Open a First Home Savings Account (FHSA)

Set up automatic savings transfers to your FHSA and savings accounts

$1,500/month

Pull your credit report to confirm your score

Build or top up your emergency fund (3 months of expenses)

Research housing market and prices in your target area

Continue monthly FHSA contributions

$667/month toward $8,000/year max

Contribute to RRSP for the Home Buyers' Plan (HBP)

$533/month

Check credit score — monitor for improvement and catch issues early

Check credit score — monitor for improvement and catch issues early

File taxes and reinvest your FHSA/RRSP tax refund into your down payment savings

Est. refund: $3,338

Check credit score — monitor for improvement and catch issues early

Contact a mortgage broker and start the pre-approval process

Get your mortgage pre-approval letter

Start attending open houses to understand market pricing

Identify 2-3 target neighbourhoods within your budget

Interview 2-3 buyer's real estate agents

Finalize your buyer's agent and begin active home search

Get home insurance quotes from 2-3 providers

Identify and retain a real estate lawyer

Initiate RRSP HBP withdrawal (funds must sit in RRSP for 90 days before withdrawal)

$12,792

Submit your offer, negotiate conditions, and proceed to closing

Withdraw FHSA funds for your home purchase (tax-free)

$13,336

Arrange movers, set up utilities, and forward mail

Closing day — keys in hand!