Complete First-Time Home Buyer Guide Canada 2026: Down Payment, CMHC Insurance, Stress Test and Closing CostsComplete First-Time Home Buyer Guide Canada 2026: Down Payment, CMHC Insurance, Stress Test and Closing Costs

Author & Review — E-E-A-T
Reviewed by Scott Dillingham, Licensed Mortgage Professional — Mortgage Agent serving first-time buyers across Canada with LendCity Mortgages, brokerage Mortgage Architects, FSRA Brokerage Licence #12728 (Ontario). Scott specializes in pre-approval, stress-test strategy, and high-ratio (CMHC-insured) purchases. All calculations on this page reflect 2026 rules from CMHC, OSFI B-20, Bank of Canada, and CRA FHSA/HBP.
Last updated: 2026-08-24 · For personalized numbers use the Mortgage Calculator, Affordability Calculator, and Closing Cost Calculator.
Disclosure: FirstHomeGuide.ca is an independent education resource; we do not sell mortgages or earn lender commissions on this page.

On This Page — Table of Contents

1. Why 2026 Is a Different Year for First-Time Buyers
2. Down Payment Rules 2026 — The 5/10/20 Tiers
3. CMHC Insurance 2026 — Premiums, Math & How to Save
4. Stress Test and GDS/TDS — How Much You Actually Qualify For
5. Closing Costs 2026 — The Full Breakdown by Province
6. Cash Needed — Three Worked Deals (Ontario vs Alberta vs BC)
7. HowTo — 8 Steps From Saving to Keys
8. Tools and Next Steps — Your Personal Numbers
9. Provincial Tips and What to Read Next
10. Frequently Asked Questions

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Why 2026 Is a Different Year

If you read older Canadian guides you will see advice that no longer applies. Four changes since December 2024 reshape the math for 2026 buyers. Use our Timeline Planner to map when each one helps you.

1. The $1.5M Insured-Mortgage Cap Is Law

CMHC, Sagen, and Canada Guaranty insure purchases below $1,500,000 only. At $1,500,000 or more you must put 20% down and cannot add an insurance premium to the mortgage. The tiered minimums now read: 5% on the first $500K, 10% on $500K–$1,499,999, 20% at $1.5M+. A $1.6M home therefore needs $320,000 down — not $125,000 — and that distinction alone has pushed some buyers to target $1,449,000 pricing.

2. 30-Year Insured Amortization for First-Time Buyers

Since 15 December 2024, first-time buyers (never owned, or not owned in the last 4 years) and buyers of newly built homes can use 30 years on an insured mortgage (<20% down). Everyone else buying a resale with <20% down remains at 25 years. Conventional purchases (20%+ down) can use 30 years regardless. On a $400,000 mortgage at 4.3%, 25 years = ~$2,164/mo and ~$249,000 lifetime interest; 30 years = ~$1,974/mo and ~$311,000 interest — about $190/month less but $62,000 more interest. Our Mortgage Calculator lets you toggle amortization side-by-side.

3. Stress Test Floor Still 5.25% — But Real Qualifying Rates Are Higher

OSFI B-20 has not moved the 5.25% floor. With the Bank of Canada policy rate held at 2.25% on June 10, 2026, prime at 4.45%, and discounted 5-year fixed rates around 4.0–4.3%, virtually every borrower qualifies at contract rate + 2% (roughly 6.0–6.5%), well above the floor. That qualifying rate — not your contract rate — drives GDS/TDS and your maximum purchase price.

4. FHSA + HBP + Bill C-4 Stack Is More Powerful Than Ever

2026 contribution room: FHSA $8,000/year, $40,000 lifetime (deductible in, tax-free out, no repayment) and HBP $60,000/person (repaid over 15 years). Couples combining both reach $200,000. Add the Home Buyers’ Tax Credit amount $10,000 → $1,500 credit, the first-time buyers’ GST/HST rebate (Bill C-4: full relief on new homes ≤$1M, phased $1M–$1.5M for agreements on/after 20 March 2025 before 2031), and province-specific LTT rebates — the stack can cover a meaningful share of both down payment and closing costs. Compare the accounts with our FHSA vs HBP comparison.

Bottom line: in 2026 you have more amortization flexibility but must still clear a 6%+ stress test and fund closing costs separately. Plan for both, not just the down payment.

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Down Payment Rules 2026

Canadian down payments are tiered by purchase price. The rules come from FCAC and are enforced identically by all three insurers. Use the Affordability Calculator to translate your income into a compliant purchase price.

