Calculate your gross debt service (GDS) and total debt service (TDS) ratios—housing costs shouldn’t exceed ~30–39% of gross income for lender approval

Pre-approval locks in rates, strengthens offers, and reveals your borrowing power—often before you start searching 

Prepare ID, income proof (T4/pay stubs), bank statements, credit check, down payment info, and assets for smooth approval

While spring/summer brings inventory, fall/winter may offer less competition and better deals

Minimum 5% for homes under $500 k, or 5% + 10% on the portion above, with under-20% requiring mortgage insurance

Save up to $40,000 tax-free (annual $8,000), then withdraw for a first home—deductible like RRSP and tax-free like TFSA

Withdraw up to $35k tax-free from RRSP (or $70k with a partner), repaid over 15 years

Includes HBP, FHSA, First-Time Home Buyers' Tax Credit ($1,500), land transfer tax rebates, and GST/HST rebates

A shared-equity loan covering up to 5–10% of a home’s cost, repayable when you sell or after 25 years

It uncovers hidden issues (plumbing, roofing, pests), helping you avoid costly surprises

Ask about furnace age, roof/windows condition, monthly utility costs—these can impact resale and budget

Yes - if contingencies haven’t been waived or deposit exchanged, you can withdraw; once signed, only with seller approval

Expect legal fees, land transfer tax, adjustments (utilities/taxes), home inspection, appraisal, and title insurance

Mortgage default insurance is mandatory under 20% down, while home insurance protects property and personal liability

Fixed offers payment stability; variable may start lower; hybrid combines both - choose based on risk tolerance and economic outlook

Lenders test approval against a benchmark rate (historically ~5%) to ensure you can handle rate hikes - affects loan size

Yes - bank-statement or stated-income programs are available when pay stubs or T4s aren’t applicable

Refinancing can lower rates, consolidate debt, or tap into equity - useful after building home value

Up to market trends, interest rates, timing, and personal goals - rent for flexibility, buy for equity and stability

Ask about fees, commission structures, local market knowledge, negotiation success rate, and contract inclusions

Depends on interest rates, supply-demand, your readiness - winter may bring deals; spring gives choice

Based on municipal assessment value, typically 0.5–1% of home value - check rates from your local municipality

Include utilities, maintenance, insurance, property taxes, and potential condo/homeowner association fees