The Challenge
A young couple came to us wanting to buy their first home. They had been renting in the Greater Toronto Area for several years and had watched the market from the sidelines, convinced they were still years away from being ready.
Their reasoning was familiar. They believed they needed 20% down. They assumed their combined income would not qualify them for the price range they wanted to live in. They had spoken to their bank informally and left the conversation feeling like the answer was somewhere between “come back in two years” and “look at smaller markets.”
They came to us for a second opinion.
The Mortgage Strategy
Within one conversation, the picture looked completely different than what the bank had described.
Their combined income supported qualification well above the price range they had assumed was out of reach. They did not need 20% down.
Hamilton, unlike many parts of the Greater Toronto Area, still had substantial inventory sitting comfortably below the insured mortgage threshold. That meant 5% down was possible on the first $500,000 of any purchase, and 30-year amortization was available to further reduce monthly payments.
More importantly, they were sitting on unused First Home Savings Account room and had never opened Home Buyers’ Plan accounts. Stacking both programs, along with the Ontario Land Transfer Tax Rebate, would give them tens of thousands of dollars in support they had not budgeted for.
The Outcome
Purchase price: $485,051 in Hamilton
Property type: Primary residence, first-time buyers
Structure: Insured mortgage with 30-year amortization
Incentive stack applied: First Home Savings Account contributions, Home Buyers’ Plan withdrawal, Ontario Land Transfer Tax Rebate, Home Buyers’ Amount tax credit
They closed on time. Their monthly payment came in lower than the rent they had been paying on their previous apartment. And they walked away understanding exactly why the deal worked, rather than just relieved that it did.
Client Feedback
Here is how one first-time buyer client described their experience with us in a verified Google review:
“Deepika has been an absolute pleasure to work with. I just purchased my first home and was a little worried about the process. However, Deepika made the process very easy for me and was always available and more than happy to help. I highly recommend Deepika’s services as she is someone who you can trust to meet all your mortgage needs.” – Jas Hundle, Verified Google Review
If You Are in a Similar Situation
You may be closer to buying your first home than you think. Before spending another year renting, let us review your situation and show you what may be possible.