{"id":96826,"date":"2026-02-24T13:36:36","date_gmt":"2026-02-24T18:36:36","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/?post_type=rbc_my_money_matter&#038;p=96826"},"modified":"2026-03-02T11:27:11","modified_gmt":"2026-03-02T16:27:11","slug":"how-much-money-do-you-really-need-to-buy-your-first-home-in-canada","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/buying-your-first-home\/how-much-money-do-you-really-need-to-buy-your-first-home-in-canada\/","title":{"rendered":"How much money do you really need to buy your first home in Canada?"},"content":{"rendered":"\n<div class=\"wp-block-rbc-rbc-block drop-shadow pos-rel top-line-blue block-wpr\">\n<div class=\"wp-block-rbc-rbc-block-inner-block block-inner\">\n<h4 class=\"wp-block-heading\" id=\"h-tldr\">TLDR<\/h4>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Minimum down-payment <a href=\"https:\/\/www.canada.ca\/en\/financial-consumer-agency\/services\/mortgages\/down-payment.html#toc0\">rules<\/a>: 5% for homes priced up to $500K, 10% on costs above $500K, and 20% for $1.5M+.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Buying a home takes more than a down payment \u2013 don\u2019t forget to factor in legal fees, mortgage insurance if your down payment is less than 20%, land transfer tax, and closing and moving costs.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Boost your savings through government programs like GST relief, the First Home Savings Account, provincial rebates and the Home Buyers\u2019 Plan.<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>If you\u2019re thinking about buying your first home, you\u2019re probably running through some big considerations, including the most crucial one: \u201cHow much mortgage can I afford?\u201d To answer that question, <a href=\"https:\/\/www.rbcroyalbank.com\/mortgages\/first-time-home-buyers.html\">first-time homebuyers<\/a> need to think about costs beyond the listing price. Mortgage insurance, closing and legal costs, and moving expenses should all factor into your calculations.<\/p>\n\n\n\n<p>Here, we break down the minimum down payment rules in Canada, outline the government programs available, such as the First Home Savings Account (FHSA) and Home Buyers\u2019 Plan (HBP), review homebuying costs and offer smart savings strategies to help you plan strategically.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-understanding-down-payments-your-first-step\">Understanding down payments: Your first step<\/h2>\n\n\n\n<p>A down payment is the initial amount of money a home buyer pays towards the purchase of a home. Your lender deducts the down payment from the purchase price and gives you a mortgage loan to cover the rest.<strong><\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/www.rbcroyalbank.com\/mortgages\/down-payment-options.html\">Saving up for a down payment<\/a> is a major milestone for first-time homebuyers. While mortgages let you spread payments out over many years, you need a lump sum up front to secure a home. This money needs to come from your own savings (not borrowed from a financial entity), so giving yourself time to plan and set aside funds is a smart move.<\/p>\n\n\n\n<p>Canada\u2019s down-payment requirements are more flexible than many people realize. Understanding the rules can help you set a realistic savings target.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-the-minimum-down-payment-rules-in-canada\">What are the minimum down payment rules in Canada?<\/h2>\n\n\n\n<p>In Canada, how much you need for a down payment depends on the <a href=\"https:\/\/www.canada.ca\/en\/financial-consumer-agency\/services\/mortgages\/down-payment.html#toc0\">price of the home<\/a> you\u2019re buying. Here\u2019s how it breaks down:<\/p>\n\n\n\n<div class=\"wp-block-group has-text-sm-font-size is-vertical is-layout-flex wp-container-core-group-is-layout-8cf370e7 wp-block-group-is-layout-flex\">\n<table class=\"table-stack wp-block-rbc-stackable-table-block is-style-table-striped col-stack\"><tbody><tr><td><strong>Purchase price<\/strong><\/td><td><strong>Minimum rule<\/strong><\/td><td><strong>Calculation example<\/strong><\/td><td><strong>Minimum down payment<\/strong><\/td><td><strong>Mortgage insurance required?<\/strong><\/td><\/tr><tr><td>$500,000 or less<\/td><td>5% of the purchase price<\/td><td>&nbsp;<br>$400,000 home<br>&nbsp;<br>($400,000 x 5%)<\/td><td>&nbsp;<br>$20,000<\/td><td>&nbsp;<br>Yes, because the down payment is less than 20% of the purchase price.&nbsp;<\/td><\/tr><tr><td>Between $500,000 and $1.5 million<\/td><td>5% of the first $500,000<br>plus<br>10% of the portion above $500,000<\/td><td>&nbsp;<br>$750,000 home<br>&nbsp;<br>($500,000 x 5%)<br>+<br>($250,000 x 10%)<\/td><td>&nbsp;<br>$50,000<\/td><td>&nbsp;<br>Yes, because the down payment is less than 20% of the purchase price.<\/td><\/tr><tr><td>$1.5 million or more<\/td><td>&nbsp;<br>20% of the purchase price<\/td><td>&nbsp;<br>$1,500,000 home<br>&nbsp;<br>($1,500,000 x 20%)<\/td><td>&nbsp;<br>$300,000<\/td><td>&nbsp;<br>No, because the down payment is 20% of the purchase price.