by MacDonald Property Group | Tuesday 27 2025 | Home Buying, Real Estate Advice, First-Time Buyers
Buying your first home is one of the most exciting — and nerve-wracking — milestones in life. Between saving for a down payment, navigating mortgage approvals, and understanding what goes into an offer, the process can feel overwhelming. But with the right information and a solid plan, you can make confident decisions and avoid costly mistakes.
Here’s a comprehensive checklist every first-time homebuyer in Canada should review before making an offer.
1. Check Your Credit Score
Your credit score directly impacts the mortgage rate you’ll qualify for. Make sure to check your score in advance and correct any errors on your credit report. A score of 680 or higher typically qualifies you for better terms.
2. Set a Realistic Budget
Determine how much you can comfortably afford — not just for the purchase price, but also for closing costs, ongoing maintenance, insurance, and property taxes. Use a mortgage affordability calculator to help set expectations.
3. Get Pre-Approved for a Mortgage
This shows sellers that you’re serious and financially capable. It also gives you a clear sense of your price range and lets you lock in a mortgage rate for up to 120 days with many lenders.
4. Choose the Right Realtor
Look for an agent experienced with first-time buyers who can educate you throughout the process, advocate for your needs, and connect you with trusted professionals like mortgage brokers and inspectors.
5. Research Neighborhoods
Think long-term. What’s important to you — good schools, walkability, transit, future development? Take the time to explore different areas and understand local market trends.
6. Understand Closing Costs
Many first-time buyers are surprised by additional expenses like legal fees, land transfer tax, title insurance, and home inspections. These can total 1.5%–4% of the purchase price.
7. Make a Needs vs. Wants List
List your must-haves (number of bedrooms, location) and nice-to-haves (granite countertops, fenced yard). This will help keep you focused when viewing homes.
8. Be Ready to Act
Homes in popular neighborhoods can move fast. If you’ve done your prep work, you’ll be in a strong position to make an offer quickly and confidently.
9. Always Get a Home Inspection
Even if a home looks move-in ready, an inspection can uncover hidden issues like foundation cracks, plumbing concerns, or outdated wiring. It’s worth the cost.
10. Plan for Moving Day
Start gathering moving supplies early and book movers as soon as your closing date is confirmed. If you’re renting, be sure to provide your landlord with notice as required.
Bonus Tip: Take Advantage of Incentives
As a first-time buyer in Canada, you may qualify for programs like the First-Time Home Buyers’ Tax Credit, the RRSP Home Buyers’ Plan, or the new First Home Savings Account (FHSA).
Final Thoughts
The home buying journey can feel intimidating, but it doesn’t have to be. With a clear plan, the right support, and a bit of patience, you’ll be holding the keys to your first home in no time.
If you’re just getting started and need some guidance, our team is here to walk you through every step. Reach out any time — we’re always happy to help.
Give us a call today!
613-823-8873