Before you buy
- Look at all the costs, not only the price: closing costs, property taxes, heat, upkeep.
- The Financial Consumer Agency of Canada, citing CMHC, suggests your monthly housing costs should not be more than about 39% of your gross monthly income, and all your debt payments not more than about 44%.
- If you are a first-time buyer, look into the FHSA.
Figures current as of October 2026.
When you get your mortgage
- Compare rates and terms from more than one lender.
- Your lender may offer optional mortgage insurance. You do not have to take it. See bank vs your own policy.
After you move in
- Keep an emergency fund for repairs.
- Make sure your family could keep the home if something happened to you.
Learn more from the Government of Canada
This guide is general education, not personal advice. Rules can change, so check the official sources above.