First-Time Home Buyer

Buying your first home is a very exciting time but it can also seem overwhelming. At Westoba, we can simplify the process and work with you to help make your largest financial decision the right one! Before you start looking for your first home, it’s important to know what you can afford.


Our team members can help determine the right purchase price for you based on your income, down payment, and monthly payment affordability.

Once pre-approved, we can hold your rate for 90 days, allowing you the time and flexibility to shop for your first home!

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Down Payment


To purchase your first home, you are required to have at least 5% of the purchase price available to use as your down payment. If you have less than 20% for a down payment, your mortgage is considered high-ratio and you will require mortgage default insurance. The premium paid for this insurance can be added to your total mortgage amount. We work with two different partners to offer you high-ratio mortgage options:

Our Financial Consultants can go over the down payment and premium options with you to ensure you are making the right investment decision for you.

First-Time Home Buyer Incentive

A program from the Government of Canada that helps Canadians purchase their first home. The program will lend you 5% of the value of your first home purchase (10% for a build) towards your down payment. Things to consider:

  • Higher down payments = lower mortgage payments
  • Repayment is required at the time of sale of your home, refinance, or after 25 years (whatever comes first).
  • There are eligibility requirements and qualifications
Learn more

RRSP Down Payments

The Home Buyers’ Plan is a Government program that allows first-time home buyers to use up to $35,000 of their RRSPs towards a down payment on their home purchase. Things to consider:


Great work on saving for your down payment! There are some additional costs associated with buying your first home. Costs to keep in mind:

1. Mortgage default insurance (discussed above)

2. Closing costs

  • Land transfer tax
  • Legal fees
  • Property tax adjustment
  • Interest adjustment
  • Home Inspection

3. Moving/Cleaning Costs

4. Furniture, appliances, décor (all of the things that make a house a home!)

5. Ongoing costs

  • Property tax
  • Home Insurance
  • Utilities
  • Maintenance/repairs

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