1. Know Your Budget Before You Fall in Love With a Home
Before you start browsing listings, speak with a mortgage specialist to understand exactly what you can afford. Getting pre-approved gives you a clear picture of your budget and shows sellers you are a serious buyer.
2. Understand the Stress Test
In Canada, all federally regulated lenders require you to qualify at the Bank of Canada benchmark rate or your contract rate plus 2%, whichever is higher. This ensures you can handle rate increases.
3. First-Time Buyer Programs
The First Home Savings Account (FHSA), the Home Buyers Plan (HBP), and land transfer tax rebates can save you thousands. Ask your specialist which ones apply to you.
4. Factor in Closing Costs
Beyond your down payment, budget for land transfer tax, legal fees, home inspection, and title insurance. These typically add 2-4% of the purchase price.
5. Work With a Federally Regulated Expert
Working with a specialist at a federally regulated bank like CIBC ensures you are protected by Canadian banking regulations and have access to the full suite of mortgage products.
Ready to Take the Next Step?
Contact Priyanka today for personalised mortgage advice.
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