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Follow the worked Toronto resale example and check the eligibility assumptions behind first-time buyer rebates.

Estimate your closing costs · Review first-time buyer incentives · Understand mortgage approval

Many first-time buyers start looking at listings before deciding what matters most. This video introduces three interconnected choices—Price, Property and Location—and helps you identify your priorities before beginning your home search in Toronto or the GTA.

Your next step: Write down your top priority and one thing you could be flexible about. Explore each part of your search below.

Think You’re Not Ready to Buy a Home?

Debt, credit challenges, or not having your full down payment saved yet doesn’t necessarily mean homeownership is out of reach.

The important first step is understanding where you are today. Once you know what may be holding you back, you can start building a plan for what to work on next.

You May Have More Options Than You Think

• Have debt? Understand how your monthly debt payments may affect your buying power.
• Concerned about your credit? Learn what lenders look at and what you may be able to improve.
• Still building your down payment? See how much you may need and create a savings plan that works for you.

You don't need to have everything figured out today. Start by understanding where you are, then work on your next step.

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Educational Disclaimer

This video is for educational purposes and is not an assessment of your mortgage eligibility. Mortgage approval depends on your documented financial circumstances, the lender and insurer where applicable, and the property.

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Debt does not automatically end the dream. Learn why the type, payment and overall picture matter.

Key takeaway: Carrying debt does not automatically rule out buying. Lenders examine income, required monthly payments, credit, available funds and the property together. A car loan with a large monthly payment may affect borrowing room differently from a balance with a smaller required payment.

List the balance, interest rate and required payment for every debt. Then explore how debt affects readiness and discuss your actual options with a mortgage professional.

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Bad credit does not mean homeownership is impossible. Learn how lenders review your full financial picture and what options may be available.

Key takeaway: Credit challenges can affect the lenders and terms available, but a score alone does not tell your whole story. Income, down payment, current obligations and the cause and timing of past issues also matter.

Check your reports for errors, keep payments current and ask a mortgage professional which changes would be most useful for your situation. Learn more about the approval process and financial readiness.

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Watch Richard’s short video on building your down payment as a first-time home buyer in Canada.

Key takeaway: Start with your available savings and a monthly contribution that feels comfortable. A clear savings goal gives you a practical starting point for building your down payment.

Explore the savings tools on our Build Your Down Payment page to see how your money could grow over time.

Read the complete down payment guide →