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  • Writer's pictureStephanie Nash

First Time Home Buyer?

As a first time home buyer, there are some programs and incentives available to you as you set out to buy a home. Before I get into the details, it's important to understand the definition of a First Time Home Buyer as it relates to theses programs.

  • At least one home owner is a first-time home buyer

  • Have never purchased a home before

  • Have gone through a marital or common-law breakdown (even if the first-time home buyer requirements are not met)

  • In the last four (4) years, they have not occupied a home that they owned or their current spouse owned.

Now that we've defined what a First-Time Home Buyer is, we need to take a look at the requirements of the program.

  • Borrowers must be Canadian Citizens, permanent residents or non-residents who are eligible to work in Canada.

  • A total qualifying income of $120,000 or less per year.

  • The downpayment cannot come from unsecured personal loans or unsecured personal lines of credit.

  • The first mortgage must be greater than 80% of the value of the property

The program also outlines the types of properties eligible for the incentive as well as the minimum down payment requirements. The most important item of note here is the down payment as the requirement is based on the purchase value of the property on a sliding scale.

Property Value Percentage of Down Payment Needed

$500,000 or less 5%

$500,000 to $999,999 5% of the first $500,000, 10% of the remaining balance

$1,000,000 + 25%

Full details on the program and incentive are available on the Government of Canada website which can be found here. To discuss your eligibility and to start your pre-approval contact me today.


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