First-Time Home Buying in Canada: 7 Steps

Reviewed October 2026. This guide is a planning overview for a Calgary buyer. Rules, rates, programs and costs can change, so confirm details with current official sources and qualified professionals.

1. Set a comfortable budget

Include the down payment, mortgage payment, property tax, home insurance, condo fees, utilities, maintenance, moving costs and an emergency reserve. A lender's maximum approval is not the same as a comfortable budget.

2. Get mortgage information

Compare lenders or use a qualified mortgage professional. Ask about the rate, term, amortization, payment, renewal risk, prepayment rules, penalties and mortgage insurance. A 30-year amortization can lower payments but generally increases total interest.

3. Check current first-time buyer tools

The Home Buyers' Plan allows eligible buyers to withdraw up to $60,000 from an RRSP, subject to current CRA rules and repayment requirements. The FHSA has its own eligibility, contribution and withdrawal rules. The federal First-Time Home Buyer Incentive is closed to new applications. New-build GST rebates and insured-mortgage rules have specific eligibility and price conditions; resale homes do not automatically qualify.

4. Choose the area and home

Compare commute, transit, services, property type, condo documents, flood or environmental concerns, sunlight, school boundaries and current school availability. Verify school information directly with the education authority.

5. Write an informed offer

Discuss price, deposit, possession date and conditions such as financing, inspection and document review. Deadlines should be clear in the contract.

6. Complete due diligence

Use an inspection where appropriate, confirm financing, review title and property documents, ask about permits and obtain specialist reports when needed.

7. Close and move

Your lawyer coordinates title transfer, lender documents, adjustments and funds. Arrange insurance before closing and complete a final walkthrough.

Official sources: https://www.canada.ca/en/services/taxes/saving.html | https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html | https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account.html