10 Tips for First Time Home Buyers in 10 Words or Less

Katherine Martin • April 14, 2015

As part of Genworth’s Homeownership Education Week Seminar, Genworth decided to get social and ask recent first time homebuyers to give simple advice to others looking to purchase their first home. The results were captured and included in the Spring issue of  Genworth’s online publication.  Below is the Infographic from that publication!

Genworth also published a longer form version of this article on their website. It contains some pretty good advice!

5 Crowdsourced Lessons from First Time Home Buyers

Buying your first home can be a challenge. But luckily you’re not alone. We gathered advice from Genworth Canada’s Facebook page, folks who’ve been there, done that.

Here are the top five tips from the many our first-time homebuyers had to share:

Don’t buy a fixer upper if you are not handy. — Roxane C.

Moving into a fixer-upper is only a great deal if you can do most of the work yourself. It’s more than knowing how to do repairs or being equipped with the necessary tools. It’s the willingness to live in the middle of ongoing projects, and work – every evening – after your day job is done.

Research the area. Really know what the community can offer! — Laura H.

Get to know what a community offers and also where everything is situated. So while you’re checking the quality of nearby schools, check drive-time distances to work and other destinations. Even your dream home becomes less dreamy when you discover you’re a 20-minute drive from a cup o’ coffee.

Don’t feel rushed, always new listings tomorrow. — Navin R.

We all want to move into our first home immediately. Whether it’s love at first sight with a property, or flat-out eagerness to become an actual homeowner, try to resist! There are always new listings tomorrow.

Get a home inspection! — Debbie B.

A home inspection will put your mind at ease that your prospective purchase is in decent shape, establish that the seller has nothing to hide, and will inform you of any future maintenance or required upkeep. No surprises are good!

Take advantage of the Homebuyers Plan. — Julie M.

If you’re uncertain about making the move to homeownership because you’re concerned about having the requisite finances together, the Genworth Canada Homebuyer 95 program provides qualified borrowers with an opportunity to own a home with as little as a 5% down payment.

If you are a looking to buy your first home, but have absolutely no idea where to start, we should probably talk! I would love to walk you through the process and answer any questions you have! Feel free to contact me anytime!

Katherine Martin


Origin Mortgages

Phone: 1-604-454-0843
Email: kmartin@planmymortgage.ca
Fax: 1-604-454-0842


RECENT POSTS

How to Finance Renovations When Buying a Home in Canada

By Katherine Martin • November 4, 2026
Can’t Find the Right Home After You’re Pre-Approved? There’s Another Option The best place to start any home purchase is with a mortgage pre-approval. It gives you clarity around your budget and lets you shop with confidence. But what happens when you’ve been pre-approved, you know where you want to live—and nothing suitable fits your price range? This is a common challenge, especially for first-time homebuyers. Before buyer fatigue sets in, it may be worth considering a different approach: buying a home that needs work and financing the renovations as part of your mortgage . What Is a Purchase Plus Improvements Mortgage? A purchase plus improvements program allows you to buy a property and include the cost of approved renovations directly in your mortgage. This can be a great solution if: You can’t find a move-in-ready home within budget You’re open to renovations You want to customize the home from the start It opens up more options and can help you get into a location or property that would otherwise be out of reach. How the Process Works While the idea is straightforward, the process itself is structured and requires planning. Here’s a high-level overview: Renovation quotes are required upfront You’ll need detailed quotes for the work you want completed before final mortgage approval. Renovations must add value The lender must be satisfied that the improvements will increase the property’s value accordingly. Funds are reimbursed, not advanced You pay for the renovations initially. Once the work is completed and verified by an appraiser, the lender reimburses you and adds the cost to your mortgage. With the right guidance, this process is very manageable—but it’s important to understand the steps before committing. Is This Program Right for You? Purchase plus improvements isn’t for everyone. Buying a home is already a big undertaking, and adding renovations can increase stress—especially if timelines, budgets, or contractors become challenging. That said, if you’re financially prepared and like the idea of shaping the home to fit your needs, this program can be an excellent way to get more value and flexibility from your purchase. Final Thoughts If you’re struggling to find the right home after being pre-approved, you may not need to lower your expectations—you may just need a different strategy. If you’d like to explore whether a purchase plus improvements mortgage makes sense for you, feel free to connect. I’d be happy to walk you through the process and outline exactly what this option would look like in your situation.

Bank of Canada Raises Rate to 2.5% — October 28, 2026

By Katherine Martin • October 28, 2026
On October 28, 2026, the Bank of Canada raised its key interest rate by 0.25%, bringing it to 2.5%. If you have a mortgage, are shopping for a home, or have a renewal coming up, this decision matters. Here is a plain-language look at what changed, why it happened, and what it could mean for you.
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Katherine Martin. All Rights Reserved.