<\/td><\/tr><\/tbody><\/table>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-is-it-better-to-have-a-large-down-payment\">Is it better to have a large down payment?<\/h2>\n\n\n\n<p>Remember, the figures above are minimums. The more you pay up front, the less you have to borrow. A larger down payment means:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Lower interest cost and lower monthly payments.<\/strong> The smaller your mortgage, the less you pay each month.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Reduced insurance costs.<\/strong> You can avoid or reduce the cost of mortgage insurance (also called mortgage loan insurance or mortgage default insurance) by putting down 20% or more. (Note that mortgage insurance is not available for homes priced over $1.5 million, so you must put down at least 20% for any home above this threshold.)<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>If you\u2019re self-employed or you have a lower credit score, your mortgage lender may require a larger down payment than the minimums outlined above.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-can-you-buy-a-home-without-a-down-payment\">Can you buy a home without a down payment?<\/h2>\n\n\n\n<p>The short answer is no. Canadian lenders require a minimum down payment of 5% to 20%, depending on the home price. If your down payment is less than 20% of the home\u2019s price, you\u2019ll need to include mortgage default insurance. This protects lenders, but adds thousands of dollars to your overall mortgage cost. If your first home is $1.5 million or more, this insurance isn\u2019t an option, so you\u2019ll need to plan for a down payment of at least 20%.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-is-cmhc\">What is CMHC?<\/h3>\n\n\n\n<p>CMHC stands for the Canada Mortgage and Housing Corporation. It\u2019s owned by the federal government and is the largest provider of mortgage loan insurance in Canada. This insurance protects the lender in case the borrower defaults on payments, and it is mandatory for mortgages with a down payment of less than 20%.<\/p>\n\n\n\n<p>While CMHC is the most widely recognized mortgage insurer, two private companies, Sagen and Canada Guaranty, also provide mortgage default insurance.<\/p>\n\n\n\n<p>The benefit of mortgage loan insurance is that it lets you get a mortgage for up to 95% of the purchase price of a home. But there is also a cost. The insurance premium is usually added to your mortgage balance, and it\u2019s typically between 2.8% and 4% of your total mortgage amount.<\/p>\n\n\n\n<p>You can use <a href=\"https:\/\/www.cmhc-schl.gc.ca\/consumers\/home-buying\/mortgage-loan-insurance-for-consumers\/cmhc-mortgage-loan-insurance-cost\">CMHC&#8217;s mortgage loan insurance chart<\/a> to calculate how much CMHC insurance will increase your monthly payments.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-the-hidden-costs-when-buying-a-house\">What are the hidden costs when buying a house?<\/h2>\n\n\n\n<p>If you\u2019re wondering how much money you need to purchase a home, you should think beyond the down payment. There are several other fees you\u2019ll need to pay as a first-time home buyer, and you may want to budget at least 3% of your new home\u2019s purchase price to cover closing and moving costs.<\/p>\n\n\n\n<p>For example, if you\u2019re purchasing a $600,000 home in Alberta, you should anticipate an additional $18,000 in costs on top of your down payment. Here are some of the fees you might pay:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Appraisal fee:<\/strong> An estimate of the value of the home, which your lender might require. $250\u2013$350<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Home inspection fee:<\/strong> A certified inspector prepares a report on the condition of the home. $500<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Land registration fee:<\/strong> In Alberta, it\u2019s calculated as a $50 flat fee, plus $5 per $5,000 (or portion thereof) of the property\u2019s value. $650<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Survey or certificate of location: <\/strong>May be requested by your bank before it finalizes your mortgage. $1,000\u2013$2,000<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Legal fees:<\/strong> Lawyers\u2019 services, including reviewing the purchase agreement, conducting a title search and more. $500+<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>Other costs could include:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Title insurance<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Moving expenses<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Immediate repairs<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Furnishings and appliances<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Utility connections and deposits<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Management and condo fees (if purchasing a