Common thresholds:

• $600,000 → $25,000 + $10,000 = $35,000 (5.83%)
• $800,000 → $25,000 + $30,000 = $55,000 (6.88%)
• $1,000,000 → $25,000 + $50,000 = $75,000 (7.5%)
• $1,400,000 → $25,000 + $90,000 = $115,000 (8.21%)
• $1,499,999 → $124,999 (8.33%)

Acceptable Sources

• Non-borrowed funds (required for insured mortgages): savings, FHSA/HBP withdrawals, FHSA/TFSA, sale of assets, non-repayable family gift with a signed gift letter stating the relationship and that no repayment is expected. Gifts from immediate family are accepted by all three insurers.
• Borrowed funds: lines of credit, personal loans — generally only for conventional (20%+) mortgages and even then only with some lenders. Borrowed down payment raises your TDS ratio and often fails the stress test.
• CMHC price cap reminder: if the price is under $500K you can be as low as 5% down; at $500K–$1.5M the blended minimum rises quickly but insurance remains available; at $1.5M+ you must have 20% and cannot insure.

Should You Put 5%, 10%, 15% or 20%?

Each 5-point jump to the next CMHC tier cuts the premium (see next section). On a $600,000 home:

• 5% down ($30,000) → mortgage $570,000 × 4.00% = $22,800 premium → total mortgage $592,800
• 10% down ($60,000) → mortgage $540,000 × 3.10% = $16,740 → $556,740 (save $6,060 premium + $30,000 principal)
• 15% down ($90,000) → mortgage $510,000 × 2.80% = $14,280 → $524,280
• 20% down ($120,000) → no premium → $480,000

If you are close to 10% or 15%, bridging the gap — even with a family gift — can be the highest-return move you make. Model the trade-off in the Mortgage Calculator.

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CMHC Insurance 2026

Mortgage default insurance is federally mandated for every insured mortgage, regardless of lender. The premium is a one-time percent of the mortgage amount, almost always added to the mortgage balance (so you pay interest on it).

2026 Premium Tiers (All Three Insurers)

All three insurers — CMHC, Sagen, and Canada Guaranty — charge virtually identical rates. Your lender selects the insurer; you do not.

PST on CMHC Premium — The Hidden Closing Cost

Three provinces charge provincial sales tax on the premium at closing (cannot be rolled into the mortgage):

• Ontario: 8% → $19,000 premium = $1,520 due at closing
• Quebec: 9.975% → $19,000 = $1,895
• Saskatchewan: 6% → $19,000 = $1,140

Every other province/territory charges no PST on the premium. Many 2026 buyers discover this only at the lawyer’s office — budget for it if you are in ON/QC/SK. See the provincial breakdown in Closing Costs Overview and confirm with the Closing Cost Calculator.

Three Worked Examples

Example A — $500K home, 5% down, 25-year, 4.5% contract, Ontario

• Down payment: $25,000 · Mortgage: $475,000 · Premium: $475,000×4.00% = $19,000 · Total mortgage: $494,000 · PST @8%: $1,520 closing. Monthly payment (25yr 4.5%) ≈ $2,745/mo. Premium + interest on the premium over 25 years ≈ $33,000 total cost — the real price of buying with 5% down.

Example B — $600K home, 10% down, 30-year FTHB amortization, 4.3%

• Down: $60,000 · Mortgage: $540,000 · Premium: $540,000×3.10% = $16,740 · Total: $556,740. 30-year payment ≈ $2,745/mo — about $285/mo less than the 25-year equivalent, but ~$71,000 more interest over the full amortization.

Example C — $1,000,000 home, 7.5% down (minimum $75K), insured, 25yr 4.2%

• Down: $75,000 · Mortgage: $925,000 · Premium: $925,000×4.00% (since 7.5% falls in 5–9.99% tier) = $37,000 · Total: $962,000. Payment ≈ $5,185/mo. Pushing to 10% down ($100,000) drops premium to $27,900 (3.10% on $900,000) — a $9,100 saving for $25,000 extra down.

Can You Avoid the Premium?

Only by putting 20% or more down. There is no negotiation, exemption, or alternative product. If you are just shy of 20% (say 18–19%), the 2.80% tier still adds meaningful cost — on a $500K home with $95K down (19%), premium is ~$11,340 on the $405K mortgage. Some buyers pause to save the last 1–2%, but in a market appreciating 3–5% annually, waiting a year can add $15,000–$25,000 to the price — more than the premium you would save. Run both scenarios with the Cost of Waiting Calculator.

