First-Time Home Buyers

Defining First-Time Home Buyer

According to the Canada Revenue Agency (CRA), a first-time home buyer is anyone who has not lived in a home owned by oneself or one’s spouse/common-law partner in the year of acquisition, or in any of the four preceding years. Thus, even if you or your spouse/common-law partner have previously owned a home that you lived in, so long as you have not been doing so in the 5 years prior to your new home purchase, you are a first-time home buyer. The CRA will permit you to purchase a property as an investment and still qualify as a first-time home buyer on your second property purchased. Land transfer tax rules may define first-time home buyer differently and may change in each government jurisdiction.

Expert guidance and benefits for first-timers

Shane and his experienced team specialize in guiding and assisting first-time home buyers with their home purchase. For those who have never purchased a home, the process can be intimidating and stressful. Not to mention the pressure to ensure that you are getting the best mortgage at a great interest rate and ensuring you take full advantage of the many benefits available for first-timers.

Shane will partner with first-time home buyers to guide them through the first-time purchasing experience and ensure they are informed and empowered by understanding the process and the unique benefits available to them as first-time buyers. All the while searching hundreds of trusted lenders, including national banks, to secure the best rate, terms, and conditions for their mortgage financing.

First-time Home Buyers

Shane and his experienced team understand the home purchasing experience for first-time home buyers and would be happy to help guide you through the complex challenges it can present. They work with lenders that offer great low rates and terms that would suit not only your present financial situation, but also your long-term goals. They also provide invaluable insight into the unique benefits available to you as a first-time home buyer that you may be eligible to receive and ensure that you maximize these benefits, saving you money now and throughout the lifetime of your mortgage.

The exciting process begins with a free consultation with Shane or by applying now and having Shane review your application and provide a free no-commitment pre-approval, outlining the maximum financing amount you presently qualify for with the best product suited to you and your financial situation, as well as securing your best low rate. After obtaining your pre-approval, you continue to have the expert guidance of Shane and his team and can confidently approach a real estate salesperson (REALTOR®) and begin shopping for your new home, informed and prepared.

As specialists in the areas of first-time home buyers, you have chosen a trusted and experienced team to partner with. Shane’s dedication to excellence in serving his clients will leave you feeling in control, well informed, stress-free, and excited to shop for your new home. Get started on your mortgage pre-approval with Shane now.

  • First-time home buyers can trust Shane and his team to deliver a superior mortgage product, suited to their unique financial situation, with a great low rate and terms and conditions that consider their long-term goals.
  • There are many unique benefits that Shane will guide you through that you may be eligible for, including the land transfer tax rebate, first time home buyers RRSP withdrawal, the general CRA tax benefit, and more.
  • First-time home buyers receive a complimentary guide to help prepare them for their home purchase and some of the benefits available to them.
  • Mortgage pre-approval can be obtained prior to contacting a real estate salesperson (REALTOR®). In fact, it usually makes your purchase process go smoother and quicker as you will have an idea of your shopping parameters.
  • A mortgage pre-approval does not require any commitment or obligation to use the lending terms outlined in the pre-approval, including amount or rate.
  • A mortgage pre-approval will outline the total mortgage amount you will are eligible to receive (pending final approve) and allow you to hold current rates, which can result in savings if rates increase while you shop for your property.
  • You can get started on a pre-approval by submitting an application now. Shane and his team understand the real estate market and how quickly it changes and will make every effort to quickly complete your pre-approval.
  • As specialists in home purchases, including first-time home buyers, you have chosen a trusted and experienced team to work with for your mortgage.

Want to learn your FTHB benefits?

Whether you’re curious as to what you could afford or already ready to hit the streets looking for your new home, contact Shane now for a mortgage pre-approval that will give you the confidence to shop for a dream home that fits within your budget.






Benefits for First-Time Home Buyers

Free Pre-approval

Shane and his experienced team offer quick, free, and comprehensive mortgage pre-approvals to first-time home buyers, which can be completed entirely online without ever leaving the comfort of your home.

Rebates & Rewards

There are many rebates and rewards available to first-time home buyers, both through the Canada Revenue Agency (CRA), local governments through tax incentives, and more. Contact Shane to not miss out.

Peace of Mind

Shane and his team believe that knowledge is power and for our first-time home buyers, knowing how much you can spend allows you to shop with confidence as you can make an offer for your new home with peace of mind.

Your dream starts with your application and pre-approval

Your home ownership dreams starts with applying with Shane and obtaining a comprehensive and fast pre-approval that will allow to choose a real estate salesperson (REALTOR®) to begin shopping confidently, knowing how much you can afford to spend on your first home.

I enjoy helping first-time home buyers secure their best mortgage financing. It’s an exciting time and I feel it is important that my team and I help guide them through the process and ensure they are well informed and understand all of their options. We help them obtain a mortgage with a great low rate and terms and conditions that reflect their long-term goals and unlock all the benefits of being a first-time buyer.

