Buy a Property
Buying a home in Canada requires a down payment (minimum 5%), mortgage pre-approval, a budget for closing costs (1.5–4% of purchase price), and an understanding of land transfer taxes in your province. First-time buyers can access tax credits and the RRSP Home Buyers' Plan.
Buying a property in Canada is one of the biggest financial decisions you'll make. KnowYourProperty provides comprehensive guides, financial calculators, and AI-powered advice to help you navigate every step — from saving for a down payment to closing the deal.
Key Topics
Down Payments
Understand minimum down payment requirements in Canada, CMHC insurance rules, and strategies to save for your down payment faster.
Mortgages & Pre-Approval
Learn about mortgage pre-approval, fixed vs. variable rates, stress test requirements, and how to find the best mortgage for your situation.
Closing Costs
Budget for land transfer tax, legal fees, home inspection costs, and other closing expenses that add up when buying a home in Canada.
Home Inspections
Discover what a home inspection covers, how to choose an inspector, and what to do if issues are found during the inspection process.
First-Time Home Buying
Access first-time home buyer incentives, tax credits, RRSP Home Buyers' Plan, and provincial programs designed to help you buy your first home.
Making an Offer
Learn how to make a competitive offer, understand conditions and contingencies, and negotiate effectively in the Canadian real estate market.
Home Buying Guides
The Comprehensive Guide to Buying a Home in Canada
Navigate the Canadian real estate market with confidence using our step-by-step guide. From understanding the mortgage stress test to calculating provincial land transfer taxes, we cover everything you need to know to secure your first or next home.
How to Make a Competitive Offer in a Hot Market
Strategies for competing in multiple-offer situations across Canadian real estate markets.
Understanding Mortgage Options in Canada
Fixed vs variable rates, open vs closed mortgages, and how to choose the right option.
Home Inspection: What Buyers Need to Know
A comprehensive guide to home inspections in Canada, including what to check and red flags.
Down Payment Strategies for Canadian Home Buyers
Creative ways to save and source your down payment, including government programs and RRSP withdrawals.
First-Time Home Buyer's Guide to Canadian Real Estate
Everything first-time buyers need to know about purchasing property in Canada, from financing to closing.
Related Calculators
Popular Questions
Should I refinance my mortgage in 2024?
## When Refinancing Makes Sense Refinancing can be beneficial if: ### 1. Interest Rate Savings - Your current rate is significantly higher than available rates - A rule of thumb: refinance if you can reduce your rate by at least 0.5-1% - Calculate the break-even point (closing costs ÷ monthly savings) ### 2. Debt Consolidation - Rolling high-interest debt (credit cards, lines of credit) into your mortgage - This can reduce overall interest costs significantly - Be careful not to accumulate new debt ### 3. Accessing Home Equity - Home renovations that add value - Investment opportunities - Education costs ## Costs to Consider - **Mortgage penalty**: Can be 3 months' interest or the Interest Rate Differential (IRD), whichever is greater - **Appraisal fees**: $300-$500 - **Legal fees**: $800-$1,500 - **Discharge fee**: $200-$400 ## When to Wait - If your penalty is very high (especially with fixed-rate mortgages) - If you're close to your renewal date - If you plan to move within 2-3 years ## Tip Contact a mortgage broker to compare options across multiple lenders. They can calculate whether refinancing makes financial sense for your specific situation.
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First-Time Home Buyer Checklist
A comprehensive step-by-step checklist covering everything from mortgage pre-approval to closing day for Canadian first-time buyers.
checklistFirst-Time Home Buyer Checklist
A comprehensive checklist covering everything from saving for a down payment to getting the keys to your new home.
checklistClosing Costs Worksheet
A fillable worksheet to estimate all closing costs when buying a home, from land transfer tax to legal fees.
templateFrequently Asked Questions
The minimum down payment in Canada is 5% for homes under $500,000. For homes between $500,000 and $1,499,999, it's 5% on the first $500K and 10% on the remainder. Homes priced at $1.5 million or more require a 20% down payment (CMHC insurance is not available above $1.5M).
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