Your Guide To Buying Your First Home

Your Guide to Buying Your First Home

Buying your first home is one of life’s most exciting milestones — but it can also feel overwhelming if you’re not sure where to start. The good news is, with the right plan and support, the process is more straightforward than you might think. Here’s a clear overview of what to expect and how to make the most of the programs and tools available to first-time buyers in Canada.

Step 1: Understand the Home Buying & Mortgage Process

The first step is to get a clear picture of your financial readiness and the home buying process itself. Here’s a simplified roadmap of what that looks like:

1. Get pre-approved – A mortgage pre-approval shows you how much you can afford and locks in an interest rate for up to 120 days. It’s also an essential step before you start house hunting.

2. Work with a mortgage broker – Your broker will review your income, credit, and overall financial situation, then help you compare mortgage products from multiple lenders to find the best fit.

3. Start house hunting – With your pre-approval in hand, you and your real estate agent can search confidently within your budget.

4. Make an offer and secure financing – Once you’ve found the right home and your offer is accepted, your mortgage broker will finalize the financing with the lender.

5. Prepare for closing – As you approach closing day, your lawyer will review the purchase agreement and handle the legal paperwork. Be sure to plan for closing costs, which typically range from 1.5% to 4% of the purchase price and can include legal fees, land transfer tax, and other final expenses.

6. Move in and celebrate – Once the deal closes, the keys are yours!

Step 2: Know Your Down Payment Requirements

Your down payment is a key part of your mortgage approval and determines whether your mortgage is insured or uninsured. In Canada, the minimum down payment depends on the purchase price:

• Up to $500,000: 5% of the purchase price

• $500,001 to $1,499,999: 5% on the first $500,000 and 10% on the remaining amount

• $1,500,000 or more: 20% minimum (required for uninsured mortgages)

For example, if you’re buying a $700,000 home:

• 5% of $500,000 = $25,000

• 10% of $200,000 = $20,000
  Total minimum down payment = $45,000

Step 3: Take Advantage of First-Time Buyer Programs

If you’re purchasing your first home, there are government-backed programs designed to make the process more affordable and help you build your down payment faster.

1. First Home Savings Account (FHSA)

The FHSA is one of the most powerful tools available to first-time buyers. It allows you to contribute up to $8,000 per year (to a lifetime maximum of $40,000) toward your first home. Contributions are tax-deductible, and withdrawals used for a qualifying home purchase are tax-free — giving you a significant financial boost.

2. RRSP Home Buyers’ Plan (HBP)

If you’ve been contributing to an RRSP, the Home Buyers’ Plan lets you withdraw up to $60,000 from your RRSP to put toward your first home without paying tax. Couples can each withdraw $60,000, for a combined $120,000. The funds must be repaid to your RRSP over 15 years, starting the second year after withdrawal.

You can even combine the FHSA and RRSP HBP to maximize your down payment power.

Step 4: Work With the Right Team

Buying your first home is a big step, but you don’t have to do it alone. Mortgage brokers walk you through every stage, explain your options clearly, and make sure you’re taking advantage of every program available. Alongside a knowledgeable real estate agent and lawyer, you’ll have a team that helps you move forward with confidence.

A New Chapter Awaits

Your first home isn’t just a purchase — it’s a foundation for your future. With a clear plan, a strong understanding of the process, and the right support, you can turn the dream of homeownership into reality. Whether you’re just starting to think about buying or you’re ready to take the first step, now is a great time to explore your options and start building a strategy that works for you.

Jason Armstrong – Mortgage Broker

519-488-1350

jason@teamarmstrongmortgages.ca

TeamArmstrongMortgages.ca

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Thank You Cards

As times have changed and the younger generation have different ways to communicate, wether it is on social media, Instagram, , Snap Chat, Facebook etc…..

Do you think it is acceptable for a bride and groom to send a facebook thank you to their guest for gifts or do you think they should send a thank you card in the mail?

My Facebook friends and family have all in agreement stated that is appropriate to send a thank you card and not a shout-out or thank you on social media.

Your welcome to put your thought on here to give us your opinion.

Decide How Much You Want To Spend On A Ring

DECIDE HOW MUCH YOU WANT TO SPEND

To make the process easier have a price range in mind before you start to shop. Going in with fairly specific parameters will help your jeweller find the right engagement ring to fit your budget.

DO YOUR HOMEWORK

Before you even set foot in a jewelry store there is a lot to learn about diamonds. A good place to start is with the 4Cs – Color, Clarity, Cut and Carat Weight – so you understand how each influences the value of the diamond and adds to the overall appearance of the stone. In doing this you can decide which is the most important to you.

UNDERSTAND HER TASTE IN JEWELleRY

If you pay attention to the kind of jewellery she already wears it could go a long way in helping you pick out the perfect ring. Does she wear more white metals or yellow gold? Do her pieces tend to be more delicate or chunky? Sleek or ornate? Have these preferences in mind when you set out to shop. If you buy something similar to what she already likes, you can't go wrong.

KNOW HER RING SIZE

If she wears rings, borrow one she already owns. Trace the inner circle on a piece of paper, or press the ring into a bar of soap for an impression. You can also slide it down one of your own fingers and draw a line where it stops. A jeweller can use these measurements to identify her approximate ring size.

