First Time Home Buyer Guide
Buying a home is a major milestone, but for many first-time buyers, it can bring a mix of excitement and anxiety. You've spent weeks searching, planning, and debating, but insecurities about taking this big step may still linger. If you feel ready but are overthinking, you're not alone!

Pros and Possible Challenges of Home Ownership in Ontario
One effective way to make your decision is by creating a pro/con list. Understanding both the benefits and the potential challenges of homeownership can help you weigh your options.
Pros:
- Owning a home is cheaper than renting in the long run.
- All the money you spend goes toward your own property, not someone else's.
- You have the freedom to make changes whenever you want.
Possible Challenges:
- Homeownership comes with more financial risk.
- You're responsible for repairs and maintenance costs.
- Renovations often take more time and money than expected.
These challenges, however, are not deal breakers. They're opportunities because:
- With great risk comes great rewards. A home is a valuable long-term investment.
- Owning builds your equity instead of someone else's. Renting helps your landlord grow their assets, but owning helps you grow yours.
- Homeownership provides the freedom to customize your living space however you like.
- It offers greater stability for you and your family, removing the uncertainty of yearly leases.
What to Expect from Your Mortgage
As a first-time buyer, understanding mortgage requirements is key. Here's what you need to know:
Down Payment Minimums:
- For homes priced at $500,000 or less: 5% of the purchase price.
- For homes priced between $500,000 and $999,999: 5% of the first $500,000, plus 10% of the amount above $500,000.
- For homes priced at $1 million or more: 20% of the purchase price.
These are the minimum requirements, but it's always a good idea to put down more if you can, especially in Ontario.
Monthly Payments:
Your monthly mortgage payment will include more than just principal and interest. It will also cover:
- Property taxes
- Home insurance
- Mortgage insurance (if your down payment is less than 20%)
While this may seem like a lot, these additional costs often add up to a manageable amount and ensure your financial security.
Still Looking for a Con?
The truth is, owning a home might make you too financially stable, too happy with your surroundings, and too content with your community. In such cases, the solution is simple: take a vacation and enjoy being happy somewhere else for a while!
Final Thoughts
Owning your own home is undoubtedly a rewarding experience. You've felt this in your gut for a long time, and now is the time to take the plunge. Grow your equity, your family, and your life from the comfort of your new home!