First Time Home Buyers


Congratulations! You are finally contemplating the biggest financial decision of your life. Home ownership is life long dream of many Canadians. And it isn’t all that difficult either judging by the millions of people who become proud home owners every year.

Of course, the most important aspect of first time home ownership is having the right resources and enough finances to help you get exactly what you are looking for.


Now that you have decided that it is time to buy a home, the first thing to do is evaluate your financial situation. Figure out how much you can afford to spend on the purchase. Remember, you need at least 5% for a down payment and then enough resources for the consecutive mortgage payments along with your own personal expenses. There are many federal programs that help you to put aside money and save for your home, including the tax-free savings account and the Home Buyers Plan. Also find a reputable mortgage broker who can guide you through the mortgage application process and help you become a successful first time home buyer. Our professional mortgage specialists can help you through this stage as well.


There are also some additional costs associated with the purchase of a home. Start a savings account so you have enough money saved up to pay the various additional costs of buying a new home. The following are some of the costs you may incur:

GST- if you are buying a new home, you may have to pay 5% GST on the purchase price. However, if you are planning to live in the home as your primary residence, you may qualify for the new GST New Housing Rebate

Property Transfer Tax-is the Provincial levy you need to pay to transfer property from one owner to another. It amounts to 1% of the first $200,000 and 2% on the rest. First time home buyers may be exempt for purchases up to $425, 000 if they qualify. See the program for more details.

Lawyer or notary fees-legal fees usually amount to between $750-$1200. Make sure you ask if there are any additional fees on top of the advertised conveyancing price.

Adjustments/disbursements-sometimes there are some fees that are prorated to cover payments that have already been paid by the seller. These may include property taxes, water and sewer fees, strata fees, rent and security deposits.

Other Costs-some other costs that may arise may be a mortgage appraisal, survey certificate, house inspection, mortgage insurance, house insurance, moving costs and utilities hook up fees just to name a few.


Once you have figured out the finances, it is time to start looking for the right home. Figure out the range of home prices that you will be able to afford and find the best possible home in that range. Shop around and never settle for the first choice.

Also consider your future needs when looking for a place. Are you planning on expanding your family in the near future? Do you want a home that’s closer to work? Ask yourself the important questions. Then find a place that fulfills all your needs and is great value for the price.

Remember that a home is a long term investment, one you have bought your own place, there is no getting rid of it for the next couple of years. So invest in a place that you and your family would absolutely love to live in and that offers all the amenities and facilities that you need.


Once you have found the right place, give the owner a purchase offer. It is advisable to get help from real estate professionals to help and guide you through the purchase process and also help with the negotiation. Your first time home buyer mortgage is waiting for you and Ronin Mortgage can help you get the right deal with it.

Call us now for more information about being a first time home buyer in Vancouver or if you have any questions about getting your first mortgage.

You can also use our online mortgage application.