With the recent Bank of Canada rate drop, many are eyeing the housing market, expecting further rate decreases. If you’re considering entering the market this summer, keep these key points in mind:

Aim for at least 5% of the purchase price, though 20% is preferable to avoid default insurance. First-time homebuyers can leverage up to $60,000 from RRSPs through the Federal Government’s Home Buyer’s Plan. The First Home Savings Account (FHSA) also helps first-time buyers save tax-free.

You may be eligible for property transfer tax exemptions or rebates, depending on the property's value and location (Ontario, BC, PEI, Toronto).

A pre-approval confirms the maximum amount you can afford, secures an interest rate for 90-120 days, and shows sellers you have secured financing, crucial in competitive markets.

These one-time fees, separate from the mortgage insurance and down payment, typically range from 1.5-4% of the purchase price. Key closing costs include:

• Land Transfer Tax
• Legal Fees
• Title Insurance
• Home Inspection Fee
• Appraisal Fee
• Property Insurance
• Prepaid Utility Bills
• Property Taxes

• Title Insurance
• Mortgage Protection Insurance
• Property & Fire Insurance
• Default Insurance

Whether you’re looking at a condo, townhouse, or a two-story property, buying your first home is a big step! The mortgage process can be intimidating, but I’m here to help. Ready to start your home-buying journey? Download my Mortgage Tool Box app using the link in my BIO to calculate mortgage payments, affordability, required income, and closing costs. Connect with me directly through the app for any questions!