Deposits, down payments, closing costs and what a lender will actually approve for a first purchase.
In short If your Toronto pre-construction condo appraised below the purchase price, your lender will typically fund a mortgage based on the lower of appraised
Gen Z Canadians are reaching homeownership by making three trade-offs at once: cutting lifestyle spending to grow a down payment, accepting higher mortgage rates than
A Canadian household typically needs roughly $130,000 to $165,000 in qualifying gross income to buy an average-priced home nationally in mid-2026. Quick answer A Canadian
Yes — you can get a mortgage in Canada while carrying student loan debt, and most first-time buyers do. Lenders do not treat student loans
A mortgage shortfall at closing means the lender is willing to fund less than you need to complete the purchase, usually because the appraisal came
Yes — you can often still get a mortgage in Canada even when the appraisal comes in below the purchase price, but the deal usually
Last Updated: July 2026 Short answer: Whether to wait depends on your finances, not on the market. Elevated borrowing costs, home prices that still feel
Closing costs in Canada typically run between 1.5% and 4% of the purchase price, on top of the down payment. The main line items are
The Home Buyers' Amount is a federal non-refundable tax credit worth up to $1,500 for eligible first-time home buyers. Claim it by entering $10,000 on
Canadian buyers of a new or substantially renovated primary residence can typically stack three rebate programs at closing — federal, provincial, and municipal land transfer
The RRSP Home Buyers' Plan lets a qualifying first-time home buyer withdraw up to $60,000 from their RRSP tax-free to buy or build a qualifying
Last updated: November 2026 Quick answer The FHSA is typically the stronger single tool for most first-time buyers in Canada, because contributions are tax-deductible and