condominium)<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Property taxes<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/credit-and-borrowing\/understanding-loans\/what-is-mortgage-protection-insurance\/\">Mortgage protection insurance<\/a><\/p>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-banks-determine-how-much-mortgage-you-can-afford\">How banks determine how much mortgage you can afford<\/h2>\n\n\n\n<p>Before you start hunting for your first home, it helps to understand how banks and other lenders decide what you can afford. As a general guideline, banks and mortgage lenders want to see that your income can comfortably support your mortgage payments, along with your other debts and living expenses. Below are some of the key factors they consider when <a href=\"https:\/\/www.rbcroyalbank.com\/mortgages\/tools\/mortgage-affordability-calculator\/index.html\">calculating how much you can qualify for<\/a>:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Household income:<\/strong> Generally, the more you earn, the larger the mortgage you\u2019re able to qualify for. Lenders typically review your income over the past two to three years to determine whether the money you earn can cover your mortgage payments and other financial obligations.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Down payment:<\/strong> The larger your down payment, the less you\u2019ll need to borrow.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Credit score and history:<\/strong> A higher score may help you qualify for <a href=\"https:\/\/www.rbcroyalbank.com\/mortgages\/mortgage-rates.html\">better mortgage rates<\/a> and more favourable terms.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Debt ratios:<\/strong> Lenders assess how much of your income will go to housing expenses and debt repayment.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p><strong>Considering a mortgage?<\/strong> A pre-approval provides a 120-day rate guarantee and your maximum lending amount after a credit check, offering reassurance as you shop for homes. Use the <a href=\"https:\/\/public.rbcroyalbank.com\/sgw5\/home\/pre-approval-mortgage-calculator#\/home?lang=en\">RBC Digital Pre-Approval tool<\/a> to start your application online and begin your journey to homeownership.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-government-and-savings-programs-for-first-time-home-buyers\">Government and savings programs for first-time home buyers<\/h2>\n\n\n\n<p>Several programs are available to help first-time homebuyers save money and increase their purchasing power.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-first-time-home-buyers-gst-rebate\">First-Time Home Buyers\u2019 GST Rebate<\/h3>\n\n\n\n<p>If you purchase a new home from a builder, build or hire someone to build a home on your land, or buy shares of a co-operative housing corporation, you could be eligible for a <a href=\"https:\/\/www.canada.ca\/en\/department-finance\/news\/2025\/05\/gst-relief-for-first-time-home-buyers-on-new-homes-valued-up-to-15-million.html\">GST rebate<\/a>. To boost home construction, the federal government is waiving GST on new homes under $1 million. Homes valued between $1 million and $1.5 million are also eligible for a rebate, but the amount is gradually reduced (or phased out) the more expensive the home is. To qualify for the first-time homebuyer GST rebate, you must be at least 18, be a Canadian citizen or permanent resident, and not have owned a home in the past four calendar years.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-first-home-savings-account-fhsa\">First Home Savings Account (FHSA)<\/h3>\n\n\n\n<p>A <a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/individuals\/topics\/first-home-savings-account.html\">First Home Savings Account<\/a> lets you invest for your first home with two powerful tax advantages: you get tax deductions for making contributions, and when you\u2019re ready to buy, your withdrawals are completely tax-free. Once you open the account, you can contribute up to $8,000 in your first year. You get an additional $8,000 of contribution room each subsequent year until you reach a lifetime maximum of $40,000. If you don\u2019t use all your contribution room in a single year, you can carry forward a maximum of $8,000 of that unused room into the next year.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-to-use-your-registered-retirement-savings-plan-nbsp-rrsp-to-buy-a-home\">How to use your Registered Retirement Savings Plan&nbsp;(RRSP) to buy a home<\/h3>\n\n\n\n<p>The <a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/individuals\/topics\/rrsps-related-plans\/what-home-buyers-plan.html\">Home Buyers\u2019 Plan<\/a> (HBP) lets you borrow from your retirement savings to buy your first home. You can withdraw up to $60,000 from your RRSP (or $120,000 if you\u2019re buying with a partner) with no tax withheld, and you\u2019ll have 15 years to pay it back. You can use both the HBP and your FHSA for the same home purchase, as long as you meet the conditions for each program.