First-Time Buyers
Almost every first-time buyer I meet has the same three surprises waiting for them. The approval is smaller than the calculator said. The down payment wasn’t the last cheque. And the offer went in before anyone checked the numbers.
None of these are about income. They’re about the things nobody explains until they’ve already cost you something — how existing debt eats borrowing power, what a lawyer actually needs on closing day, and the difference between an estimate and an approval. This centre is the conversation I’d rather have with you before you start looking than after you’ve made an offer.
The answers in this centre
- I earn good money. Why is my car payment cutting how much house I can buy?
- The online calculator says I can afford more. Why is my real approval lower?
- My parents are giving me the down payment. Will the lender have a problem with that?
- I’ve saved the down payment. Why do I need more cash at closing?
- Can we make an offer first and sort out the mortgage after?
The minimums, in one place
- Up to $500,000 — minimum 5% down
- $500,000 to $1.5 million — 5% on the first $500,000, 10% on the portion above
- $1.5 million and over — minimum 20%, and mortgage insurance isn’t available
- Insured first-time buyers and new-build purchasers can access a 30-year amortisation
Insured mortgage rules as at August 2026. These change — the maximum insured price moved from $1 million to $1.5 million in December 2024, and plenty of published advice still hasn’t caught up.
The order that works
Numbers first. Then houses.
It sounds obvious and almost nobody does it, because looking at homes is enjoyable and assembling documents isn’t. But a real pre-approval takes a day or two, and it changes the entire experience — you shop knowing what’s actually yours to buy, and you make offers you can stand behind.
What to do next
Send me your income, your down payment and every monthly payment you have. I’ll tell you the real number, not the calculator number — and if the honest answer is to wait three months and clear something first, you’ll get that instead.
Start the pre-approval → · Back to all answers →
General information about Ontario mortgages — not financial, legal or mortgage advice. Down payment minimums, insured mortgage rules and rebate amounts are set by government and change. Every file is reviewed individually.