― Shane Osmond, Mortgage Professional

Mortgage Pre-Approval Process

While Shane approaches each client’s situation and circumstance in the best-tailored manner to benefit them and their unique financial situation and goals, he and his team have outlined the general path undertaken by their clients obtaining a mortgage pre-approval and are looking to make sure they receive the absolute best savings and benefits available to them. While this process may not represent your circumstance precisely, it is meant to be a general guide to understand the first-time buyer process.

Step 1
Interested in Purchasing Property
Whether you've been thinking of it for a while and have everything in order (such as a source of down payment), have already contacted your REALTOR®, or just want to set a savings goal you will need to purchase your next property with your current financial situation, you are interested in seeing your options for mortgage financing.
Step 1
Step 2
Contact Shane Osmond
Since you want the best benefits and great rates with your mortgage on your purchase, you contact Shane and his team, through one of the many contact methods on his contact page or by phone at (647) 641-2727, for a free mortgage pre-approval. Shane can contact you through your method of choice and a time most convenient for you.
Step 2
Step 3
Application & Financials Reviewed
In person, by telephone, or through a method of your choice, Shane conducts a primary review of your application with you to understand your previous and current financial situation and goals, and what you are looking to get out of your purchase. He then explores a vast array of mortgage lenders and products to find the best suited for you.
Step 3
Step 4
Options Reviewed & Presented
After searching over 100 lenders throughout Canada, Shane presents you with your best options for financing your home with a great low rate. Honest and transparent, with no obligation to accept, Shane will recommend the best product tailored to your unique financial needs and work with you to select a possible lender for your mortgage.
Step 4
Step 5
Mortgage Pre-Approval Completed
Once you've selected a lender for your mortgage, Shane and his team work with the lender to get you an official mortgage pre-approval that includes the best low rate locked in for 60-90 days as you shop for your home. Shane will then send you this mortgage pre-approval outlining the total amount, rate, and terms and conditions for which you have been pre-approved as you then shop with confidence.
Step 5

Frequently Asked Questions

According to the Canada Revenue Agency (CRA), a first-time home buyer is anyone who has not lived in a home owned by oneself or one’s spouse/common-law partner in the year of acquisition, or in any of the four preceding years. Thus, even if you or your spouse/common law partner have previously owned a home that you lived in, so long as you have not been doing so in the 5 years prior to your new home purchase, you are a first-time home buyer. The CRA will permit you to purchase a property as an investment and still qualify as a first-time home buyer on your second property purchased. Land transfer tax rules may define first-time home buyer differently and would change in each government jurisdiction.

A pre-approval is always free from Shane and his team. They work for you and don’t believe in hidden fees, false and misleading messages such as gimmicky advertising, or charging extravagant fees for the highest standard of excellence in customer service that they offer. Shane is dedicated to open and honest advice and recommendations.

The first step in obtaining a mortgage pre-approval is submitting an application (follow the “Apply” button anywhere on OsmondMortgages.com). Afterward, you’ll be contacted to gather some additional information and briefly discuss your situation as we always strive to provide personally tailored mortgage solutions. Following this, you may be required to submit final documentation, however, a mortgage pre-approval is generally is a quick and easy way to understand your mortgage financing options.

While you may have heard the claim “instant pre-approval”, a truly comprehensive and reliable mortgage pre-approval does take a considerable amount of work from Shane and his team. While you need only to submit the application and answer a few additional questions regarding your unique financial situation, Shane and his team work hard behind the scenes to provide you with a pre-approval as quickly as possible. With our level of expertise and experience, we are often able to process a pre-approval in hours once we have gathered all the information and documentation that we may require and on normal operating business hours of the exceptional lenders that we work with.

No, you are under no obligation to use the terms and conditions outlined from your pre-approval. You may use it as a reference for future shopping by determining how you will budget yourself in the near future to finally make a property purchase or use it to begin shopping for your next property within hours or days. Either way, there is no obligation involved with the pre-approval and while there are countless benefits, including holding a great rate for 90-120 days, you can always disregard the pre-approval.

As part of the pre-approval process, you will be given a total mortgage approval amount and a great rate. This rate can be held for 90-120 days, depending on the lender. In extreme circumstances, this rate may be held for longer. This is a benefit as clients will usually want to contact a real estate salesperson (REALTOR®) after they have received their pre-approval and begin shopping. As you shop, interest rates may increase but as you have a pre-approval from Shane, you can still use your pre-approval rate and will be safe from the increased payment cost that an increased rate could bring, as well as the decreased total eligible mortgage amount that could also be a result.

Absolutely not as you will always get a great low rate. Shane and his team always work get you the best mortgage financing within your budget and at a great low rate. If your pre-approval states a high higher than that which is available to you when you are ready to make your home purchase, Shane and his team will utilize the lower rate and provide you with the most savings possible – something that they always strive to provide their clients. The same applies to any possible mortgage terms or conditions that may be more favourable at that time.

While some clients choose to contact their real estate salesperson (REALTOR®) first when they are looking to purchase a property, Shane suggests first obtaining your mortgage pre-approval and then contacting a licensed and qualified real estate salesperson (REALTOR®) as most will ask you to obtain a pre-approval prior to beginning the search for your next property. In obtaining it first, you are saving yourself time, energy, and resources, and will generally make for a smoother purchasing experience.