First-Time Home Buyer Checklist for Canada (2026)

Buying your first home in Canada in 2026 is a sequence of well-defined steps, not one giant leap. When you know the order — and roughly how long each stage takes — the process stops feeling overwhelming and starts feeling like a plan you can work through. This checklist walks you from the first honest look at your finances all the way to picking up the keys.

The short answer

To buy your first home in Canada, work through these stages in order: assess your finances and credit, save your down payment plus closing costs (open an FHSA to do it tax-free), get a mortgage pre-approval, build your team, house hunt, make an offer with conditions, complete the inspection and appraisal, hire a real estate lawyer, close, and move in. Start to finish typically takes 3 to 12 months, depending mostly on how long it takes to save and find the right home.

The full first-time buyer checklist

Here is the complete path, in the order you'll actually do it, with timing and what each step involves.

1. Assess your finances and credit (Month 1) — Pull your credit report and check your score; lenders want to see a track record of on-time payments, and the best rates usually go to scores of 680+. Add up your income, your monthly debt payments, and your savings. This is also when you get a feel for affordability — your housing costs and total debts must pass the lender's GDS and TDS ratio limits. Run the numbers with the down payment calculator.
2. Save your down payment and closing costs (Months 1–12+) — The minimum down payment is 5% on the first $500,000 of the price and 10% on the portion above $500,000, up to $1.5 million; homes at $1.5M and over require 20%. Budget separately for closing costs (typically 1.5%–4% of the price) using the closing costs calculator so they don't catch you off guard.
3. Open an FHSA (as early as possible) — The First Home Savings Account combines the best of an RRSP and a TFSA: contributions are tax-deductible and withdrawals for a qualifying first home are tax-free. You can contribute up to $8,000 per year (lifetime limit $40,000) and can also use the RRSP Home Buyers' Plan alongside it. Open it early — the contribution room and the tax-free growth compound over time.
4. Get pre-approved (Months 2–3) — A pre-approval confirms how much a lender will actually lend you and can hold a rate for 90–120 days. It makes your offers credible to sellers and tells you a firm budget before you fall in love with a listing. Have your income documents, down payment proof, and ID ready.
5. Build your team (Month 2–3) — Line up the people who'll guide you: a mortgage advisor, a real estate agent (usually free to buyers), a real estate lawyer, and a home inspector. Choosing the right professionals early prevents scrambling once you're under a deadline.
6. House hunt (Months 3–9) — View homes against the budget your pre-approval set, factoring in property taxes, condo fees, heating, and insurance — not just the mortgage payment. Keep a shortlist and revisit your favourites before committing.
7. Make an offer with conditions (1–2 weeks) — Your agent drafts an Agreement of Purchase and Sale. Protect yourself with conditions such as financing, home inspection, and (for condos) status certificate review. You'll include a deposit, typically held in trust, that forms part of your down payment.
8. Inspection and appraisal (within the condition period) — A home inspection (you arrange and pay for it) flags structural, roof, electrical, and plumbing issues. Your lender orders an appraisal to confirm the home is worth what you're paying — important because the mortgage is based on the lower of price and appraised value.
9. Finalize the mortgage and hire your lawyer (2–4 weeks before closing) — Once conditions are waived, your advisor locks in the final approval and the lender issues mortgage instructions to your lawyer. The lawyer reviews title, registers the mortgage, calculates adjustments, and handles the legal transfer.
10. Closing day — You sign the mortgage and transfer documents, pay the balance of your down payment and closing costs (land transfer tax, legal fees, title insurance), and your lawyer exchanges funds with the seller's lawyer. Title transfers to you.
11. Move in — You get the keys. Set up your mortgage payments, transfer utilities, and update your address. Welcome home.

Worked example: budgeting for a $600,000 home

Suppose you're buying a $600,000 home as a first-time buyer:

Because the down payment is under 20%, mortgage default insurance applies and the premium is added to the mortgage. Use the down payment calculator and closing costs calculator to model your own purchase price.

First-time buyer programs to claim

• FHSA — up to $40,000 in tax-free first-home savings.
• RRSP Home Buyers' Plan — withdraw up to $60,000 per person tax-free toward your down payment, repaid over 15 years.
• First-Time Home Buyers' Tax Credit — a federal non-refundable credit worth up to $1,500.
• Provincial land transfer tax rebates — first-time buyers in Ontario, BC, and some municipalities (such as Toronto) may qualify for a rebate.
• GST/HST new housing rebate — may apply to newly built or substantially renovated homes.

Frequently asked questions

How much money do I need to buy my first home in Canada?

You need the minimum down payment (5% on the first $500,000, 10% on the portion above, up to $1.5M) plus closing costs of roughly 1.5%–4% of the price. On a $600,000 home that's about $47,000 in total cash up front.

What credit score do I need as a first-time buyer?

There's no single cutoff, but a score of 680 or higher generally unlocks the best rates with prime lenders. Lower scores can still qualify, sometimes through alternative lenders or with a larger down payment.

Should I get pre-approved before or after I start looking?

Before. A pre-approval sets a firm budget, can hold a rate for 90–120 days, and makes your offers credible to sellers. House hunting without one risks falling for a home you can't finance.

Can I use both the FHSA and the RRSP Home Buyers' Plan?

Yes. The two programs stack, so you can withdraw from your FHSA tax-free and borrow from your RRSP under the Home Buyers' Plan for the same purchase, boosting your total down payment.

What conditions should I put in my offer?

Common protective conditions are financing, home inspection, and — for condos — review of the status certificate. They give you a window to confirm the deal works before you're firmly committed.

How long does the whole process take?

From first saving to move-in, expect anywhere from 3 to 12 months. The longest stages are usually saving the down payment and finding the right home; the closing process itself often runs 30–60 days after an accepted offer.

Ready to start your checklist? Learn more about your first-time home buyer mortgage options, ask Maya for instant answers any time of day, or contact our team to get pre-approved and move forward with confidence. Mortgage Squad Advisors (FSRA #13737) will walk you through every step.