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-provincial-credits-and-gst-hst-new-housing-rebate\">Provincial credits and GST\/HST new housing rebate<\/h3>\n\n\n\n<p>Check what your province offers. In Ontario, for example, first-time buyers can get a land transfer <a href=\"https:\/\/www.ontario.ca\/document\/land-transfer-tax\/land-transfer-tax-refunds-first-time-homebuyers\">tax refund<\/a> of up to $4,000. If you\u2019re buying a qualifying new home, you may also be eligible for additional GST\/HST rebates (see the GST rebates above).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-real-cost-scenarios-what-different-home-prices-really-mean\">Real cost scenarios: What different home prices really mean<\/h2>\n\n\n\n<p id=\"h-real-cost-scenarios-what-different-home-prices-really-mean\">Understanding the full financial picture helps you plan realistically for your new home. This guide breaks down exactly what you\u2019ll need to purchase properties at different price points, including your down payment, closing costs and what your monthly mortgage payments might look like.*<\/p>\n\n\n\n<div class=\"wp-block-group has-text-sm-font-size is-vertical is-layout-flex wp-container-core-group-is-layout-8cf370e7 wp-block-group-is-layout-flex\">\n<table class=\"table-stack wp-block-rbc-stackable-table-block is-style-table-striped col-stack\"><tbody><tr><td><strong>Cost of home<\/strong><\/td><td><strong>Minimum down payment<\/strong><\/td><td><strong>Closing costs<\/strong><\/td><td><strong>Monthly mortgage payment<br>(5.5% fixed rate over 25 years)**<\/strong><\/td><td><strong>Will you need mortgage insurance?<\/strong><\/td><\/tr><tr><td>$400,000<\/td><td>$20,000 (5% down)<\/td><td>$12,000<\/td><td>$2,200+ mortgage insurance<\/td><td>Yes because only 5% down<\/td><\/tr><tr><td>$600,000<\/td><td>$35,000&nbsp;<br>(5% on the first $500,000 plus 10% on the remaining $100,000)<\/td><td>$18,000<\/td><td>$3,300<\/td><td>Yes<\/td><\/tr><tr><td>$1.5 million<\/td><td>$300,000<\/td><td>$45,000<\/td><td>$6,700<\/td><td>No<\/td><\/tr><\/tbody><\/table>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<p id=\"h-real-cost-scenarios-what-different-home-prices-really-mean\">* Calculations done using the <a href=\"https:\/\/apps.royalbank.com\/apps\/mortgages\/mortgage-payment-calculator\/\">RBC Mortgage Payment Calculator<\/a>. All costs are approximate and based on current rates and standard terms. Your actual costs vary depending on your interest rate, mortgage term, property taxes and other factors specific to your situation. For accurate information based on your circumstances, contact an <a href=\"https:\/\/www.rbcroyalbank.com\/mortgages\/specialist-locator\/index.html\">RBC Mortgage Specialist<\/a>.<\/p>\n\n\n\n<p id=\"h-real-cost-scenarios-what-different-home-prices-really-mean\">** Monthly payment estimates do not include mortgage loan insurance, which is mandatory for down payments less than 20%.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-smart-savings-strategies-for-your-first-home\">Smart savings strategies for your first home<\/h2>\n\n\n\n<p>Saving for your first home can seem daunting, but the right strategies can help you get to your goal.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-open-a-dedicated-savings-account\">Open a dedicated savings account<\/h3>\n\n\n\n<p>To stay on track, considering opening a separate high-interest savings account or investment vehicle like an FHSA. Setting up automatic monthly transfers builds momentum without you having to think about it.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-leverage-programs-to-save-faster\">Leverage programs to save faster<\/h3>\n\n\n\n<p>Max out your FHSA contributions (up to $8,000 per year) for tax-free savings. You can also use the Home Buyers\u2019 Plan to withdraw up to $60K from your RRSP ($120K for couples), repayable over 15 years.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-consider-co-buying\">Consider co-buying<\/h3>\n\n\n\n<p>Think about pooling resources with a family member or friend to share costs and potentially qualify for a larger mortgage. Just make sure to have open conversations up front about how you\u2019ll handle ownership, repayments and long-term plans.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-stick-to-a-monthly-budget\">Stick to a monthly budget<\/h3>\n\n\n\n<p>Review your budget regularly and consider cutting back on non-essentials until you reach your goal. Even saving small amounts can add up over time.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-choose-strategically\">Choose strategically<\/h3>\n\n\n\n<p>For some first-time home buyers, starting with a condo, a townhouse or a property in a more affordable suburban neighborhood is a smart first step that gets you into the market sooner.