Buying a Home
The First-Time Buyer Guide
Down payments, insurance and the one thing to do before you shop.
Updated for 2026
Buying your first home is exciting — and, for most people, confusing. This guide covers the basics before you start touring listings.
Start with your down payment
Your down payment size determines both your minimum required insurance and how much house you can afford.
- 5% minimum on homes under $500,000
- Higher down payments avoid CMHC insurance premiums
- Gifted down payments need a signed gift letter
| Down payment | Insurance required |
|---|---|
| 5% – 9.99% | Yes |
| 10% – 19.99% | Yes |
| 20%+ | No |
A pre-approval is the single best thing a first-time buyer can do before house hunting.
Key Takeaways
- Get pre-approved before you shop
- Budget for closing costs, not just the down payment
- A mortgage broker can compare 30+ lenders for you
Ready to get pre-approved?
Book a callGeneral information only — speak with a broker about your specific situation.