From pre-approval to possession — every step of the Canadian home buying process. Government grants, FHSA, mortgage stress test, offer strategy, closing costs, and the 12 most expensive mistakes first-time buyers make. Province by province.
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Before you book a showing, here are the four numbers and four programs every Canadian first-time buyer should know — drawn directly from the handbook.
Those four steps prevent the most common first-buyer mistakes — under-budgeting closing costs, skipping the FHSA, making a stress-test-failing offer. Want the full pre-approval checklist, the offer strategy guide, and the closing cost calculator? Read on.
A visual map of the Canadian first-time buyer journey. The handbook covers each stage in detail with checklists, scripts, and provincial variations on closing costs and rebates.
Land transfer tax is the largest closing cost in most provinces — and most provinces have a first-time buyer rebate that wipes out part or all of it. The handbook includes the full calculation and rebate eligibility rules.
| Province | Land transfer tax (LTT) | First-time buyer rebate |
|---|---|---|
| Ontario | 0.5%–2.5% sliding scale + Toronto adds another LTT | Up to $4,000 ($4,475 in Toronto) |
| British Columbia | 1%–3% (5% over $3M) | Full exemption under $500K; partial $500K–$835K |
| Alberta | No LTT — only nominal land title fees ($50 + $2/$5,000) | N/A — no LTT to rebate |
| Quebec | Welcome Tax: 0.5%–3% sliding | Some municipalities offer rebates (varies) |
| Saskatchewan | $0.40 per $100 (low) | N/A — no formal rebate |
| Manitoba | 0.5%–2% sliding | N/A — no formal rebate |
| Nova Scotia | 0.5%–1.5% (varies by municipality) + Halifax 1.5% | Some municipalities offer rebates |
| New Brunswick | 1% flat | N/A |
| Newfoundland | $100 + 0.4% on amount over $500 | N/A |
| PEI | 1% flat (waived for first-time buyers under $200K) | Full waiver under $200K threshold |
Snapshot for orientation only. Land transfer tax rates and first-time buyer rebate thresholds change frequently — confirm current rates with your real estate lawyer. The handbook includes the precise calculation for each province.
First-time buyers who want to understand the full picture before sitting down with a mortgage broker
Couples saving for a first home who want to maximize FHSA and HBP benefits over 1–3 years
Buyers in expensive markets (Toronto, Vancouver) who need to understand the stress test and closing-cost math
Anyone who has been told "we'll cover that at closing" — and wants to know what's actually being covered
From mortgage brokers and real estate lawyers, the same expensive mistakes appear again and again. Avoid these and you've avoided the bulk of first-buyer disasters.
The bank approves you for the largest mortgage they're willing to give — not the largest mortgage you can actually afford. Spend 10–15% under the pre-approval to leave room for life: kids, job changes, rate renewals at higher rates.
Particularly in hot markets where buyers waive conditions to win bidding wars. A $500 inspection routinely catches $15,000+ in repair issues. Waiving the inspection clause to win an offer is the single most expensive shortcut in Canadian real estate.
1.5%–4% of the purchase price, not "a few thousand dollars." On a $700K home, that's $10,500–$28,000 due in cash on closing day, on top of the down payment. Buyers who learn this 30 days before closing scramble.
Even if you can only contribute $1, opening the account starts your contribution room. Skipping it to "open later" leaves $8,000/year of tax-deductible room on the table. Open it before you need it.
For condos, the status certificate reveals the reserve fund, special assessments, ongoing legal disputes, and pet/rental restrictions. Read it before you waive conditions, not after. The handbook walks through what to look for.
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