First-time home buyer mortgage rates in Canada.
Today’s best insured 5-year fixed is 3.94% and variable 3.60%. As a first-time buyer with under 20% down, your insured rate is often the lowest available — we shop it across 100+ lenders.
The best first-time buyer rate today is about 3.94% (insured 5-year fixed). With under 20% down your mortgage is insured, which lowers the lender’s risk — so first-time buyers often get the lowest rate on the board. You can buy with 5% down, stack the FHSA + RRSP HBP (up to ~$100K per person) for your down payment, and you’re qualified at the stress-test rate (your rate + 2% or 5.25%).
Why first-time buyers often get the lowest rate
With less than 20% down your mortgage is insured (CMHC/Sagen/Canada Guaranty). That insurance protects the lender, so they price insured mortgages below uninsured ones. The catch is the premium (financed into the mortgage) — but the rate savings often outweigh it. We model insured vs. conventional so you pick the lowest all-in cost.
The rate is only half the picture. Two things decide what you can actually buy: the stress test (you’re qualified at the greater of your rate + 2% or 5.25%, not your real rate) and your down-payment stack. Stack the FHSA ($8,000/year, $40,000 lifetime, tax-deductible and tax-free out) with the RRSP Home Buyers’ Plan ($60,000) — both per person, so a couple can combine all four — and you can reach a stronger down payment, a lower premium, and a sharper rate. Then budget the full cash-to-close: premium, provincial land-transfer tax (with first-time rebates where eligible), and ~1.5–4% in closing costs. We map all of it before you offer. See the full first-time buyer guide.
Your first-time buyer toolkit
Down payment, affordability, premium, land transfer — everything to plan your purchase, with the same 100+ lender network.
Down payment
See your minimum down by price, and how the FHSA + HBP stack stretches it.
What can I afford?
Model the stress test and your max purchase price before you shop.
CMHC premium
The insurance cost on a <20%-down mortgage — financed in, often worth it.
Land transfer tax
Budget it (with first-time-buyer rebates) for your full cash-to-close.
New to Canada
Newcomer first-time buyers: programs at the big banks, international credit OK.
Full buyer guide
The complete first-time path — FHSA, HBP, rebates, and the steps.
6 things every first-time buyer should know
Why your first mortgage can be your cheapest — if you stack it right.
Insured rates are often the lowest
With under 20% down your mortgage is insured, which lowers the lender's risk — so a 5%-down first-time buyer frequently beats a 20%-down rate on the board.
5% down gets you in
5% on the first $500,000 of price, 10% on the portion to $1.5M. Sources include savings, an FHSA, the RRSP Home Buyers' Plan, or a gift.
Stack the FHSA and HBP
The FHSA gives $8,000/year ($40,000 lifetime, tax-deductible and tax-free out); the HBP adds $60,000. Both per person, so a couple can combine all four — up to ~$200,000.
Mind the stress test
You're qualified at the greater of your rate + 2% or 5.25% — so a 4.39% offer is tested at 6.39%. That qualifying rate sets your maximum; we simulate it before you write an offer.
First-time land-transfer rebates
Ontario, BC, and PEI offer first-time-buyer land-transfer-tax rebates worth thousands — we apply them and budget the full cash-to-close.
30-year amortization available
Insured first-time-buyer and new-build purchases can use a 30-year amortization, lowering your monthly payment to help you qualify.
Why buy your first home with us
- Insured pricing shopped across 100+ lenders — often the lowest rate on the market.
- FHSA + HBP contribution and withdrawal timing built into your plan.
- Stress test simulated before you offer, so your pre-approval actually holds.
- FSRA #13737 · 50+ languages · no bureau pull to start.