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Stress Test and GDS/TDS — How Much You Actually Qualify For

The stress test under OSFI B-20 and the GDS/TDS caps together determine your maximum mortgage — not your income alone. Understand them before falling in love with a listing. Our Affordability Calculator applies both in real time.

The Qualifying Rate Formula (2026)

Qualifying rate = max( contract rate + 2.00% , 5.25% floor )

Examples at June–August 2026 rates:

With prime at 4.45% and policy rate at 2.25%, even borrowers with deeply discounted fixed rates qualify near 6%. OSFI has not signalled a floor change for 2026.

GDS and TDS Caps

Both ratios are calculated at the qualifying rate, not your contract rate:

• GDS (Gross Debt Service): ≤ 39% (some lenders use 32% for insured) — (mortgage payment at qualifying rate + property taxes + heating + 50% condo fees) / gross income
• TDS (Total Debt Service): ≤ 44% — (all GDS items + all other debt payments: car loans, student loans, credit-card minimums, lines of credit) / gross income

Conventional (20%+) mortgages sometimes get slightly more flexibility via insurer overlays, but the 39/44 caps remain the conventional underwriting anchor for most first-time buyers.

Worked Example: Maya and Jon, $130,000 Household Income

• Gross monthly: $10,833 · Offered rate: 4.30% fixed · Qualifying rate: 6.30% · Taxes: $350/mo · Heat: $150/mo · No condo fees · No other debts · Target amortization: 25 years · Looking at insured purchase.

GDS budget: $10,833 × 39% = $4,225/mo for housing. Subtract taxes+heat ($500) → $3,725/mo available for the stress-test mortgage payment.

At 6.30% over 25 years, $3,725/mo supports a ~$552,000 mortgage at the qualifying rate. At their actual contract rate of 4.30%, that same $3,725/mo would support ~$695,000. The stress test cuts roughly $143,000 (20.6%) from their borrowing power.

With $60,000 down plus $19k CMHC premium already baked into the $552K, their maximum purchase price is about $593,000 ($552K mortgage ≈ $533K base + $19K premium + $60K down). Dropping to a 30-year amortization (FTHB) would lift the qualifying-rate mortgage to ~$595,000, adding ~$43K in purchase power — useful, but not a substitute for paying down debt.

Try this household in the Affordability Calculator — toggle 25 vs 30 years to see the gap.

Worked Example: Priya, Single Buyer, $78,000 Income + $480/mo Car Loan

• Gross monthly: $6,500 · Rate 4.5% / qualifying 6.50% · Taxes $280/mo · Heat $130/mo · Car $480/mo · 25yr.

GDS: $6,500×39% = $2,535 → minus $410 = $2,125/mo for mortgage at 6.50% → supports ~$316,000 mortgage at qualifying rate. TDS: $6,500×44% = $2,860 → minus $410 housing supplements minus $480 car = $1,970/mo left for mortgage → TDS binds at $1,970, supporting ~$293,000 mortgage. With 5% down, max purchase ~$308,000.

Paying off the $480 car loan (say $15,000 balance) lifts TDS by $480/mo → adds ~$72,000 in mortgage capacity at 6.50% — often a better use of $15,000 than a larger down payment.

How to Improve Your Stress-Test Result

1. Pay down non-mortgage debt first — $400/mo in debt payments costs ~$60K in mortgage capacity at 6.3%. Credit cards and lines of credit hurt twice (higher payments + higher utilization).
2. Increase down payment to the next tier — lowers the mortgage and the premium, reducing the qualifying payment by ~$120–$180/mo per $25K.
3. Consider 30-year if you are FTHB — adds ~7–9% to qualifying mortgage, but model total interest.
4. Add a co-buyer or guarantor — combines income but also combines debts and TDS; a co-buyer with no debt adds more capacity than one with a car loan.
5. Shop lenders/brokers — GDS/TDS calculations are standardized, but overlays differ; a broker can find a lender that counts 80% of rental income vs 50%, or allows slightly higher GDS for strong credit.

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Closing Costs 2026 — The Full Breakdown by Province

Closing costs are not part of the down payment or mortgage. They are paid from your own funds at closing. CMHC expects 1.5–4% of the price; in Toronto (provincial + municipal LTT) budget 3–5%. On $500K that is $7,500–$20,000, and Toronto buyers often land near $18,000–$25,000 after the municipal tax.

