Your Journey to Homeownership
Buying your first home is one of the most significant financial decisions you’ll make. The Canadian housing market in 2025 presents unique opportunities and challenges for first-time buyers.
Government Programs for First-Time Buyers
First Home Savings Account (FHSA)
The FHSA allows you to save up to $8,000 per year (lifetime limit of $40,000) with tax-deductible contributions and tax-free withdrawals for your first home purchase.
Home Buyers’ Plan (HBP)
Withdraw up to $35,000 from your RRSP to purchase your first home. Repay over 15 years with no tax consequences if you follow the rules.
Getting Mortgage-Ready
- Check and improve your credit score
- Save for a down payment (minimum 5% for homes under $500,000)
- Get pre-approved before house hunting
- Calculate all costs, including closing costs and property transfer tax
Working with a Mortgage Broker
A mortgage broker can access rates from multiple lenders, often finding better deals than you could on your own. At Utmost Financial, we work with over 100 lenders to find the best rate for your situation.