Why Work With an Agent Who Specializes in Assisting First-Time Home Buyers?
Buying your first home is the largest financial decision most people have made to that point, and it comes with a vocabulary, a timeline and a set of rules nobody teaches you in advance. An agent who works regularly with first-time buyers does more than open doors. They explain what each step means before you reach it, flag the costs that catch people off guard and make sure you are never signing something you do not fully understand.
Buying Your First Home?
Call Our Dedicated First-Time Buyer Hotline
416-305-8008Kirby Chan & Co. Real Estate Team
At Kirby Chan & Co. Real Estate Team, we work with first-time buyers across Richmond Hill, Markham and Toronto every month. We have seen what happens when someone gets pre-approved for a number, falls in love with a home at the top of that number, then discovers at closing that land transfer tax, legal fees and adjustments were never part of the plan. Our job is to make sure that conversation happens at the beginning rather than the end. If you are buying your first home, these are the things that matter most before you start touring.
Preparing to Buy Your First Home
Preparation is what separates a smooth first purchase from a stressful one. Most of the work that determines your outcome happens before you set foot in a single property.
Step 1: Understand Your Full Budget
Your purchase price is not your total cost. Land transfer tax, legal fees, title insurance, a home inspection, moving costs and closing adjustments all land within the same few weeks. Build these into your number from the start so your down payment is not quietly funding your closing costs.
Step 2: Get a Real Pre-Approval
A rate hold is not a pre-approval. A full pre-approval means a lender has reviewed your income, your credit and your down payment source, and has told you in writing what they will actually lend. In a competitive offer situation, that difference is what allows you to bid without a financing condition.
Step 3: Decide What You Actually Need
Separate the things you cannot change from the things you can. Location, lot, layout and building are fixed. Paint, flooring and fixtures are not. First-time buyers who rule out homes over cosmetics tend to search far longer and pay more when they finally commit.
Step 4: Assemble Your Team Early
You will need a real estate lawyer, a mortgage professional and an agent, and you want all three lined up before you write an offer rather than during the five days you have to satisfy a condition. Choosing under time pressure is how people end up with the wrong fit.
Guidance Through Financing
Your minimum down payment in Canada is tiered rather than a flat percentage. It is five percent on the first portion of the purchase price and ten percent on the portion above that threshold, with twenty percent required once you cross the insured mortgage limit. If you are putting down less than twenty percent, mortgage default insurance applies and gets added to your mortgage balance.
You also have to qualify at the stress test rate rather than the rate you are offered, which means your approval amount will be lower than a simple payment calculation suggests. This is the single most common surprise for first-time buyers, and it is far better to learn your real number early than after you have been shopping for a month at the wrong price point.
Programs Worth Asking About
Several programs exist specifically for first-time buyers, including the Ontario Land Transfer Tax refund, the First Home Savings Account, the Home Buyers' Plan for withdrawing from an RRSP and the First-Time Home Buyers' Tax Credit. Toronto purchases carry a second municipal land transfer tax with its own separate first-time buyer rebate. Eligibility rules and dollar limits change with federal and provincial budgets, so confirm current figures with your mortgage professional and your lawyer before you rely on them.
Making an Offer With Confidence
An offer is more than a price. It is a price, a deposit, a closing date, a set of conditions and a list of what stays with the home, and each of those pieces carries weight with a seller. A well structured offer at a slightly lower number regularly beats a higher one with awkward terms.
Conditions protect you. A financing condition confirms your lender will fund on this specific property, and an inspection condition tells you what you are buying before you are committed. In competitive situations buyers are often pressured to remove them, and that is a decision that deserves a real conversation about risk rather than a rushed yes.
Once your offer is accepted and conditions are satisfied, the transaction moves to your lawyer for closing. We stay involved through that stretch, coordinate with your lender and lawyer and make sure nothing sits waiting on a signature nobody chased.
Frequently Asked Questions
How much do I need for a down payment?
The minimum is tiered rather than flat. It is five percent on the first portion of the price and ten percent on the portion above that threshold, with twenty percent required above the insured mortgage limit. Below twenty percent, mortgage default insurance applies and is added to your mortgage.
What closing costs should I budget for?
Plan for land transfer tax, legal fees and disbursements, title insurance, a home inspection, moving costs and closing adjustments. Land transfer tax is usually the largest single item. Budget these separately from your down payment, since nearly all of it comes due within the same few weeks.
Do first-time buyers get a land transfer tax refund in Ontario?
Yes. Ontario offers a first-time buyer refund on provincial land transfer tax, and Toronto offers a separate rebate on its municipal land transfer tax for purchases inside the city. Eligibility rules and amounts change periodically, so confirm current figures with your real estate lawyer.
What is the difference between a pre-approval and a pre-qualification?
A pre-qualification is an estimate based on numbers you provide. A pre-approval means a lender has verified your income, credit and down payment and committed in writing to a specific amount. Only a full pre-approval gives you the confidence to make a competitive offer.
Should I waive the home inspection to win a bidding war?