Use the Closing Cost Calculator for an exact province-by-price breakdown — the table below summarizes the biggest items.

Land Transfer Tax Snapshot (2026)

• Alberta & Saskatchewan: No provincial LTT — only modest land-titles registration fees (a few hundred dollars). Closing costs are structurally lower.
• Ontario (provincial): Tiered marginal rates on price; first-time rebate up to $4,000 applied directly against provincial LTT. On $500K, provincial LTT ≈ $6,475 → net $2,475 after rebate.
• Toronto (municipal, addition to provincial): Same tiered rates apply a second time; additional rebate up to $4,475. $500K in Toronto = ~$12,950 total LTT → net ~$4,475 after both rebates (still the largest single cost).
• British Columbia: Full FTHB exemption up to $835,000, partial to $860,000; newly built homes up to $1.1M may qualify. Without exemption, PTT is 1% on first $200K, 2% to $2M.
• Quebec (welcome tax): Municipal transfer tax, tiered 0.5–1.5%; Montreal is 0.5% on first $55K rising to 3% on high values. No province-wide FTHB rebate, but municipal first-home programs exist.
• Atlantic: Most provinces charge modest provincial deed/transfer taxes (NS 0.5–1.5%, NB 0.5–1%, PEI 1%, NL 0.4% registration) with first-time incentives in PEI/NS on new builds.
• Territories: Low flat registration fees.

Tip: estimate LTT early — it determines whether you need $8K or $18K more at closing. Use your province government’s calculator and our Closing Cost Calculator.

Why 1.5–4% Is Not Just a Rule of Thumb

On $500K, $7,500 (1.5%) covers legal + title + inspection + adjustments in Alberta but not in Toronto or even suburban Ontario where LTT alone adds $6K. On $750K, even 2% is $15K and Toronto LTT pushes you past 3%. The responsible plan: estimate exact LTT for your price and province, then add $3,000–$5,000 for legal/title/adjustments, plus $1,000–$2,000 PST if in ON/QC/SK with insured mortgage, plus moving.

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Cash Needed — Three Worked Deals

These compare total cash to close for the same $600,000 purchase with 10% down ($60,000) and a $540,000 mortgage + $16,740 CMHC premium (3.10%) → $556,740 total mortgage, 4.3% contract / 6.30% qualifying, 25-year amortization in 2026.

Deal 1 — $600K in London, Ontario (Provincial LTT Only, Outside Toronto)

• Provincial LTT: $8,475 → minus $4,000 FTHB rebate = $4,475
• Legal + disbursements: $2,000 · Title: $350 · Inspection: $500 · Appraisal: $400
• PST on $16,740 premium @8%: $1,339
• Tax/utility adjustments: $1,200 · Interest adjustment: $450
• Closing costs subtotal ≈ $10,714
• Total cash to close: $60,000 down + $10,714 closing + $3,000 moving buffer ≈ $73,714
• Note: need the full $73K+ at the lawyer’s office — the $60K down is included in the purchase funds, the $13.7K closing portion is in addition to what the mortgage covers.

Deal 2 — $600K in Toronto (Double LTT)

• Provincial LTT $8,475 + municipal $8,475 = $16,950 → minus $4,000 + $4,475 rebates = $8,475 net LTT (double the London cost)
• Same legal/title/inspection/appraisal/PST/adjustments as above (~$6,239)
• Closing ≈ $14,714 → Total cash ≈ $77,714 — about $4,000 more than London for the identical home price because of the second LTT.

Deal 3 — $600K in Calgary, Alberta (No LTT)

• LTT: $0 + registration fees ~$300
• Same legal/title/inspection/appraisal/adjustments (~$5,100) — no PST on premium in Alberta
• Closing ≈ $5,400 → Total cash ≈ $65,400 — more than $8K less than Ontario and $12K less than Toronto.

The lesson: province choice is a closing-cost decision as tangible as the down payment. When comparing markets, run each through the Closing Cost Calculator, City Comparison Tool, and Province Selector to see the net.

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HowTo — 8 Steps From Saving to Keys

This HowTo is summarized for search engines as a structured checklist. Follow it with our interactive Timeline Planner and check progress with the Readiness Assessment.