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-use-budgeting-tools\">Use budgeting tools<\/h3>\n\n\n\n<p>If you\u2019re an RBC client, you can access helpful budgeting features like <a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/nomi-find-and-save.html?promo_creative=living+large+on+a+budget%3A+how+to+maximize+your+money&amp;promo_id=216126&amp;promo_name=ent_investments_dnl&amp;promo_position=body\">NOMI Find and Save<\/a>, a tool that uses predictive technology to learn your transaction patterns, identify dollars you likely won\u2019t miss and set them aside for you automatically. You set the parameters and can pause or switch funds back whenever you want. You can find NOMI in the RBC banking app.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-know-when-you-re-ready-to-buy-a-house\">How to know when you\u2019re ready to buy a house<\/h2>\n\n\n\n<p>It can be tempting to jump into the market when everyone around you seems to be buying, but waiting may be the smarter choice in certain situations. Jumping into homeownership before you\u2019re fully prepared can feel overwhelming and may strain your finances in the long run. Taking time to plan ensures you\u2019re set up for success\u2014and peace of mind.<\/p>\n\n\n\n<p>You may want to hold off if:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Your debt is too high: <\/strong>High debt levels can make it harder to qualify for a mortgage or manage monthly payments comfortably.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Your credit score is low.<\/strong> A lower score typically means higher interest rates or difficulty getting approved for a mortgage.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>There\u2019s no emergency fund after your down payment.<\/strong> You need a financial cushion for unexpected repairs, job loss or other emergencies.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>If any of these situations apply to you, consider renting for now or delaying your purchase. Take time to pay down debt, build your credit and grow your savings. When you do buy, you\u2019ll be in a stronger position to purchase the place you want with greater peace of mind.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-be-ready-to-buy-your-first-home\">Be ready to buy your first home<\/h2>\n\n\n\n<p>Buying your first home is all about preparation. Since the down payment is just the beginning, you\u2019ll also need to budget for closing costs, insurance, moving expenses and setting up your new place. You\u2019ll also want to keep an eye on <a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/economics-101\/understanding-interest-rates\/bank-of-canada-interest-rate-announcement\/\">Bank of Canada interest rates because changes<\/a> can affect your mortgage and how much you can borrow. With pre-planning and strategic saving, you\u2019ll be ready to make an offer when the time is right.<\/p>\n\n\n\n<p>Need help navigating it all? Our mortgage specialists are here to help you understand how much home you can afford and how to make your savings work harder.<\/p>\n\n\n\n<div class=\"wp-block-group  mar-b-hlf has-rbc-bright-blue-tint-4-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading has-text-align-center\" id=\"h-get-pre-approved-2-nbsp-for-your-mortgage\"><strong>Get Pre-Approved<\/strong><sup>2<\/sup><strong>&nbsp;for Your Mortgage<\/strong><\/h2>\n\n\n\n<p class=\"has-text-align-center\">Know how much you can afford and lock in your rate<sup>1<\/sup> with our online pre-approval application. It only takes a few steps and won&#8217;t affect your credit score.<\/p>\n\n\n\n<div class=\"wp-block-buttons pad-b-hlf is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\"><div>\n<div class=\"wp-block-button  is-style-primary primary btn before\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/public.rbcroyalbank.com\/sgw5\/home\/pre-approval-mortgage-calculator#\/home?lang=en\" data-dig-id=\"LP-96826-d98bff85\" data-dig-category=\"LP\" data-dig-action=\"button click\" data-dig-label=\"Get Pre-Approved Now-https:\/\/public.rbcroyalbank.com\/sgw5\/home\/pre-approval-mortgage-calculator#\/home?lang=en \">Get Pre-Approved Now<\/a><\/div>\n<\/div><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-96826-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n\n\n\n<p>1. The Online Mortgage Pre-Approval tool provides you with the maximum mortgage lending amount and mortgage rate you may be pre-approved for by RBC, based on the accuracy and completeness of the information provided by you. Terms and Conditions will apply, please refer to&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/mortgages\/pdf\/terms-and-conditions-online-mortgage-pre-approval-tool.pdf\" rel=\"noreferrer noopener\" target=\"_blank\">the Terms and Conditions<\/a>&nbsp;for full details.<\/p>\n\n\n\n<p>2. We guarantee your interest rate for the selected mortgage type and term for up to 120 days from the application date. If the mortgage is not funded within the 120-day period, the interest rate guarantee expires.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Planning to buy your first home in Canada? There\u2019s more to it than mortgages and down payments. 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