Buying a Home in Canada — Mortgage Guide for Buyers
The mortgage side of buying a home in Canada — minimum down payment rules, the stress test, pre-approvals, and first-time buyer programs — from RateStreet, a Canadian mortgage company.
Successful home ownership starts with the right mortgage — we make it easy.
Whether you're a first-time buyer or moving up, we'll help you secure the best mortgage for your dream home with competitive rates and expert guidance.
Advanced Canadian mortgage calculator with CMHC insurance, affordability assessment, and complete cost breakdown for first-time and repeat buyers.
Take advantage of government programs and incentives designed to help you buy your first home.
Save up to $8,000 per year ($40,000 lifetime) toward your first home — contributions are tax-deductible and withdrawals are tax-free.
Withdraw up to $60,000 from your RRSP tax-free to help with your down payment.
Save thousands on land transfer taxes with first-time buyer rebates in Ontario and BC.
We offer various mortgage products to suit different needs and financial situations.
Your interest rate stays the same for the entire term, providing predictable payments and peace of mind.
Your interest rate fluctuates with market conditions, potentially offering savings when rates decline.
We'll guide you through every step of the home buying process.
Know your budget and show sellers you're serious. Pre-approval gives you confidence and leverage when making offers.
Work with a real estate agent to find properties within your budget. Consider location, size, and future resale value.
Submit a competitive offer with appropriate conditions. Your pre-approval will strengthen your negotiating position.
Complete your mortgage application with final documentation. We'll ensure you get the best rate and terms available.
Complete the legal paperwork, transfer funds, and get your keys. Welcome to homeownership!
Get pre-approved today and start your journey to homeownership with confidence.
Purchase-mortgage help from RateStreet, a Canadian mortgage company. CMHC insurance explained, 5% down programs, stress-test guidance, and fast pre-approvals.
Review your credit score (minimum 640 for insured mortgages) and calculate your maximum monthly payment using a mortgage affordability calculator.
Apply for mortgage pre-approval to know your budget and show sellers you're a serious buyer. Takes 15–30 minutes with RateStreet.
RateStreet presents the mortgage options that uniquely suit you, to save you the most money.
Complete your mortgage application with supporting documents (T4, NOA, pay stubs, bank statements).
Review and sign your mortgage commitment, work with your lawyer to complete the purchase.
Frequently asked questions
What is the minimum down payment to buy a home in Canada?
Five percent on the first $500,000 of the price, ten percent on the portion from $500,000 to $1,500,000, and twenty percent on homes of $1,500,000 or more. A down payment under twenty percent requires mortgage default insurance. Educational information, not advice.
What is a mortgage pre-approval?
A pre-approval is a lender's conditional estimate of what you may qualify to borrow, usually with a rate hold of around 120 days. It is not a guarantee of final approval, which depends on the property and full underwriting. Educational information, not advice.
What programs help first-time home buyers in Canada?
Common ones include the First Home Savings Account (FHSA), the RRSP Home Buyers' Plan, the Home Buyers' Tax Credit, a 30-year amortization for first-time buyers and newly built homes, and in BC a Property Transfer Tax exemption. Programs and limits change, so confirm the current details. Educational information, not advice.
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