Step 1 — Confirm you are a first-time buyer and check credit (Week 1)
You qualify as a first-time buyer in Canada if you have not owned and lived in a home as your principal residence in the current or previous 4 calendar years. Pull both Equifax and TransUnion reports, dispute errors, and aim for 680+ (760+ for best pricing). See Are You Ready? and the Credit Score Guide.

Step 2 — Open and fund FHSA + plan HBP (Months 1–24)
Open an FHSA immediately — even a $100 contribution starts the room. Contribute up to $8K/year (up to $40K lifetime) and let qualifying withdrawals be tax-free. Pair with RRSP HBP withdrawals up to $60K/person. A couple pooling both can position $200K in tax-advantaged down payment funding. Compare in FHSA Guide and HBP Guide.

Step 3 — Model down payment tiers & CMHC cost (Months 6–18)
Run the purchase prices you are targeting through the Mortgage Calculator at 5%, 10%, 15%, and 20% down. Watch how the premium and monthly payment shift. If a family gift can lift you one tier, formalize the gift letter early — lenders verify it.

Step 4 — Stress-test your household income (Months 12–18)
Convert your gross income into a qualifying payment at contract +2%. Divide by GDS 39% and TDS 44% to find your real maximum. Clear high-ratio debt (car loans, credit cards) before house hunting — each $400/mo in debt costs ~$60K in purchase power at 6.3%. Check against the Affordability Calculator and read the Stress Test Deep Dive.

Step 5 — Get pre-approved and assemble your team (90 days before offers)
Lender pre-approval (90–120 day rate hold), buyer’s agent, real estate lawyer, home inspector, and if needed a mortgage broker. Brokers routinely find rates 0.1–0.5% below a single bank’s offer — worth $5K–$10K over 5 years. See Getting Pre-Approved and Choosing a Provider.

Step 6 — House hunt with provincial costs in mind (Months 18–24)
Attend showings, compare freehold vs condo fees, evaluate land transfer tax by location (Toronto double-tax vs Alberta zero-tax is $8K–$12K on $600K), and estimate closing costs for each listing with the Closing Cost Calculator. Use the City Comparison for inter-city moves.

Step 7 — Make an offer with conditions that protect you (When you find the right home)
Submit an Agreement of Purchase and Sale with financing and inspection conditions, a competitive deposit (often $10K–$25K certified cheque or wire), and a firm maximum price before bidding wars. Review Purchase Agreement, Conditions, and Bidding Wars.

Step 8 — Close — lawyer, title, adjustments, and keys (60–90 days after firm deal)
Your lawyer conducts title search, registers the mortgage and title transfer, collects LTT and legal fees, manages property-tax/utility adjustments, and disburses funds to the seller’s lawyer. Do the final walkthrough, confirm funds by certified cheque/wire two days before closing, and pick up keys when your lawyer confirms registration. Details in Closing Costs Overview, Real Estate Lawyer, and Closing Day.

Keep this sequence in your pocket via the printable Document Checklist and Timeline Planner.

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Tools and Next Steps — Your Personal Numbers

This flagship guide gives you the rules. The tools give you your numbers — free, private, and updated for 2026.

• Mortgage Calculator — Payment, amortization 25 vs 30, CMHC premium, and stress-test qualifying payment by price, down payment, and rate.
• Affordability Calculator — Maximum purchase price after GDS/TDS and the stress test from income, debts, and taxes.
• Closing Cost Calculator — Province-by-province closing costs: provincial/municipal LTT, legal, title, PST on premium, and adjustments.
• Comparison Tools — Rent vs Buy, FHSA vs HBP, and Fixed vs Variable side-by-side to allocate savings optimally.
• Province Selector — Federal + provincial program finder for all 10 provinces and 3 territories.
• Readiness Assessment — 3-minute quiz that scores savings, credit, and ratios and tells you whether to buy, save, or clear debt first.
• Timeline Planner — Dates each milestone from FHSA opening through closing day.
• Cost of Waiting Calculator — How price appreciation vs rate changes affect the decision to wait.
• City Comparison — Entry prices, taxes, and carrying costs across Canadian cities.
• Document Checklist — Printable list of employment, income, identity, and property documents for the mortgage application.

Run the three calculators with your real numbers, then pick your next read below — the full 8-module guide is designed to be jumped into at any point.

