How To Buy A House In Canada < LIMITED • 2027 >

: 5% on the first $500k and 10% on the portion above that. $1.5 million or more : A flat 20% down payment is required.

: If your down payment is less than 20%, you must purchase mortgage default insurance (often through CMHC ). First-Time Buyer Incentives : how to buy a house in canada

Buying a house in Canada involves a multi-step process from financial preparation to legal closing. You typically begin by determining your budget and saving for a minimum for homes under $500,000 . Once financially ready, you should obtain a mortgage pre-approval to lock in interest rates (often for up to 120 days) and confirm your borrowing power. After finding a property, you make a conditional offer, conduct due diligence like a home inspection, and finalize your mortgage before a real estate lawyer handles the transfer of title on closing day. 1. Financial Preparation : 5% on the first $500k and 10% on the portion above that