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.

Attention to detail. Honest and worked well to find solutions to any barriers encountered.

Casandra Di Benedetto

6 days ago

I am very pleased with my experience in working with the Tracy Valco team. They were very knowledgeable and friendly throughout the whole process.

Todd Sutherland

8 days ago

We had such a great experience working with Tonya and Santiago. Tonya took the time to explain everything clearly, answered all of our questions and made our first home purchase experience so smooth. She was prompt with replies so we never had to wait long for answers or clarification as we navigated the many steps in the purchase process. Tonya and Santiago talked us through our options and helped us understand each of them thoroughly so we could make an informed decision about our mortgage. Dan and I truly felt so supportive and highly recommend this team. Thanks so much!

Laura Briston

15 days 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