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Provincial Tips and What to Read Next

• Ontario: Max out the $4,000 provincial + $4,475 Toronto rebates, and if considering new construction ask your lawyer about the 2026 HST treatment and Bill 114 (April 2026–March 2027) provincial HST relief on new homes ≤$1M. Read Ontario Programs and the Ontario Land Transfer Tax Deep Dive.
• British Columbia: Target ≤$835K (exempt) or ≤$860K (partial) for FTHB PTT relief, or a newly built ≤$1.1M home — a $20,000 saving versus buying just over the threshold. See BC Programs.
• Alberta & Prairies: No LTT is a structural advantage — your $5K–$12K saving vs Ontario can be redirected to a higher down payment and lower CMHC tier. See Alberta & Prairies.
• Quebec: Budget the municipal welcome tax and 9.975% PST on the CMHC premium; check Montreal’s tiered rates before setting your price. See Quebec.
• Atlantic Canada: Low transfer taxes but verify PEI first-time new-build rebates and Nova Scotia deed transfer up to 1.5% with municipal overlays. See Atlantic.
• Territories: Focus on federal programs (FHSA/HBP/HBTC) plus Yukon/NWT/Nunavut housing corporation incentives. See Territories.
• Canada-wide programs: The full directory lives at Federal Programs and the stacked comparison at Program Comparison.

Deepen each chapter:

• Down payments & mortgage basics → Module 3 overview · Down Payment Rules · CMHC Insurance · Fixed vs Variable · Amortization 25 vs 30 · Pre-Approval · GDS/TDS
• Stress test & affordability → Stress Test · Are You Ready?
• Closing → Closing Costs Overview · Cost Breakdown · Land Transfer Tax · Closing Example · Closing Day
• Saving → FHSA · RRSP HBP · Combined $100K Strategy
• Glossary & checklist → Glossary · Financial Checklist · FAQ

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FAQ

The ten FAQs in this page’s front matter drive the JSON-LD FAQPage schema below (via src/lib/schema.ts buildFaqPageNode in src/components/starlight/Head.astro). The same FAQs surface in /llms-faq.json for AI citations. Quick answers here mirror that schema.

How much do I need for a down payment in 2026?
5% on the first $500K, 10% on $500K–$1.5M, 20% at $1.5M+ — insured cap $1.5M. See Down Payment Rules and test your price in the Mortgage Calculator.

What is CMHC insurance?
A one-time 2.80–4.00% premium on insured (<20% down) mortgages, added to the mortgage and charged PST in ON/QC/SK. Detail and math in CMHC Insurance.

What is the stress test?
Qualify at max(contract +2%, 5.25%). In 2026 that is ~6.0–6.5% for most buyers and cuts max mortgage ~20%. Full walkthrough at Stress Test.

How much are closing costs?
1.5–4% (CMHC) or 3–5% in Toronto on top of the down payment — legal, LTT, title, adjustments, PST on premium. Use the Closing Cost Calculator.

30-year insured amortization?
Yes, insured 30-year is allowed for first-time buyers and new builds since Dec 15, 2024; all other insured resales stay at 25 years. Trade-off analysis in Amortization.

Combine FHSA + HBP?
Yes — up to $100K/person, $200K/couple, with no repayment on FHSA and 15-year repayment on HBP. Compare at FHSA and HBP.

Credit score?
680+ for best rates, 760+ for top pricing, 600+ minimum for insured. Lift before applying in Credit Score Guide.

Do I pay land transfer tax as a first-time buyer?
Yes unless a rebate applies. Ontario up to $4,000 (plus Toronto $4,475), BC exempt to $835K/partial to $860K. Detailed table in Land Transfer Tax.

Can gifts cover the down payment?
Immediate-family non-repayable gifts are accepted for insured mortgages with a gift letter. Borrowed funds only pass for many conventional 20%+ files.

Am I ready?
Stable income + 680+ credit + down payment + 1.5–4% closing reserve + 3–6 month emergency fund + GDS/TDS under stress test. Score yourself with the Readiness Assessment.

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Sources: CMHC Mortgage Loan Insurance · CMHC Insurance Cost · OSFI B-20 · Bank of Canada Key Rate (June 10, 2026) · FCAC Down Payments · CRA FHSA · CRA HBP · CRA Home Buyers’ Amount · CRA GST/HST New Housing Rebate

Next: jump to any module — Are You Ready?, Saving Smart, Down Payments & Mortgages, Government Programs, Finding a Home, Making an Offer, Closing the Deal, Life After Closing, or revisit the Welcome Guide.