Your First Home Starts with a Plan
Your First Home Starts with a Plan
Buying your first home is an exciting step—but it can also feel overwhelming. At Valko Financial, we’re here to take the pressure off and guide you through the process with clarity, confidence, and real support every step of the way.
From understanding what you can afford to securing the best rate and accessing first-time buyer programs, we simplify the journey from “just looking” to “keys in hand.” We work with top lenders to find the right mortgage for your needs—so you don’t have to shop around or guess what’s next.
To get started, you’ll need a few basics: your employment and income details, credit history, a down payment (as little as 5% with CMHC insurance), and an idea of your monthly budget and lifestyle goals. But if you don’t have it all figured out yet, that’s okay. We’re here to help you build the plan that gets you home.
How much do I need for a down payment?
In Canada, the minimum down payment depends on the price of the home:
- 5% for homes up to $500,000
- 10% on the portion between $500,000 and $999,999
- 20% for homes priced at $1 million or more
If your down payment is less than 20%, mortgage default insurance (like CMHC insurance) is required.
Not sure where you stand? We’ll help you calculate what you need, explore your options, and build a plan that works for your budget.
What costs should I expect besides the down payment?
In addition to your down payment, you’ll need to budget for several closing and upfront costs, including:
- Legal fees
- Land transfer tax (varies by province; rebates available for first-time buyers)
- Home inspection and appraisal
- Title insurance
- Mortgage default insurance (if your down payment is less than 20%)
- Adjustments (such as prepaid property taxes or utilities)
- Moving expenses and utility hookups
A good rule of thumb is to set aside 1.5% to 4% of the purchase price for these costs.
At Valko Financial, we’ll walk you through all expected expenses so there are no surprises—and you can plan with confidence.
Can I use RRSPs or get help from family for my down payment?
Yes! There are two common ways to boost your down payment:
- RRSPs through the Home Buyers' Plan (HBP):
If you're a first-time homebuyer (or haven’t owned a home in the last four years), you can withdraw up to $60,000 tax-free from your RRSPs to put toward your down payment. You’ll have 15 years to repay the amount back into your RRSP. - A gifted down payment from family:
Many buyers receive financial help from family in the form of a gifted down payment. Lenders typically require a signed gift letter confirming the funds are a gift—not a loan—and that they don’t need to be repaid.
Working with Tracy and her team was great. Tracy always goes that extra mile to get you the best rates and to find a solution that will work for you. I have work with Tracy many times and have always be satisfied with her work. She works crazy hours to get you what you need to get the best rates. I highly recommend anyone looking for a mortgage broker to keep Tracy in mind as you will not be disappointed.
Read more
Patsy Demetriou
6 days ago
Daniela Salazar
12 days ago
Tracy has always had our best interests at heart, we trust her and her team entirely and always feel like we're given all the information upfront along with the best advice that they could provide given the circumstances. Thank you as always for your continued support! Jon and Jackie
Read more
jackie jacques
3 years ago
Let’s Take the First Step Together
Buying your first home doesn’t have to be scary. With the right guidance, it’s exciting, empowering, and entirely possible.