If she doesn't wear rings you can estimate in the following manner: The average ring size in Canada is 6 (based on the 'average' Canadian female being 5'4" tall and weighing 140 lbs.) If she's more slender, or fine-boned, her ring size is probably in the 4 1/2 to 5 1/2 range. If she is heavier, larger-boned or taller, her ring size is probably in the 6 1/2 to 7 1/2 range. It's always better to buy a ring a bit bigger than you think she'll need, because sizing a ring down is much easier than increasing its size.

KNOW HER FAVORITE SHAPE AND CUTTING STYLE

If she hasn't made it easy for you by already voicing an opinion or showing you a picture in online, in a magazine (or admiring someone else's engagement ring), keep these thoughts in mind when considering shape.

She will be wearing the ring every day of your married life. She will want it to go with everything from jeans to evening wear. If you're uncertain about her diamond shape preference, it's sensible to stick to the classics, such as a round or square shape. They became classics because they are the most popular for most people.

Certain shapes pair more successfully with other shapes in multi-stone rings. Round, oval and marquise shapes work well sitting side-by-side. Pear and heart shapes are more challenging.

These diamonds feature a range of shapes and cutting styles. From left: cushion cut, Ascher cut, emerald cut, princess cut, oval shape, marquise shape, pear shape.

Preference in shape may be reflected in other parts of her life. If she prefers clean, modern lines in furniture, for example, it's likely she may tend to like the same aesthetic in rectangular or square shapes. If she leans towards the traditional, a round shape rarely misses. Are her tastes eclectic or bohemian? She may favor more unusual shapes, like a triangular or marquise shape.

A diamond’s cutting style refers to its facet arrangement, rather than its shape. Round-shaped diamonds, for example, are cut in the brilliant style − an arrangement of 57 or 58 facets designed to maximize the diamond’s sparkle and minimize the appearance of inclusions. The fewer the facets, the more visible any inclusions will be, so a cutting style such as a step cut (a.k.a. emerald cut), for example, requires higher clarity in the diamond.

DECIDE ON A SETTING

Consider her lifestyle and how well a certain setting design will fit into it. If she's more active or outdoorsy, look for lower profile, less ornate or more secure mountings, which are less likely to get knocked against or caught on things. If she's more of a glamour girl, look for statement settings, with a higher stone profile and more intricate ring detailing.

While there are endless design choices you can make for her ring, there are some basic setting types you are likely to encounter: 

SOLITAIRE

A single stone and still the most popular style choice in engagement rings. If prong set, the head secures the diamond and the prongs allow the diamond to catch the most light. A six-prong setting is more secure than four prongs. A bezel setting is even more secure and protects the girdle of the stone, but allows the diamond to catch less light than a prong setting.

SIDESTONE

Smaller diamonds or other gemstones that flank the larger center stone for additional sparkle or color. Popular sidesstone settings include claw, channel (which protects stones by keeping them flush), and bar-channel (which allows more light to enter the sidestones). They can have sidestones that flank the centre stone as well as stones set in the shank of the ring.

THREE STONE

Typically, the diamonds are the same shape with the center diamond larger than the two sidestones.

HALO SETTING

The center stone is surrounded by tiny gemstones in a pave (pah-vey) or claw set setting, usually diamonds, to add sparkle and to give the appearance of a larger center stone.

DECIDE ON A METAL

A diamond engagement ring is meant to last a lifetime so it is often made of gold or platinum - highly durable metals that can withstand many decades of daily wear. Metal color is a matter of personal preference with gold providing more color options: white, yellow or rose. Metal color is also a consideration since the appearance of a diamond’s color is affected by its surroundings. Once you’ve selected your diamond, ask your jeweller to show you how it would look with different colored metals.

FIND A JEWELLER

You don’t have to go it alone. A good jeweller will ensure that your engagement ring buying process is stress-free. He or she will educate you about the 4Cs of diamond quality, answer your questions in detail, and help you narrow your choices to those that fit your intended’s tastes and your budget. Look for a jeweller that is professional and has good reputation – asking friends or relatives for recommendations or you can look at online reviews. You should also ask for a grading report, like those provided by GIA and other labs, prior to purchasing a diamond to validate the quality of your purchase.

Buying an engagement ring can be much simpler than you think, if you educate yourself about diamonds and the 4Cs, know her tastes and find a good jeweler to work with. You should enjoy the process and imagine the look surprise and love you’ll get when you put that perfect ring on her finger!

Select a Venue for your Wedding Day

I was asked to write suggestions for Wedding couples on planning their day.

Once engaged and date figured out, you should reserve your wedding venue in one to two years in advance.  Get the venue you want and make a deposit to reserve.  If you are two years ahead you can negotiate pricing and might be able to get this years prices instead of paying pro-rated prices in the future.  Most venues actually charge more for a Saturday booking rather than a Friday night  or Sunday afternoon / evening.  So If you book in advance you have a better chance of negotiating a better price as they want the deposit.

For people who have already had their wedding please respond on this blog on excellent places for the future wedding couples, on places they can visit to help them decide on a venue. There are so many options out there, a little help in the right direction can go a long way.

Thank you for helping our new couples plan their day by your past experiences on great ideas and planning.