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Home Buyers Mortgage Information

Buying a home in Canada can be a complex and challenging process, but there are many resources and tools available to help you. Here are some of the most useful ones:

  • The Homebuying in Canada: A Step-by-Step Guide by CMHC provides comprehensive information on everything you need to buy a home in Canada, including worksheets, calculators and checklists. You can download the PDF guide and workbook for free and save your progress as you go.

Buying a home is a big decision. Ask yourself 5 questions before you decide if you’re ready to own a home.

      1. Am I financially stable?
      2. Do I have the financial management skills and discipline to handle this large a purchase?
      3. Am I ready and able to take responsibility for all the costs that come with being a homeowner?
      4. Can I devote the time to regular home maintenance?
      5. Am I new to Canada? There are several extra homebuying resources for newcomers to Canada.

Also consider the many pros and cons of owning versus renting a home.

Buying examples
Pros Cons
Freedom to renovate Ongoing costs including property taxes and insurance
Ability to build equity in a safe and secure investment Increased monthly payments if interest rates go up
Potential for rental income Possibility of unexpected and costly repairs
    • The First-Time Home Buyer Incentive  is a new program that helps qualified first-time homebuyers reduce their monthly mortgage payments without adding to their financial burdens. The program offers a shared-equity mortgage with the Government of Canada, which means that the government shares in the increase or decrease of the home value. You can learn more about the eligibility criteria, application process and repayment options on the CMHC website.

    IMPORTANT!
    The First-Time Home Buyer Incentive has been discontinued. 

    The deadline for new or updated submissions for the First-Time Home Buyer Incentive is midnight ET on March 21, 2024.

    For new and resubmitted First-Time Home Buyer Incentive applications

     

    All new applications and resubmissions for previously cancelled or declined applications must reach the Program Administrator by March 21, 2024 (midnight ET).

        • In cases where an application was previously cancelled or declined, it must be resubmitted and received by the Program Administrator before the March 21, 2024 (midnight ET) deadline.
        • If an application is submitted on or before the March 21, 2024, deadline (midnight ET) and is declined due to an application error, the mortgage loan insurer is responsible for rectifying the issue and resubmitting the application.
        • Applications resubmitted after March 21, 2024 must undergo a manual review. Requests for such reviews must be submitted no later than March 25, 2024 (midnight ET).

    The Program Administrator will process applications received before the deadlines promptly. No new approvals will be granted after March 31, 2024.

     

    • The Buying a home section on the CMHC website also offers various calculators, guides and other useful information for homebuyers, such as mortgage basics, loan insurance, housing options, home maintenance and more. You can also access homebuying information in 8 different languages through the Newcomers’ Buying Guides.

    Mortgage basics, pre-approval, loan insurance and tips for meeting with your lender or broker.

    You need to meet with your broker or lender to start the mortgage pre-approval process. Bring the following information to the meeting:

        • government-issued photo ID
        • contact information for your employer
        • proof of address
        • proof of income
        • proof of down payment
        • proof of savings and investments
        • details of current debts
        • your credit score

    Remember: It is a serious offense to misrepresent your income or assets to get approved for a mortgage. It is your responsibility to protect yourself against mortgage fraud.