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First Time Home Buyers

Buying your first home is scary. But it doesn’t need to be hard. We’ve coached thousands through the experience of buying their first homes. Let us help you through the process too!


Here’s a few topics to help answer your questions.

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How Much Of A Down Payment Will I Need?

In Canada, the amount of down payment required for the purchase of a home depends on the purchase price of the property. As of my last update in January 2022, the rules set by the Canada Mortgage and Housing Corporation (CMHC) for minimum down payments are as follows:


Less Than $500,000 Purchase Price

The minimum down payment is 5% of the purchase price.

Between $500,001 and $999,999 Purchase Price

The minimum down payment is 5% of the first $500,000 and 10% for the portion of the purchase price above $500,000.

$1 million or more Purchase Price

For homes with a purchase price of $1 million or more, the minimum down payment is 20%.

All About the First-Time Home Buyer Incentive!

The First-Time Home Buyer Incentive assists Canadians in acquiring their initial residence. Through the program, individuals can receive either 5% or 10% of the property’s purchase price to contribute to the down payment. This supplemental down payment reduces the ongoing costs of your mortgage, thereby making owning a home more economical.


It's a Shared Equity Mortgage

The program functions as a shared equity mortgage, where the Government of Canada shares in the upside and downside of the property value. It’s not a traditional loan, so buyers don’t have to make ongoing payments and it isn’t interest-bearing.

Contribution Percentage Allowable: 5% vs 10%

The program offers either 5% for a first-time buyer of an existing home or up to 10% for a first-time buyer of a new construction.

Lower Monthly Mortgage Payments

With the additional down payment support from the program, a first-time homebuyer can reduce their monthly mortgage payments, making homeownership more affordable.


Buyers will need to repay the incentive either when they sell the house or after 25 years, whichever comes first. The repayment is based on the property’s fair market value at the time of repayment, not the original incentive percentage.

Does My Credit Score Matter. And How Do I Fix It?

In Canada, a credit score is a fundamental tool used by lenders to gauge the creditworthiness of prospective homebuyers. It is an important tool to leverage for getting your first mortgage. Here’s how to improve it.


Payment History

Ensure timely payments of bills, loans, and credit card balances. Consistent punctuality in meeting payment obligations has a significant positive impact on your credit score.

Reduce Outstanding Debt

Focus on paying down high balances. Utilize strategies like the debt avalanche (targeting high-interest debts first) or the debt snowball (targeting small debts first) to manage and reduce your debt load.

Limit New Credit Inquiries

Each time you apply for credit, a hard inquiry is recorded, which can temporarily lower your score. Only apply for new credit when necessary and space out your applications. (Hint: When applying for a mortgage all credit checks within a 30 day window count as one hard check).


Check Credit Reports

Regularly review your credit reports for errors or discrepancies. If you find any mistakes, promptly report them to the respective credit bureau – either Equifax or TransUnion in Canada – for correction.

Free Credit Reports

While their are a lot of Free Credit Checking Software available we recommend Borrowell

I’m Ready To Apply What Documents Do I need?

When applying for a mortgage in Canada, lenders require several documents to assess your financial stability and determine your eligibility for a mortgage. If this list seems like a lot do not worry. We are here to help and make sure that you provide the right documents at the right time to the right people. Every Lender is different, and your personal situation will also effect what documents you’ll need. Salaried, Hourly, or self-employed, we are here to help.


Proof of Identity

Valid government-issued identification, such as a passport, driver’s license, or provincial ID card.

Proof of Legal Status

If not a Canadian citizen, documentation like a permanent resident card or work visa may be required.

Proof of Employment

Recent pay stubs, an employment letter detailing your position, salary, and length of service, and possibly T4 slips from recent years.

Proof of Income

For self-employed individuals, this could mean business financial statements, tax returns, and a Notice of Assessment from the Canada Revenue Agency.


Information on current debts such as car loans, credit card balances, student loans, and other personal loans.

Property Details

If you’ve chosen a property, details including the purchase agreement, property tax statements, and recent utility bills might be needed. For condos, additional documents like a condo status certificate could be required.

Credit History

Lenders will typically pull your credit report themselves, but they’ll need your consent. A good credit score can enhance the likelihood of securing favorable mortgage terms.

Down Payment

Proof of your down payment source, which can include bank statements showing savings, RRSP withdrawal under the Home Buyer’s Plan, or a gift letter if the funds were given to you.

Personal Assets

Details of bank accounts, vehicles, other real estate, and valuable possessions.

Details of the Mortgage

If refinancing or transferring a mortgage, details about the current mortgage will be needed.

Using a Mortgage Broker Instead of a Bank

When you go to a bank, the only products you’ll hear about are the ones they are certified to sell you, and the only solutions they’ll mention are the ones that benefit you as well as the bank. But when you talk with a Calgary Mortgage Broker, you’ll learn about every lender and solution out there! And we can tell you which lenders will or will not approve you. All with one application and one credit check! We are here to compare and contrast every option available so you can make the most informed decision with the greatest degree of confidence.


One application, dozens of lenders


We shop for the best rate for you


We work for you, not the bank!

We’ve Helped Hundreds Of First Time Buyers

We feel passionate about educating first time buyers on the ins and outs of buying their first home. We pride ourselves in helping our first time buyers save money at every turn, and maximize their buying power. We make sure that each new buyer understands the terms of every mortgage product offered to them as well as the benefits available to first time buyers in Canada. We might not help with the packing, but we’ll help with everything else!


We will educate you on Canada's first time homebuyer incentive


Teach you how to fully understand prepayment penalties


The crucial mistakes not to make that can cost you $50,000 or more


What a mortgage broker is, and how we can save you money

High angle view of happy couple unpacking their belongings at their apartment.

Are You Wanting Personalized Help? Schedule a One-on-One Consultation

Personalized Service is what we do BEST! Mortgages for Less prides itself on our team of problem solving agents. We will answer all your questions, and guide you along this path to home ownership. We aren’t scary! We promise.

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