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First-Time Home Buyers

Making your first home possible

Buying your first home is exciting, but it can also feel overwhelming. At Mainstreet, our advisors are here to guide you through the process, answer your questions, and help you explore mortgage options that fit your goals and budget.

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Benefits of a Mainstreet mortgage

Flexible mortgage options

Choose fixed or variable rates with options to port, switch, or adjust your mortgage as life changes.

Competitive rates and terms

Lock in a competitive rate for up to 90 days while you shop for your home with confidence.

Advice from a dedicated local advisor

Work with a Mainstreet advisor who guides you through every step, from pre-approval to renewal.

Prepayment options to pay down faster

Make lump-sum payments or increase your regular payments to reduce interest and become mortgage-free sooner.

Buying your first home comes with a lot of new information. At Mainstreet, we take the time to understand your goals and walk you through your options so you can choose a mortgage that fits your plans and budget.

From pre-approval to renewal, our advisors are here to guide you through each step so you can move forward with confidence.

Resources for first-time home buyers

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Beyond the Down Payment: What You Really Need to Budget For

7 min read
A couple proudly holds the keys to their home, while sitting on the porch.

First-Time Home Buyer Guide

5 min read
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Fixed, Open or Variable Mortgage: What is the Difference?

7 min read

Government Programs

First Home Savings Account

A First Home Savings Account (FHSA) is a registered account designed to help first-time home buyers save for a down payment. Contributions are tax-deductible, similar to an RRSP, and withdrawals are tax-free when used to purchase a qualifying first home.

Learn More

Home Buyers' Plan

The Government of Canada’s Home Buyers’ Plan allows eligible first-time home buyers to withdraw up to $35,000 from their RRSP to help with the purchase or construction of a home. The withdrawal is tax-free as long as the amount is repaid to your RRSP over time, according to the program rules.

Learn More (external link)

GST/HST New Housing Rebate

If you purchase or build a new home, you may be eligible for a GST/HST new housing rebate from the Government of Canada. This program allows you to recover a portion of the GST or the federal part of the HST paid on a new or substantially renovated home that will be used as your primary residence.

Learn More (external link)

First-Time Home Buyers’ Tax Credit

The First-Time Home Buyers’ Tax Credit is a federal tax credit that helps reduce the cost of buying your first home. Eligible buyers can claim up to $10,000 on their tax return for the year they purchase their home, which can provide up to $1,500 in tax savings.

Learn More (external link)

Build your mortgage, your way

When you’re buying your first home, it helps to understand the key choices that shape your mortgage.

Get started today (external link)

Rate Type

Your rate type determines how your interest rate may change over time.

  • Variable rate
    Your rate can go up or down as interest rates change.
    Best if you’re comfortable with some variability and potential savings.

  • Fixed rate
    Your interest rate stays the same for the length of your term.
    Best if you prefer predictable payments.

Payment Schedule

Choose how often you want to make your mortgage payments.

  • Monthly
    One payment each month.
    Simple and easy to manage.

  • Bi-weekly
    Payments every two weeks (26 per year).
    Can help pay down your mortgage faster.

  • Accelerated bi-weekly
    Slightly higher bi-weekly payments.
    Helps you pay down your mortgage faster with minimal effort.

Mortgage Length

Two timelines shape your mortgage.

  • Amortization period
    The total time to pay off your mortgage.
    Often 25 years for first-time buyers but as high as 30 years.

  • Term length
    How long your rate and conditions are locked in before renewal.
    Terms typically range from 1 to 5 years, depending on the option you choose.

Featured Rates

  • 3-year

    Fixed

    4.14%

  • 4-year

    Fixed

    4.69%

  • 5-year

    Variable

    4.10%

  • 5-year

    Fixed

    4.24%

Rates are subject to change and are based on approved credit (O.A.C.). The interest rate with variable rate mortgages will fluctuate with Mainstreet's Prime Rate. For commercial mortgage rate info, please speak to a Commercial & Agricultural Manager.

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Ready to take the first step?

Whether you’re just starting to think about buying or ready to get pre-approved, a Mainstreet advisor can help you move forward with confidence.

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