What is the minimum down payment for a first home in Canada?

For homes up to $500,000 the minimum is 5%. For $500K–$1.5M: 5% on the first $500K, 10% above. Over $1.5M requires 20%.

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First-Time Home Buyers · Woodstock, Ontario

Buying Your First Home in Woodstock, Ontario

Buying your first home is exciting, and overwhelming. Craig Reynolds takes the confusion out of the process, walking you through every step from pre-approval to closing day.

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FSRA Licensed

88+ Lenders

50+ Google Reviews

No Hidden Fees

Craig understands First-Time Home Buyers

Your First Home Should Feel Like a Win, Not an Extra Worry

Most first-time buyers walk into their bank, get handed a rate, and sign, without ever knowing if they got a good deal or if they even qualified for something better. Craig's approach is different. Before anything else, he educates. You'll understand exactly what you're getting into before you commit to anything.

Craig shops 88+ lenders to find the best rate and terms for your specific situation, income, down payment, credit, and timeline. Whether you're 3 months away from making an offer or just starting to think about it, Craig meets you where you are.

First-time buyers in Woodstock and Oxford County also have access to government programs that can save thousands — the First Home Savings Account (FHSA), the RRSP Home Buyers' Plan, and the First-Time Home Buyer Tax Credit. Craig builds these into your strategy from day one.

First-Time Buyer?

Let's Figure Out What You Can Afford

No obligation. Craig will walk you through your real budget, available programs, and the best rate options — in plain language, no pressure.

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Free consultation · No obligation · Response within 1 business day

What Craig Covers with Every First-Time Home Buyer

Your real budget — including hidden costs most buyers miss
Pre-approval from 88+ lenders — not just one bank
Government programs — FHSA, RRSP HBP, Tax Credit
Fixed vs variable rate — what makes sense for your situation
What lenders actually look at — income, credit, debt ratios
Closing costs breakdown — land transfer tax, legal fees, insurance
What happens after closing — and how Craig stays your partner

Programs Available to You

First-Time Buyer Programs in Ontario

Government programs that can save you thousands — Craig builds these into your strategy from day one.

First Home Savings Account

Save up to $40,000 tax-free. Contributions are tax-deductible; withdrawals are tax-free. The most powerful first-time buyer tool available in Canada right now.

RRSP Home Buyers' Plan

Withdraw up to $35,000 from your RRSP tax-free for a first home purchase. Stack this with your FHSA for maximum down payment impact.

Down Payment Assistance

Oxford County offers a 20-year interest-free loan of up to 5% of the purchase price for qualifying low-to-moderate income renters. Funding is limited and first-come, first-served. Craig helps you apply before it runs out.

Common questions

Frequently Asked Questions

What is the minimum down payment for a first home?

For homes up to $500,000 the minimum is 5%. For $500K–$1.5M: 5% on the first $500K, then 10% on the portion above. Homes over $1.5M require 20%. Craig helps you calculate the right number for your situation.

What is the First Home Savings Account (FHSA)?

The FHSA lets you save up to $40,000 tax-free for your first home. Contributions are tax-deductible like an RRSP; withdrawals are tax-free like a TFSA. Craig builds this into your down payment strategy from day one, stacked with the RRSP Home Buyers' Plan for maximum impact.

Do I need a pre-approval before I start looking at homes?

You don't have to, but you should. A pre-approval tells you your real budget, protects you from falling in love with a home you can't afford, and makes your offer more competitive.

What are the hidden costs of buying a home?

Beyond the purchase price and down payment, budget for land transfer tax, legal fees, home inspection, title insurance, and moving costs. In Ontario, first-time buyers get a land transfer tax rebate of up to $4,000. Craig walks through all closing costs upfront so there are no surprises.

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Craig Reynolds

L1 Mortgage Agent

Licensed Mortgage Agent serving, Woodstock, Ingersoll, London, and Surrounding Areas. Helping Ontario homeowners and buyers find smarter mortgage solutions.