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The First-Time Buyer Money Pack
Six pages covering what a home costs on closing day, what it costs every year after, and the two government programmes worth knowing about. Print it for yourself with your own numbers filled in, or print blank copies to hand out.
Set it up, then print
Handing these out? Choose Blank to hand out and the money pages print with ruled lines instead of figures, so someone can fill them in with a pen. The reference pages stay the same either way. There is no sign-up, no price on any page, and nothing here asks for an email address. Use it, copy it, put your own cover sheet on it.
What the home costs you on closing day
Page 1 of 6
These are paid in cash on the day the house becomes yours, on top of the down payment. They are not part of the mortgage. The two marked exact are calculated from published government rates; the rest are typical Canadian ranges and your own quote will differ.
| Cost | Amount |
|---|
| Down payment | — |
| Land transfer tax | — |
| Provincial sales tax on the mortgage insurance premium | — |
| Lawyer and disbursements | — |
| Title insurance | — |
| Home inspection | — |
| Appraisal (ask your lender, some cover it) | — |
| Status or estoppel certificate (condo only) | — |
| Property tax and utility adjustments | — |
| Total cash needed on closing day | — |
The line most people miss. If you put down less than 20%, your mortgage is insured and CMHC charges a premium. The premium can be added to your mortgage. The provincial sales tax on that premium cannot. Ontario, Quebec and Saskatchewan charge it, and it has to be in your bank account on closing day.
Sources: CMHC, Mortgage loan insurance premiums, including the statement that the sales tax cannot be added to the loan and the 0.20% surcharge beyond 25 years. Ontario 8% on insurance premiums: Retail Sales Tax Act R.S.O. 1990 c. R.31 and ontario.ca. Land transfer tax: Ontario Ministry of Finance, City of Toronto, and the Province of British Columbia. All checked 1 September 2026. Rates change, so confirm with your real estate lawyer.
What it costs every year after that
Page 2 of 6
Closing day ends. The house does not. A rule of thumb used across Canada is to set aside between 1% and 3% of the home's value each year for maintenance, rising with the age of the building. This is the number a listing never shows you.
| Set aside each year | Amount |
|---|
| Yearly maintenance budget | — |
| Which is, per month | — |
Roughly where it goes, over the long run:
| Roof and exterior | — |
| Heating, cooling and ventilation | — |
| Structure, foundation and drainage | — |
| Plumbing and water | — |
| Windows and doors | — |
| Electrical | — |
| Interior and everything else | — |
Then add the bills that are not maintenance: property tax, home insurance, heat, hydro, water, internet, and condo fees if it is a condo. Those are separate from the figures above and they arrive every month whether anything breaks or not.
The two government programmes worth knowing
Page 3 of 6
You are allowed to use both of these for the same home. Most people do not know that.
FHSA · First Home Savings Account
- $8,000 a year, $40,000 lifetime.
- Contributions are tax deductible, like an RRSP.
- A qualifying withdrawal to buy your first home is tax free, like a TFSA.
- Nothing to repay. Ever.
- You must be a first-time home buyer, 18 or older, and a Canadian resident.
- The account has a time limit, so do not open it a decade early without a plan.
HBP · Home Buyers' Plan
- Withdraw up to $60,000 from your RRSP.
- Tax free at the time of withdrawal.
- You must pay it back to your RRSP over 15 years.
- The money generally has to have been in the RRSP for 90 days before you withdraw it.
- If you make a first withdrawal between 2026 and 2028, repayment does not start until the fifth year after. A 2026 withdrawal means the first repayment year is 2031.
The difference in one line. The FHSA is money you keep. The Home Buyers' Plan is a loan from your future self that you have to pay back. If you can only fill one, most people fill the FHSA first.
Source: Canada Revenue Agency, The Home Buyers' Plan and First home savings account (FHSA), canada.ca. The $60,000 HBP limit and the 2026 to 2028 repayment deferral were read directly from the CRA page on 1 September 2026. Older articles still say $35,000, which is out of date. Contribution rules and limits change, so check canada.ca before you act. This is general information, not tax advice.
Appraisal, inspection, insurance: which is which
Page 4 of 6
Three different people look at the house before you own it. They are looking for completely different things, and only one of them is working for you.
| What | Who it protects | Who requires it |
|---|
Appraisal
What the house is worth | Your lender | The lender, usually. Ask whether they cover the cost. |
Home inspection
What condition the house is in | You | Nobody. It is optional, and it is the only one on this page you can choose to skip. |
Home insurance
What happens if it burns or floods | You and your lender | Your lender, before closing. You cannot close without it. |
Title insurance
Whether you really own it | You and your lender | Usually the lender, arranged by your lawyer. |
The one that costs people the most is the one nobody requires. An appraisal that comes back at the price you offered tells you nothing about the furnace, the roof or the wiring. It is not a condition report and it was never meant to be.
One thing to do before you make an offer: phone an insurance broker and describe the house, especially its age, the electrical panel, the wiring, the roof and the plumbing. Some homes are difficult or expensive to insure and you would rather find out now than after your conditions expire.
What to look at when you walk through
Page 5 of 6
Tick what you checked. Write down anything that looks old, patched, wet or recently painted over. You are not diagnosing anything, you are collecting questions for the inspector.
- Age of the roof, and any patches or sagging
- Age of the furnace or boiler (look for a date sticker)
- Age of the water heater, and whether it is rented
- The electrical panel: brand, and any fuses
- Visible wiring in the basement: any cloth or knob and tube
- Water stains on basement walls or floor
- Water stains on ceilings, especially under bathrooms
- Musty smell, or a dehumidifier running
- Cracks in the foundation, and their direction
- Windows: fogging between the panes, and their age
- Which way the ground slopes near the walls
- Where the downspouts empty
- Water pressure with two taps running
- Under every sink, for leaks and staining
- Whether the floors slope
- Doors that stick or will not latch
- Fresh paint on one wall only
- Insulation in the attic, and its depth
- Signs of pests: droppings, chew marks, traps
- Anything obviously new hiding something old
Take a photo of anything you tick. The full illustrated version of this checklist, with what each item costs to fix in Canada, is free at getcasaroo.com/checklist/
Questions to ask, and where to get free help
Page 6 of 6
Ask your lender or mortgage broker:
- What is my total cash to close, including every fee?
- Do you cover the appraisal, or do I pay it?
- Is my mortgage insured, and what is the premium?
- Is there provincial sales tax on that premium here?
- What amortization am I approved for, and does going past 25 years cost more?
- What happens to my payment if rates move at renewal?
- Is there a penalty if I break this mortgage early?
Ask your lawyer:
- What is your fee, and what are the disbursements on top?
- What adjustments should I expect on closing day?
- Is title insurance included in what you quoted me?
- For a condo: what did the status certificate say about the reserve fund and any special assessment?
Free help, no cost and no sales pitch:
Your public library Many run free home buying sessions and hold consumer finance resources.
Credit Counselling Canada Non-profit credit counselling across Canada. creditcounsellingcanada.ca
Financial Consumer Agency of Canada Federal, independent, no products to sell. canada.ca, search FCAC.
CMHC Government housing agency, home buying guides. cmhc-schl.gc.ca/consumers
Canada Revenue Agency The FHSA and Home Buyers' Plan rules, first hand. canada.ca, search FHSA.
Casaroo A free read on any listing, and 120+ plain English explainers on what things cost to fix. getcasaroo.com
Nothing in this pack costs money and nothing in it asks for your email address. If you were handed this by a library, a housing help centre or a credit counselling agency, they did not pay for it and they get nothing if you use it.