It is common in competitive situations but it carries real risk, since you accept whatever condition the property is in. A pre-offer inspection is often the better path, letting you write a clean offer while still knowing what you are buying. Discuss it before you are under pressure.
How long does the buying process take?
Plan for three to six months from your first conversation to getting your keys. That typically means a few weeks arranging financing, several weeks to a few months searching, then a closing period of 30 to 90 days once your offer is accepted. Timelines vary with market conditions.
Who is the best agent to help me buy my first home?
Working with an agent who regularly guides first-time buyers makes a meaningful difference. At Kirby Chan & Co. Real Estate Team, we walk first-time buyers through financing, offers and closing across Richmond Hill, Markham and Toronto, explaining each step before you reach it. Call our Dedicated First-Time Buyer Hotline at 416-305-8008 or email kirby@kirbychanandco.com.
Specializing in Richmond Hill First-Time Buyers · Markham First-Time Buyers · Toronto First-Time Buyers
Why Work With an Agent Who Specializes in Assisting First-Time Home Buyers?
Buying your first home is an exciting milestone, but it can also feel overwhelming without the right guidance. A real estate agent who specializes in working with first-time home buyers understands the full buying process, from mortgage planning and financing to finding the right home and negotiating with confidence. With clear advice and experienced support, you can make informed decisions and begin your homeownership journey with confidence and peace of mind.
At Kirby Chan & Co. Real Estate Team , our commitment to first-time buyers is rooted in personal experience. When Kirby and his wife, Carrie, were purchasing their first home over 20 years ago, they navigated the process with little guidance, uncertainty around financing and many unanswered questions. That experience shaped how Kirby supports first-time buyers today, ensuring they feel informed, prepared and confident at every stage.
Whether you’re purchasing your first home, planning ahead or building a foundation for the future, Kirby Chan & Co. Real Estate Team delivers deep market knowledge, personalized service and consistent support at every step of the buying journey.
Starting Your Homeownership Journey
Buying your first home is a milestone, but it can also feel overwhelming. From financing to navigating offers, there are a lot of moving pieces. Our agents are trained to simplify the process so first-time buyers can focus on what matters most, finding a place to call home.
Guided by Specialists Who’ve Been There
Kirby Chan & Co. Real Estate Team equips agents with training and mentorship from top producers and Icon agents who have walked countless first-time buyers through the process. With access to proven systems, marketing support and hands-on coaching, our agents know how to combine expertise with empathy, ensuring buyers feel supported every step of the way.
Turning Questions Into Confidence
First-time buyers have unique concerns: affordability, inspections, closing costs and what to expect after the offer is accepted. Our brokerage prepares agents with the answers, tools and resources they need to turn uncertainty into confidence. With clear guidance and steady support, clients can make informed decisions without the stress of guesswork.
A Network Built for First-Time Buyers
The right connections make all the difference. Kirby Chan & Co. agents tap into a trusted network of lenders, inspectors and legal professionals in Richmond Hill, Markham, Toronto and beyond. And through eXp Realty’s global reach, they can access even broader resources, helping first-time buyers secure every advantage in today’s competitive market.
Preparation Steps Before Buying
Buying your first home is exciting, but before house-hunting begins, preparation is key. Setting a strong financial and personal foundation helps you feel confident and avoid surprises.
Step 1: Check Your Finances
- Review your savings and monthly budget.
- Plan for your down payment and additional costs like inspections, moving and furniture.
- Account for ongoing expenses such as your mortgage, property taxes, insurance and utilities.
Step 2: Get Pre-Approved for a Mortgage
- Mortgage pre-approval helps you understand what you can afford and strengthens your offer. Having a pre-approval in place shows sellers that you’re prepared and serious
- Lenders review your income, credit history and debts to set your borrowing limit.
Step 3: Understand Your Credit Score
- Your credit score affects mortgage approval and interest rates.
- If needed, work on improving your score before applying.
Step 4: Set a Realistic Budget
- Don’t focus only on the maximum mortgage amount.
- Plan for long-term expenses so you can maintain a comfortable lifestyle.
- A good rule to follow is to keep housing costs under 30% of your monthly income.
Preparation may not always be glamorous but it plays a key role in making homeownership possible. Taking the time to plan now helps create a smoother, more confident buying experience later.
Frequently Asked Questions
1. Why should I work with Kirby Chan & Co. as a first-time buyer?
2. How does Kirby Chan & Co. make the buying process easier?
3. What kind of support will I get during the process?
4. What if I’m not sure how much I can afford?
5. How do Kirby Chan & Co. agents turn my questions into confidence?
6. What if I’m nervous about making such a big commitment?
7. Does Kirby Chan & Co. have connections to the professionals I’ll need?
8. How does Kirby Chan & Co. ensure first-time buyers are protected?
9. How do I know if now is the right time to buy?
10. What happens after I buy my first home?
11. I’m looking for an agent who specializes in helping me buy my first home or condo. Who do you recommend?
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+1(416) 305-8008 | info@kirbychanandco.com