How much do I need for a down payment?

In Canada, the minimum down payment depends on the purchase price. For homes under $500,000, the minimum is 5%. For homes between $500,000 and $999,999, it's 5% on the first $500,000 and 10% on the portion above. Homes priced at $1 million and over require a 20% minimum down payment. Most Ottawa first-time buyers put down 5–10% and use CMHC mortgage insurance to access competitive rates.

What is a stress test?

The mortgage stress test requires you to qualify at a rate that is 2% higher than your actual mortgage rate, or 5.25%, whichever is greater. It was designed to ensure homeowners can still afford their mortgage if interest rates rise. For example, if Jessy secures you a rate of 4.89%, you'll need to qualify at 6.89%. Your affordability calculator and pre-approval will both factor this in automatically.

How long does pre-approval take?

Jessy can typically issue a pre-approval within 24 hours once she has your documents. The pre-approval comes with a rate hold of 90–120 days depending on the lender, which locks in today's rate while you shop for a home. If you find a home and rates drop, you always get the lower rate.

What's the difference between a mortgage broker and a bank?

A bank can only offer you their own products at their posted rates. A mortgage broker like Jessy works with 45+ lenders, including major banks, credit unions, and monoline lenders, to find the best rate and terms for your specific situation. Brokers are paid by the lender, so there's no cost to you. You get expert advice, more options, and often a better rate than you'd find on your own.

First-Time Buyers

Ottawa's First-Time Home Buyer Mortgage Expert

Buying your first home in Ottawa is one of the biggest decisions of your life. Jessy Gill guides first-time buyers from their very first question all the way to keys in hand, with access to 45+ lenders and a process designed to be clear, fast, and stress-free.

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Step by Step

The Ottawa Home Buying Process

Here's exactly what happens from your first conversation with Jessy to the day you pick up your keys.

Get Pre-Approved

Before you start touring homes, get a pre-approval so you know your real budget. Jessy can have your pre-approval ready within 24 hours with a rate hold of up to 120 days.

Find Your Home

Work with your realtor with confidence. Your pre-approval letter tells sellers you're a serious, qualified buyer, a real advantage in Ottawa's competitive market.

Offer Accepted

Once your offer is accepted, Jessy submits your full mortgage application, shops 45+ lenders for the best rate and terms, and manages every step of the approval process.

Mortgage Finalized

Your mortgage commitment is issued. Jessy reviews every condition with you in plain language, connects you with a real estate lawyer, and makes sure nothing is missed before closing.

Close & Get Your Keys

On closing day, your lawyer registers the mortgage and hands over the keys. Jessy stays available for any last-minute questions and celebrates your new home with you.

Did You Know

“The average Ottawa first-time buyer saves over $4,000 by working with a broker instead of going directly to their bank.”

Because brokers shop 45+ lenders at once, including monoline lenders unavailable to the public, you get better rates and terms than any single institution can offer.

$4,000+avg. saved vs. going to your bank

45+lenders shopped for your rate

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Government Programs

First-Time Buyer Incentive Programs

The Canadian government offers several programs specifically for first-time buyers. Jessy helps you combine them strategically to maximize your down payment and minimize your costs.

First Home Savings Account (FHSA)

Up to $40,000 tax-free

The FHSA lets first-time buyers save up to $8,000/year (lifetime max $40,000) in a tax-free account. Contributions are tax-deductible and withdrawals for a qualifying home purchase are completely tax-free. It's one of the most powerful savings tools available to Ottawa first-time buyers.

Home Buyers' Plan (HBP)

Up to $60,000 from your RRSP

The Home Buyers' Plan allows you to withdraw up to $60,000 from your RRSP (or $120,000 for couples) tax-free for your first home purchase. The withdrawal must be repaid to your RRSP over 15 years. Many Ottawa buyers combine the FHSA and HBP to maximize their down payment.

First-Time Home Buyer Tax Credit

$1,500 back at tax time

The First-Time Home Buyer Tax Credit gives you a 15% non-refundable tax credit on $10,000 of eligible home purchase expenses, worth up to $1,500 back in your pocket. If you purchase with a partner, you can split the credit between you.

CMHC Mortgage Insurance

Buy with as little as 5% down

If your down payment is less than 20%, you'll need CMHC mortgage default insurance. While it adds a premium (0.60%–4.00% of the mortgage amount), it allows you to buy your first home sooner with a smaller down payment. The premium is typically added to your mortgage, not paid upfront.

Pro tip:You can combine the FHSA and the Home Buyers' Plan in the same purchase. Jessy helps you figure out the optimal strategy based on your savings and tax situation.Start with a pre-approval →

Common Questions

First-Time Buyer FAQs

How much do I need for a down payment?: In Canada, the minimum down payment depends on the purchase price. For homes under $500,000, the minimum is 5%. For homes between $500,000 and $999,999, it's 5% on the first $500,000 and 10% on the portion above. Homes priced at $1 million and over require a 20% minimum down payment. Most Ottawa first-time buyers put down 5–10% and use CMHC mortgage insurance to access competitive rates.
What is a stress test?: The mortgage stress test requires you to qualify at a rate that is 2% higher than your actual mortgage rate, or 5.25%, whichever is greater. It was designed to ensure homeowners can still afford their mortgage if interest rates rise. For example, if Jessy secures you a rate of 4.89%, you'll need to qualify at 6.89%. Your affordability calculator and pre-approval will both factor this in automatically.
How long does pre-approval take?: Jessy can typically issue a pre-approval within 24 hours once she has your documents. The pre-approval comes with a rate hold of 90–120 days depending on the lender, which locks in today's rate while you shop for a home. If you find a home and rates drop, you always get the lower rate.
What's the difference between a mortgage broker and a bank?: A bank can only offer you their own products at their posted rates. A mortgage broker like Jessy works with 45+ lenders, including major banks, credit unions, and monoline lenders, to find the best rate and terms for your specific situation. Brokers are paid by the lender, so there's no cost to you. You get expert advice, more options, and often a better rate than you'd find on your own.

Get the Free Ottawa First-Time Buyer Checklist

Everything you need to know before buying your first home in Ottawa, from saving your down payment to closing day. Free, no strings attached.

Download the Checklist Book a Free Consultation