First Home
First purchases handled with patience. No jargon.
Buying your first home is the largest financial decision most people make. The process has more moving parts than it looks like from the outside. Our job is to make sure you understand what's actually happening at each step, not just tell you where to sign.
What pre-qualification actually tells you
Pre-qualification is a conditional assessment, not a guarantee. It tells you roughly how much a lender would consider, based on your financial picture right now. It does not account for the specific property you want to buy. Lenders evaluate the property independently, and a pre-qualification at $600,000 doesn't mean they'll fund $600,000 on any house at that price.
Your pre-qualification can also change. A new car loan, a missed payment, or switching jobs between qualification and closing can all affect your file. The safest approach: once you're qualified, keep your financial picture stable until the keys are in your hand.
First-time buyer programs in Nova Scotia
There are a few programs worth knowing about. The First Home Savings Account (FHSA) lets you contribute up to $8,000 per year tax-free, to a lifetime maximum of $40,000. Withdrawals for a qualifying home purchase are tax-free. If you haven't opened one yet, you should, even if you're not buying immediately.
The Home Buyers' Plan (which lets you withdraw from your RRSP) is another option with its own rules and trade-offs. I'll walk you through which ones apply to your situation and whether they actually make sense for your file.
The closing costs people forget to budget for
Beyond the down payment, budget for land transfer tax (Nova Scotia charges 1.5% on most residential purchases), legal fees, home inspection, and title insurance. These add up to typically $3,000 to $6,000. We'd rather you know this upfront than be surprised two weeks before closing.
What to have ready for the first conversation
- •Two years of T4s or T1 tax returns
- •Recent pay stubs (last 30 days)
- •Letter of employment confirming salary, position, and tenure
- •Three months of bank statements showing your down payment
- •Proof of any gifted funds (if part of your down payment is a gift)
- •Government-issued ID
Don’t have everything on this list. That’s fine. We can work out what’s actually needed once we understand your situation.
First purchases take patience. We have it.
Most first conversations are twenty minutes. No pressure, no obligation, just a look at your situation.