Home Purchase
Whether it's your first home or your fifth, a mortgage is one of the biggest financial decisions you'll make. Get guidance on pre-approval, rates, terms, and the mortgage structure that fits how you actually live.
Buy with a plan, not just a rate.
First-time and experienced buyers
Different experience levels need different conversations. Both start with understanding your numbers.
Mortgage pre-approval
Understand what you may qualify for before you shop, so you can make offers with confidence.
Understanding terms and options
Fixed or variable, term length, payment frequency, prepayment privileges — the details matter as much as the rate.
Making informed decisions
A licensed mortgage professional may have access to a broader range of lending institutions and mortgage products.
Frequently asked questions
How much down payment do I need to buy a home in Canada?
The minimum is 5% on the first $500,000 of the purchase price, 10% on the portion between $500,000 and $1.5 million, and 20% on homes of $1.5 million or more. Below 20% down, default mortgage insurance is required and its premium is added to your mortgage.
What is the mortgage stress test?
Federally regulated lenders qualify you at the greater of your contract rate plus 2% or 5.25%. It means you're approved based on a higher payment than you'll actually make, which is why your qualifying amount is lower than a simple payment calculation suggests.
Should I get pre-approved before I start looking?
Yes. A pre-approval gives you a realistic budget, often holds a rate for a period, and shows sellers you're prepared. It is not a final approval — that depends on a complete application and the property itself.
Related pages and tools
Estimate the purchase price your income supports.
Every step from budget to keys, in plain language.
Buying in Toronto? Start here.
Local guidance from our Etobicoke office.
Budget the cash you need on closing day.
Talk it through with Swapnil, or ask JARVIS.
Ready to talk it through?
You shouldn't have to navigate your mortgage alone. Get personal guidance from Swapnil — no obligation.