Yes in some cases you can sometimes be considered a first-time home buyer again, even if you’ve owned a home before. The HBP allows you to withdraw up to $60,000 (as of 2024) from your RRSP to buy or build a home. You can use it more than once if meet the following criteria in some provinces: You meet the 4 year rule. If you sold you principle residence over 4 years ago. You are not currently living in a home owned by your common-law partner or spouse. Any HBP (Home Buyers Plan) withdrawals have been repaid in full. Example: If you sold you home in 2019 and have fully paid any outstanding balance on the HBP is used then you may qualify as a first time home buyer again. In British Columbia the criteria are more stringent and you can only qualify once: Never owned a principal residence anywhere in the world. Never received a firt-time home buyers exemption before. You may still qualify for Federal First-time programs in certain situations. Book a free consultation with us to assess your situation

The stress test affects your ability to get an uninsured mortgage by requiring you to qualify at a higher interest rate than the actual rate on your mortgage. This means you need to demonstrate that you can afford payments at this higher rate, which can impact the amount you are able to borrow. This means that you need to prove you can afford payments at a qualifying interest rate. This rate is typically higher than the actual rate in your mortgage contract. Banks must use the higher interest rate of either: 5.25% the interest rate you negotiate with your lender plus 2% That's the case for insured and uninsured mortgages.

Lenders assess four things: your income and employment history, your credit score and history, your down payment and its source, and the property itself. I review all four with you before we approach any lender, so there are no surprises. If there are gaps, I help you address them before they become problems.

First-time home buyers in Canada can benefit from several incentives, including the First-Time Home Buyer Incentive, the Home Buyers' Plan (HBP), and various provincial programs. These incentives can help reduce the financial burden of purchasing your first home.

In Canada, the minimum down payment depends on the purchase price. Homes under $500,000 require at least 5% down. Between $500,000 and $999,999, you need 5% on the first $500,000 and 10% on the portion above that. Homes at $1 million or more require at least 20% down. Most first-time buyers in BC fall in that middle range given prices in the Okanagan.

The FHSA is a registered account that lets first-time home buyers save up to $40,000 tax-free for a home purchase. Contributions are tax-deductible, growth is tax-sheltered, and qualifying withdrawals are tax-free. It is one of the most powerful tools available to first-time buyers right now, and many people are not using it. I will help you understand how to maximize it.

A mortgage pre-approval is a written commitment from a lender that confirms how much you qualify to borrow at a specific rate, typically held for 90 to 120 days. It is not a guarantee of financing, but it tells sellers you are a serious buyer and protects your rate while you search. I recommend every buyer get pre-approved before they start viewing homes.

If your down payment is less than 20%, you are required to purchase mortgage default insurance (CMHC, Sagen, or Canada Guaranty). This protects the lender — not you — but it does allow you to purchase a home with a smaller down payment. The premium is added to your mortgage balance. I will explain exactly what this costs and whether it makes sense for your situation.

There is no universal answer — it depends on your financial situation, your risk tolerance, and the current rate environment. I will walk you through both options with real numbers so you can make an informed decision that you feel comfortable with.