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.

Last month we opened the front door to our brand new home. We are so thankful for Tracy’s team who helped us through it all. Santiago was our realtor, and helped us sell our old home quickly, as well as look at rentals to bridge the gap. Matt took on our new mortgage and worked around the clock answering all the questions we had. He always took the time to explain everything in full! Whenever we called the office we were always met with the best customer service. We had a wonderful experience, a recommend their team if you are looking for a realtor or a new mortgage!

Meg Marshall

7 days ago

Tracy and her team are great, they helped us successfully close on time and stress free.

Cole Wilton

12 days ago

I recently met with Tracy Valko to review my house mortgage as I was about to enter retirement. I left that meeting feeling very at ease and satisfied that my concerns and needs were not only well take care of with a new plan of attack, but also in that emotionally, Tracy left me feeling acknowledged and appreciated for how my income stream was about to change in ways I had never experienced. I would recommend Tracy and her team for any mortgage planning and in fact, any financial planning period.

Craig Dubecki

1 month 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.

Apply Online Download First Time Buyer Guide