First-time home buyer mortgages · BC & Alberta
Start with what you can afford, the cash you need and the programs you can actually use. We connect those pieces to a mortgage plan and help you through the first purchase.
The first practical question
The down payment is only one part of buying a home. The timing of your money matters just as much as the amount.
Start with one number
5% on the first $500,000, plus 10% on the amount above $500,000.
Owner-occupied purchase illustration. Lenders may require more. Closing costs and mortgage insurance are additional.
Add taxes and closing costs →Use the help that fits
FHSA · first-year participation room
An FHSA combines deductible contributions with tax-free qualifying withdrawals. The lifetime limit is $40,000. Room starts when you open your first account, and unused room has carry-forward rules.
Check eligibility and withdrawal timing before moving funds. A transfer from an RRSP is not a new deduction.
Understand your FHSA →Home Buyers’ Plan · withdrawal limit
The HBP allows eligible buyers to withdraw up to $60,000 from RRSPs for a qualifying purchase. Unlike a qualifying FHSA withdrawal, HBP funds generally need to be repaid under the program’s schedule.
You can combine HBP and FHSA withdrawals for the same home if you meet each program’s conditions.
Compare HBP and FHSA →Insured amortization · where eligible
Eligible first-time buyers and buyers of new builds may qualify for a 30-year insured amortization. Spreading repayment over longer lowers the payment but usually increases total interest.
New-home GST relief and provincial programs have separate tests. Ask about the exact home, agreement date and buyer eligibility.
Compare repayment timelines →A clear order of operations
Compare what the lender may approve with what you want to spend. Include housing expenses outside the mortgage.
Confirm your income, credit and down payment. Ask what a pre-approval covers and which conditions remain.
The lender must approve the property too. Understand the financing deadline, appraisal and outstanding conditions before proceeding.
Your lawyer or notary confirms the closing statement and funding instructions. Review the payment schedule before the first mortgage payment.
Already have a listing or accepted offer? See how purchase financing works.
Let’s make this personal
You do not need every answer before speaking with us. Share what you know about your price range, savings and timing.
We’ll help identify the questions that need a broker’s review, including income documentation, gifted funds, limited credit history and program eligibility.
Gather the documents you already have →Clear answers
Often yes. The exact minimum depends on purchase price, and the file still has to work with mortgage-insurance rules, lender policy, and the full cash-to-close plan.
It depends on income, debts, rates, taxes, condo fees, and the mortgage stress test. The practical starting point is your comfortable payment range, then the lender math behind it.
Usually more than the down payment alone. Deposits, legal fees, closing costs, tax adjustments, insurance-related costs, and moving expenses can all matter before closing day.
Common planning options include the FHSA, RRSP Home Buyers' Plan, the Home Buyers' Amount tax credit, and property-specific relief or rebates. Which ones help depends on the buyer, the property, and the timing.
Sometimes yes, but they do not work the same way. They should be compared against your savings timeline, tax position, and overall first-home cash plan before you decide how to use them.
Usually yes. A cleaner pre-approval helps you shop inside the right range and reduces the risk of falling in love with the wrong home or the wrong payment.
Often yes, but the lender will usually want the gift documented properly. It is much easier to prepare the gift letter, account history, and transfer trail before the offer stage.
Sometimes yes. The answer depends on the rest of the file, the down payment, the income strength, and which lenders fit the scenario best.
The work usually shifts to lender conditions, underwriting, appraisal, legal, and confirming the real cash needed before closing. That is why first-time buyer support should continue after the offer, not stop at pre-approval.
Sources checked September 6, 2026. Lender approval and product eligibility depend on your complete application.
Pragmatic Mortgage Lending · BC & Alberta
Get a clear explanation of the numbers, the programs and the steps ahead.
