Real estate agents for first-time home buyers
A real estate agent for first-time home buyers, what many people search for as a “first time home buyer realtor”, is a buyer’s agent who works often with first purchases. They do the same job as any buyer’s agent, with more explaining along the way: how offers and conditions work, what a deposit commits you to, what closing costs to budget for, and which questions to ask about a house or a condo before you are bound.
The agents listed here work with first-time buyers across Canada. The mortgage side, down payment rules, mortgage insurance, the FHSA and first-time buyer programs, is covered on the first-time buyer mortgage broker pages, and a good agent will want you to have a pre-approval before you start viewing.
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Are you an agent? List here freeA first time home buyer checklist, in order
Start with the mortgage, not the listings. A pre-approval tells you the price range lenders will consider and holds a rate for a period; it is not a final approval, but it stops you falling for homes you cannot finance. Then set a budget that includes closing costs, moving and the first year of repairs, not just the down payment.
Next, choose an agent and sign a buyer representation agreement you understand. View widely before you make your first offer, so you learn what the money buys in each neighbourhood. When you find the home, your agent writes the offer; your lawyer or notary, your lender and your home inspector each have a part in the days that follow.
Closing costs for buyers
Closing costs are the amounts due on or before closing beyond the down payment. They typically include land transfer tax (or the provincial equivalent, where there is one), legal fees and disbursements, title insurance, a home inspection, adjustments for property tax or condo fees the seller has prepaid, and sometimes an appraisal or mortgage insurance premium tax.
Several provinces and some cities offer first-time buyer rebates or exemptions on land transfer tax, each with its own eligibility rules and limits. Ask your lawyer or notary what applies to you, because the rebate is usually claimed at closing through them.
Home inspection before buying
A home inspection is a visual examination of the structure, roof, electrical, plumbing and heating by an inspector you hire. It finds defects; it does not value the home. A condition for inspection gives you time to have one done and to walk away or renegotiate if it finds something serious.
In competitive markets buyers are sometimes pushed to waive that condition. If that is the only way to compete, a pre-offer inspection, paid for before you bid, is the safer route. A first purchase is the worst time to discover a failing foundation after the deal is firm.
Common questions
Do first time home buyers need a realtor?
It is not required, but most first-time buyers use one, because the steps are unfamiliar and mistakes are expensive. In most resale purchases the buyer’s agent is paid out of the commission the seller has agreed to, so representation often costs the buyer little or nothing directly. Check your buyer representation agreement to confirm.
What should a first-time buyer ask a real estate agent?
How many first purchases they handle, how they are paid, how they approach offers with and without conditions, what closing costs to expect locally, and which lawyers, notaries and inspectors other clients have used. Ask them to explain anything in the agreement you do not understand before you sign.
How much should I budget for closing costs?
It depends on the province, the price, whether land transfer tax applies and whether you qualify for a first-time rebate. Ask your lawyer or notary for an estimate before you make an offer, and keep it separate from your down payment.
Should I buy a condo or a house as my first home?
A condo usually costs less to buy and maintain, but comes with monthly fees, rules and a shared building whose finances you need to review. A house gives more control and more responsibility. The choice is about budget, lifestyle and risk tolerance; an agent who sells both can show you the trade-off in your price range.