Your Guide to Buying Your First Home
Buying your first home is one of the most exciting milestones in your life — but it can also feel overwhelming if you’re not sure where to start.
The good news? With the right plan and the right support, it’s way more straightforward than people think. Here’s a clear breakdown of what to expect and how to make the most of the tools and programs available to you as a first-time buyer in Canada.
Step 1: Understand the Home Buying & Mortgage Process
Before you start scrolling listings and falling in love with kitchens on Instagram, it’s important to understand the process and what you can comfortably afford.
Here’s a simplified roadmap:
Get pre-approved
A mortgage pre-approval gives you a rough idea of your budget and can hold a rate for up to 120 days. It’s a great starting point — but keep in mind, a full approval only happens once you have an accepted offer on a specific property.
Work with a Mortgage Agent
This is where I come in. I review your income, credit, and overall financial picture, then shop across 80+ lenders to find the best mortgage option for you — not just whatever one bank offers.
Start house hunting
Once you know your numbers, you and your realtor can confidently look at homes that actually fit your budget. Don't have a realtor yet, I can absolutely connect you with one.
Make an offer & secure financing
When you find “the one” and your offer is accepted, I finalize your mortgage with the lender and guide you through any conditions that need to be met.
Prepare for closing
Your lawyer will handle the legal side, but you’ll want to be ready for closing costs — typically around 1.5% to 4% of the purchase price (legal fees, land transfer tax, etc.). If you dont have a lawyer yet, I'm happy to connect you with one.
Get the keys 🔑
Closing day = keys in hand. You did it.
Step 2: Know Your Down Payment Requirements
Your down payment plays a big role in your mortgage and determines whether your mortgage is insured or not.
Here’s how it works in Canada:
Purchase price up to $500,000: minum 5% down
Purchase price $500,001 to $1,499,999: 5% on the first $500K, 10% on the remaining amount
Purchase price $1,500,000+: Minimum 20% down
Example: 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
There are some seriously powerful programs out there that can make buying your first home more affordable — and a lot of people don’t fully use them.
First Home Savings Account (FHSA)
One of the best tools available right now.
Contribute up to $8,000/year (max $40,000)
Contributions are tax-deductible
Withdrawals for your first home are tax-free
It’s basically a win-win.
RRSP Home Buyers’ Plan (HBP)
You can withdraw up to $60,000 from your RRSP (per person) to use toward your purchase — tax-free.
If you’re buying with a partner, that’s up to $120,000 combined.
You’ll repay it over 15 years, starting in year two.
👉 And yes — you can combine both programs.
Step 4: Build the Right Team
Buying a home is a big deal — but you don’t have to figure it out alone.
My role is to guide you through the entire process, explain things in plain English, and make sure you’re making smart, informed decisions every step of the way.
Along with a great realtor and lawyer, you’ll have a team that’s actually looking out for you — not just pushing a deal through.
A New Chapter Starts Here
Your first home isn’t just a purchase — it’s a foundation for your future.
With the right plan and support, you can move forward with confidence and actually enjoy the process.
Whether you’re just starting to think about buying or you’re ready to make a move, I’m here to help you build a strategy that works for you.
Lee Soltys – Mortgage Agent L1
Access to 80+ lenders
📍 London, Ontario
📞 519-319-2076
