First-Time Buyers

A pre-approval tells you how much a lender is likely to lend you and often holds a rate for a set time, so you shop in the right price range. It is not a final approval, because the lender still has to approve the specific home, which is why offers usually include a financing condition. Talk to a mortgage broker or your bank before we start booking showings.

As of 2026, you need 5% of the price for homes up to $500,000. Between $500,000 and $1.5 million, it is 5% of the first $500,000 plus 10% of the rest, and at $1.5 million or more it is 20%. For example, a $600,000 home needs at least $35,000 down.

Source: canada.ca

If you put down less than 20%, your mortgage needs default insurance from CMHC or a private insurer, and since December 15, 2024 that is available on homes priced under $1.5 million. The premium is a percentage of your loan, and CMHC's rate is 4.00% when you borrow 90.01% to 95% of the price, 3.10% at 85.01% to 90%, and 2.80% at 80.01% to 85%. The premium is usually added to your mortgage, and your lender gives you the exact figure.

Source: cmhc-schl.gc.ca, canada.ca, canada.ca

Federally regulated lenders have to qualify you at the higher of 5.25% or your contract rate plus 2%, even if you aren't paying that rate. The federal bank regulator kept the rule unchanged in January 2026. Some credit unions are not federally regulated and don't have to use it, so ask your mortgage professional how it affects your budget.

Source: itools-ioutils.fcac-acfc.gc.ca, mpamag.com

Yes. Since December 15, 2024, first-time buyers and anyone buying a new build can get an insured mortgage with an amortization of up to 30 years instead of 25. Your payments are lower, but you pay more interest over the life of the loan, so compare both options with your lender.

Source: canada.ca, cmhc-schl.gc.ca

An FHSA lets first-time buyers save up to $8,000 a year, to a lifetime limit of $40,000, and you can carry up to $8,000 of unused room into the next year. Contributions are usually tax-deductible, and a qualifying withdrawal to buy your first home is tax-free. The account has to be closed within 15 years of opening it, so speak with your financial institution or accountant about how it fits your plans.

Source: canada.ca, canada.ca

The Home Buyers' Plan lets you withdraw up to $60,000 from your RRSP toward a qualifying home, and you can use it together with an FHSA. You repay it over 15 years, and for first withdrawals made from 2022 through 2028, repayments start in the fifth year after the withdrawal. Check the CRA page and talk to your accountant before you withdraw.

Source: canada.ca

Nova Scotia's First-time Homebuyers Program is a four-year pilot announced in February 2026 that lets eligible first-time buyers put down 2% to 4% instead of 5%, with a provincial guarantee replacing mortgage insurance. You apply through a participating credit union, household income must be under $200,000, you need a credit score of 630 or more, and you still have to pass the stress test. The price limit is $570,000 in HRM and East Hants and $500,000 elsewhere, and the home must be your primary residence.

Source: novascotia.ca, globalnews.ca

It depends on the program. For the federal First-Time Home Buyers' GST/HST Rebate, you must not have lived in a home you or your spouse owned in the current year or the previous four years. Nova Scotia's new-home rebate generally looks back five years. Even if you owned a home before, you may qualify again, so ask your mortgage professional or accountant which programs fit you.

Source: canada.ca, novascotia.ca