Don Stoddart, AMP

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Mortgages for First Time Home Buyers

Are you a First Time Home Buyer?


A first-time home buyer in Canada is someone who has never owned a property or has not owned a property in the last five years. First-time home buyers may be eligible for government programs and incentives designed to make homeownership more affordable, such as:

The First-Time Home Buyer Incentive (FTHBI): This is a federal program that provides shared equity financing to help first-time home buyers purchase a home.

Home Buyers’ Plan (HBP): This is a federal program that allows first-time home buyers to withdraw up to $35,000 from their RRSPs to purchase a home without paying taxes on the withdrawal. You’re giving yourself a loan.

Land Transfer Tax Rebates: Many provinces and territories offer land transfer tax rebates for first-time home buyers, which can help reduce the closing cost of purchasing a home.

Affordable Housing Program: Some provinces and territories have affordable housing programs that provide financial assistance to first-time home buyers, such as down payment assistance and low-interest loans.

It’s important for first-time home buyers to find the proper resources to help educate themselves about the home buying process, this could include obtaining a pre-approval for a mortgage. When working with our team we can help you understanding closing costs and other expenses associated with homeownership. First-time home buyers benefit greatly from our experience. We been doing this for over 35 years and there is no such thing as a dumb question.

The best way for first-time home buyers to get started is by reading about the home buying process. There are many resources available to help first-time home buyers learn more about buying a home, such as books and websites that provide information about purchasing real estate. But I believe talking to a licensed mortgage broker would be the best place to start.

The first-time home buyer should also be aware that there are many different types of mortgages available on the market today. It’s important to understand what each type of loan consists of before making a decision.


There are several types of mortgage loans available in Canada, including:

  1. Fixed-rate mortgage: This type of mortgage has a fixed interest rate for the entire term of the loan, usually ranging from 6 months to 10 years. This type of mortgage is good for borrowers who want the stability of a fixed monthly payment and are willing to pay a slightly higher interest rate for that security.
  2. Variable-rate mortgage: This type of mortgage has an interest rate that can change over time, typically tied to the Bank of Canada’s prime lending rate. This type of mortgage is good for borrowers who are willing to take on more risk in exchange for potentially lower monthly payments.
  3. Hybrid mortgage: This type of mortgage combines features of both fixed-rate and variable-rate mortgages, typically with a fixed interest rate for a set period of time and then a variable rate for the rest of the term.
  4. Closed mortgage: This type of mortgage has a set term, typically between 6 months and 10 years, and allows the borrower to pay off the loan in full or break the mortgage and pay a penalty.
  5. Open mortgage: This type of mortgage allows the borrower to pay off the loan in full or make unlimited prepayments without paying a penalty.
  6. High-ratio mortgage: This type of mortgage is for borrowers who have a down payment of less than 20% of the purchase price of a property. The borrower is required to purchase mortgage default insurance, which protects the lender in the event of a default. The insurance is included in the mortgage as a one-time free.
  7. We now have insured; insurable and non-insurable mortgage options all are priced differently.

It’s important to consider factors such as your financial situation, the length of time you plan to stay in the property, and your risk tolerance when choosing a mortgage type. You may also want to seek the advice of a mortgage broker to help you determine the best mortgage type for your needs.


Buying a first home is an exciting time! You’re about to take a big step so you’ll definitely need some advice from a mortgage professional. We will give you the facts your bank won’t tell you about financing your next purchase. With access to multiple lenders, we will help you find the best rates and best mortgage options to help you buy your dream home.

Our best advice? Begin a conversation with a mortgage professional in your area to see what the big banks and financial institutions cannot offer. Please don’t hesitate to apply or contact us today!

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