First-time Home Buyer Guide Canada (2026)

Nearly 70% of Canadians find the housing market unfair to first-time buyers. Key financial requirements include minimum down payments based on home price tiers and mortgage insurance for under 20% down. Additional costs include closing fees and ongoing expenses. Programs like the First Home Savings Account, Home Buyers' Plan, tax credits, and provincial/local assistance can aid affordability. Buyers should assess lifestyle changes, financial readiness, and seek mortgage pre-approval before purchasing.