At Millennium, we understand how overwhelming buying your first home can feel in today’s Canadian housing market. Whether you’re worried about down payments, approval criteria, or choosing between incentive programs, our experienced team will guide you every step of the way. We specialize in supporting the first-time home buyer with expert advice, tailored lending solutions, and access to exclusive incentives across Canada.

Why First-Time Buyers Choose Us

We provide everything you need to succeed in your first home purchase: from education to execution.

  • Access to Exclusive First-Time Buyer Programs: Get connected to government-backed initiatives and rebates that reduce upfront costs and improve affordability.
  • Guidance on Down Payments, Credit, and Incentives: Unsure of how much you need to save or whether you qualify for help? We’ll walk you through your eligibility and financing options.
  • Personalized Mortgage Options with Competitive Rates: Our team will find the best mortgage for first-time home buyers by comparing products across trusted Canadian lenders, ensuring your rate matches your goals.

First-Time Buyer Incentives You May Qualify For

There are several government programs for first-time home buyers designed to make homeownership more accessible.

  • First-Time Home Buyer Incentive (FTHBI): A shared equity program offered by the Government of Canada to reduce your mortgage burden without increasing your monthly payment.
  • RRSP Home Buyers’ Plan (HBP): Withdraw up to $60,000 from your RRSP tax-free to put toward your down payment.
  • Land Transfer Tax Rebates: Available in provinces like Ontario and British Columbia, potentially saving you thousands on closing costs.
  • First Home Savings Account (FHSA): A new tax-free account that lets you save up to $40,000 for your first home, combining the benefits of the Registered Retirement Savings Plan (RRSP) and the Tax-Free Savings Account (TFSA) in one.

How It Works

Getting started with us is simple, structured, and fully supported.

  • Quick Pre-Approval: We’ll assess your financial situation and provide pre-approval so you can shop with confidence.
  • Match with The Right Lender: Our first-time buyer mortgage broker team compares options from dozens of lenders to find your ideal match.
  • Get Support Through Closing and Beyond: From your first offer to final possession, we’re with you at every step, even after move-in.

Frequently Asked Questions (FAQs)

  • How much down payment do I need?
    The minimum is 5% for homes under $500,000. For homes priced between $500,000 and $999,999, you’ll need 5% on the first $500,000 and 10% on the remainder. Over $1M, a 20% down payment is required.
  • What programs are available for first-time buyers in Canada?
    You may be eligible for the First-Time Home Buyer Incentive, RRSP Home Buyers’ Plan, Land Transfer Tax Rebates, and the new First Home Savings Account. We’ll help you determine which ones apply to your situation.
  • Can I get approved with a low credit score?
    Yes. While a higher score improves your chances, many lenders offer solutions for buyers with less-than-perfect credit. We’ll show you how to get a mortgage first home, even with credit challenges.
  • Do I need to be a Canadian citizen?
    Not necessarily. Permanent residents and, in some cases, work permit holders may qualify for first-time buyer programs and mortgage approval. Documentation and program eligibility may vary.