First-Time Home Buyer Briefs

A first-time buyer hub covering what it takes to get into the Canadian market today — down payment requirements, the mortgage stress test, affordability and buyer incentives.

Buying your first home in Canada means navigating down payments, the stress test and stretched affordability. RateHarp's first-time-buyer hub brings together the briefs and free tools that help you understand what you can afford and how to get there.

Your Questions, Answered

Frequently Asked Questions

QHow much of a down payment do I need in Canada?

The minimum depends on the purchase price, with higher-priced homes requiring more. Down payments under 20% generally require mortgage default insurance. A calculator can show the threshold for your target price.

QWhat is the mortgage stress test?

It's a qualifying check that ensures you could still afford payments at a higher rate than your contract rate. It affects how large a mortgage you can be approved for, so it's worth modelling before you shop.

QHow can a first-time buyer improve affordability?

Common levers include saving a larger down payment, reducing other debts, choosing the right term, and comparing lenders. Our calculators and savings tools let you test each scenario.