10 Tips for First Time Home Buyers in 10 Words or Less

Sabeena Bubber • April 30, 2015

 
As part of Genworth’s Homeownership Education Week Seminar, Genworth decided to get social and ask recent first time homebuyers to give simple advice to others looking to purchase their first home. The results were captured and included in the Spring issue of Genworth’s online publication. Below is the Infographic from that publication!


 

10 tips in 10 words or less

Genworth also published a longer form version of this article on their website. It contains some pretty good advice!


5 CROWDSOURCED LESSONS FROM FIRST TIME HOME BUYERS

Buying your first home can be a challenge. But luckily you’re not alone. We gathered advice from Genworth Canada’s Facebook page, folks who’ve been there, done that.

Here are the top five tips from the many our first-time homebuyers had to share:


Don’t buy a fixer upper if you are not handy. — Roxane C.

Moving into a fixer-upper is only a great deal if you can do most of the work yourself. It’s more than knowing how to do repairs or being equipped with the necessary tools. It’s the willingness to live in the middle of ongoing projects, and work – every evening – after your day job is done.


Research the area. Really know what the community can offer! — Laura H.

Get to know what a community offers and also where everything is situated. So while you’re checking the quality of nearby schools, check drive-time distances to work and other destinations. Even your dream home becomes less dreamy when you discover you’re a 20-minute drive from a cup o’ coffee.


Don’t feel rushed, always new listings tomorrow. — Navin R.

We all want to move into our first home immediately. Whether it’s love at first sight with a property, or flat-out eagerness to become an actual homeowner, try to resist! There are always new listings tomorrow.


Get a home inspection! — Debbie B.

A home inspection will put your mind at ease that your prospective purchase is in decent shape, establish that the seller has nothing to hide, and will inform you of any future maintenance or required upkeep. No surprises are good!


Take advantage of the Homebuyers Plan. — Julie M.

If you’re uncertain about making the move to homeownership because you’re concerned about having the requisite finances together, the Genworth Canada Homebuyer 95 program provides qualified borrowers with an opportunity to own a home with as little as a 5% down payment.


If you are a looking to buy your first home, but have absolutely no idea where to start, we should probably talk! I would love to walk you through the process and answer any questions you have! Feel free to contact me anytime!


 

SHARE THIS ARTICLE

RECENT POSTS

Let’s Talk About Getting Top Dollar for Your Property

By Sabeena Bubber • June 3, 2026
When it comes to selling your home, most people think the first call should be to a real estate agent. But the smartest first step often isn’t with your agent—it’s with an independent mortgage professional. Why? Because your mortgage plays a bigger role in your bottom line than most people realize. Planning to Buy After You Sell If selling means you’ll also be purchasing another property, you’ll want to know exactly where you stand financially before listing. Mortgage rules change regularly, and qualifying once doesn’t guarantee you’ll qualify again. Getting a pre-approval in place ensures you know what you can afford and eliminates surprises later. On top of that, reviewing the terms of your existing mortgage could uncover options you may not have considered. For example, porting your mortgage instead of arranging a brand-new one could save you thousands. Selling Without Buying Even if you aren’t planning to buy right away, there’s still an important step: understanding the cost of breaking your mortgage. Unless your mortgage is open, penalties apply—and they can be significant. By reviewing the numbers with a mortgage professional, you might find that simply adjusting your timeline could reduce or even avoid costly fees. Navigating Life Changes In situations like a marital breakdown, it can feel like selling the family home is the only path forward. But that’s not always the case. With the right guidance and a legal separation agreement, one spouse may be able to buy out the other, keeping the home and providing stability for everyone involved. The Bottom Line Selling your property is more than just putting a sign on the lawn—it’s about creating a financial plan that protects your equity and positions you for the best possible outcome. Before you take the leap, let’s sit down and review your options. 📞 If you’re ready to talk strategy and make sure you get top dollar for your property, I’d be happy to connect anytime.

RRSP Home Buyers’ Plan Explained: A Smart Way to Buy Your First Home

By Sabeena Bubber • May 27, 2026
Saving for a down payment is one of the biggest challenges first-time buyers face. What many don’t realize is that the Canadian government offers a program designed to make it easier—the Home Buyers’ Plan (HBP) . This program allows you to withdraw money from your RRSP to help purchase your first home, without immediate tax consequences. Here’s how it works: Who Qualifies? To be eligible, you generally need to be a first-time home buyer. In practical terms, this means you must not have owned a home in the past four years, nor lived in a property owned by your spouse or partner during that time. There are also special allowances if you’re living with a disability or helping a relative with a disability. In these cases, you can use the HBP even if you’ve owned a home more recently. How Much Can You Withdraw? Under the program, you can access up to $35,000 from your RRSP as an individual. Couples can combine their withdrawals for a total of $70,000 . These funds must have been in your RRSP for at least 90 days before you take them out. Paying It Back The HBP isn’t “free money”—it’s an interest-free loan from your own retirement savings. You’ll have 15 years to repay the full amount back into your RRSP, starting in the second year after withdrawal. Each year, the CRA will send you an HBP Statement of Account outlining how much needs to be repaid. If you don’t make your repayment in a given year, that amount will be added to your taxable income. Why It’s a Smart Strategy The HBP can give first-time buyers a powerful boost toward homeownership. It helps you put together a larger down payment, which can reduce your mortgage amount and monthly payments. Just remember: it’s important to balance the short-term benefit of homeownership with the long-term impact on your retirement savings. Next Steps Thinking about using the Home Buyers’ Plan? Let’s sit down and review whether it’s the right move for you. Together, we can create a strategy that gets you into your first home while keeping your future financial goals on track. 📞 Reach out anytime—it would be a pleasure to guide you through the process.

Deposit vs. Down Payment: Key Differences for Homebuyers

By Sabeena Bubber • May 20, 2026
When you’re buying a home, two terms often cause confusion: deposit and down payment . While they’re related, they serve very different purposes in the homebuying process. Here’s what you need to know. What Is a Deposit? A deposit is the money you provide when you make an offer on a property. Think of it as a show of good faith that proves you’re serious about purchasing. How it works : Typically, you provide a certified cheque or bank draft that your real estate brokerage holds in trust. If your offer is accepted, the deposit remains in trust until the deal moves forward. If negotiations fall through, the deposit is refunded. Connection to your down payment : Once the sale is finalized, your deposit becomes part of your total down payment. Why it matters : The amount is negotiable, but a larger deposit can make your offer more attractive in a competitive market. Keep in mind, however, that if you back out after conditions are removed, you risk losing your deposit. What Is a Down Payment? Your down payment is the amount you contribute toward the purchase price of your home when securing a mortgage. Minimum requirement : In Canada, the minimum down payment is 5% of the home’s purchase price. Anything less than 20% requires mortgage default insurance. Sources : Down payments can come from your savings, the sale of another property, RRSP withdrawals (through the Home Buyers’ Plan), a gift from family, or even borrowed funds. Example: How They Work Together Imagine you’re buying a $400,000 home with a 10% down payment ($40,000). When you make your offer, you provide a $10,000 deposit . Once conditions are met, that deposit is transferred to your lawyer’s trust account. At closing, you add the remaining $30,000 to complete your full down payment. The lender provides the rest—$360,000—through your mortgage. The Bottom Line Your deposit shows commitment and secures your offer, while your down payment is what makes the mortgage possible. Together, they work hand in hand to get you into your new home. 📞 If you’d like clarity on deposits, down payments, or any other part of the mortgage process, let’s connect. I’d be happy to walk you through it step by step.

LET'S TALK

SABEENA BUBBER

MORTGAGE BROKER | AMP

Contact Us