Buying your first home in Canada – Canadian Money Help

Saving phase

Build an emergency fund of 3–6 months of expenses before registered saving
Open an FHSA at a federally regulated institution (most banks, credit unions, online brokers)
Automate monthly FHSA contributions up to $8,000/year
Log in to CRA MyAccount and confirm RRSP contribution room
If using HBP later, ensure RRSP contributions sit in the account at least 90 days before withdrawal
Park short-horizon down payment in GICs or high-interest savings (not equities) if target close is within 3 years
Track running balance against down payment target for your price band

Hire a real estate lawyer before making an offer
Define walk-away price for each property in writing before viewing
For condos: always condition on status certificate review
For resale: always condition on inspection unless pre-listing inspection is in hand
Condition on financing unless you have a firm mortgage commitment in writing
Prepare deposit cheque (3–5% of purchase price, deliverable within 24 hours of acceptance)
Review agreement of purchase and sale with your lawyer before signing

Set calendar reminder for HBTC claim on next tax return (line 31270, up to $1,500)
Transfer utilities (hydro, gas, water, internet) into your name effective closing date
Update address with CRA, bank, employer, driver's licence, insurance
File GST/HST new housing rebate (Form GST190) within 2 years if new build
If HBP used: set annual reminder for February 28 repayment (1/15th per year)
Track any renovation costs for future principal residence exemption paperwork
Review home insurance annually; update after major renovations