, GICs, and low-risk mutual funds.
3
Tax-Free Savings Account (TFSA)
Save or invest your money tax-free and withdraw it without paying taxes.
4
Registered Retirement Savings Plan (RRSP)
Save for retirement and withdraw funds tax-free for a home purchase.
Home Buying Programs and Incentives
Home Buyers' Amount
Non-refundable tax credit of up to $1,500.
GST/HST New Housing Rebates
Rebate for some of the tax paid when buying a new home.
Home Buyers' Plan (HBP)
Withdraw up to $60,000 tax-free from your RRSP for a home purchase.
First Home Savings Account (FHSA)
Save up to $40,000 tax-free for a home purchase with an annual contribution limit of $8,000.
Getting Preapproved for a Mortgage
Get preapproved for a mortgage before you start looking for a home to determine your budget and qualify for the right home.
Finding Your Home
Research
Use websites, online resources, and mobile apps to find the right home for you.
Realtors
Realtors can help you with your research, negotiate a purchase price, and handle paperwork.
Understanding Mortgages
A mortgage is a significant loan, so it's important to understand the process and shop around for the right mortgage for your needs.
Home Buying Costs
In addition to your mortgage, you'll need to pay upfront or closing costs, which can range from 1.5% to 4% of the home's purchase price.
Additional Resources
Home Insurance
Learn about home insurance options.
Housing Options for Seniors
Explore housing options for seniors.
Mortgage Payment Calculator
Use a mortgage payment calculator to estimate your monthly payments.
Condominium Buyer's Guide
Learn about buying a condominium.
Protect Yourself from Fraud
Be aware of real estate fraud and take steps to protect yourself.
