How to Buy Your First Home in Canada A Step-by-Step Guide

Great info! Thanks!

Don't worry , put 20% down on a $1,000,000 starter home and all that's left to do is get a $800,000 mortgage , piece of cake.

Be a debt slave for life🎉

I’m trying to figure out how a first time homebuyer putting less than 20% can afford a million dollar mortgage. If their income is high enough to qualify for a million dollar plus mortgage, shouldn’t they be able to save up for the down payment 🧐

So if your down payment money and closing costs are all in your rrsp and Fhsa how would you pay for the deposit with a short turnaround time?

Common Tom Storey W

perfect timing! thanks

I saved 32k in our FHSA's and going to save more but can we use this money for lawyer fees etc if I keep maxing it out while saving and hunting. Going for 5% down on a house in price range of 400k to 450k.

the 30 year is for new builds

Step 1: See if your eligible to emigrate to another country where wages are higher and housing costs are lower.
Step 2: Realize you're screwed and ask mommy and daddy for help with the down payment or co sign.
Step 3: Come to the realization that this bubble will ruin you if you buy into it while maxing out your debt loads.
Step 4: Live in someone's basement and slowly fall into crippling depression.

This is the way.

Your video was our first stop Tom, thanks.

Question: we live in Toronto, but are looking at our first property purchase in Regina. It would ultimately be for our retirement, but we'd be arranging for my partner's sister to live in it and pay rent at a reasonable rate, possibly below market for rent.


Would this still count as an investment income?

Hi., just let me know how..
I earn 25k annually..(part time)
House 13. 2k
Grocery 5k
Travel 1.8k
Health 2k
Phone 600
Bal- 2.5k..
So, could you put down the road map..

Hi Tom - This was a great video, extremely insightful!. I'm looking to purchase a freehold townhouse, semi, or detached in the Milton/Mississauga/Oakville area. Any real estate agents or mortgage brokers you can recommend? Thank you!

Great video, keep it up🎉

Step 1 have rich parents. Step 2 move out of this shithole country.

Hi Tom, great video. Thanks for the info. I have a couple of questions below
1. What if the mortgage isnt approved before the closing date for any reason ?
2. How do I safeguard myself as a buyer against this ?

so only rich people can ever buy a house...

imagine oweing 60,000 dollars back to your rrsp PLUS a mortgage slavery no thanks