2023 Financial Checklist for Guelph First-time Home-buyers

Guelph is an ever-growing city bursting with opportunity and providing amazing value to first-time home-buyers, who are also eligible for several programs and exemptions that are especially tailored towards them. Although this guide is not comprehensive, it covers all the main financial requirements of first-time home-buyers in Guelph in 2023.

Finding The Right Home

The first step for a first-time home-buyer in Guelph is to find the right home. Buyers should note that the residential housing market in the city is highly competitive, so it’s best to start with a budget that takes into account the downpayment, insurance, taxes, and other costs.

When it comes to home-buying, an experienced real estate agent is your best friend! A real estate agent can provide invaluable guidance when it comes to selecting the right property and devising the best buying strategy. Tony Sousa and The SousaSells.ca Team are top realtors in the Guelph area that have the experience and knowledge to help buyers find their ideal property.

Assessing Your Finances

When it comes to buying real estate, first-time home-buyers should first assess their finances. This could include reviewing the budget and savings, understanding earning potential, calculating payment plans, banking on promotional rate offers, and considering other possible sources of income.

Save for a Downpayment

In 2023, the minimum downpayment for a home in Guelph is 5% of the purchase price. Although this may seem small, buyers should ensure that they can meet this requirement, as well as pay for the closing costs, which could be around 3% of the home’s price. It’s highly recommended that first-time home-buyers save for at least 20% of the price for a downpayment and closing costs.

Calculate Your Payment Plan

Calculating a payment plan is an essential step in purchasing a home. Home-buyers should determine the total cost of the home, including downpayment and closing costs, and calculate what their monthly payments would be. It’s also important to review other expenses, such as insurance, freehold fees, and property taxes, so that buyers have a clear idea of the full costs associated with purchasing the home.

Understand Your Credit Score

Having a good credit score is essential for a first-time home-buyer to get financing for a home. To ensure that buyers are qualified for the loan, it’s important to review their credit history and ensure that no errors are detected.

Guelph First-time Home-buyer Programs & Exemptions

First-time home-buyers in Guelph are especially lucky, as there are several programs, initiatives, and exemptions that are dedicated to supporting their purchase of a home. Here is a brief overview of how these programs can help buyers:

Guelph First-time Home-buyer Reserve Program

The First-time Home-buyer Reserve Program (FTHBRP) provides first-time home-buyers in Guelph with an internal loan of up to 5% of the purchase price of their home. This loan comes with a 10-year repayment plan and can be paired with other financing and subsidies.

Rent-geared-to-income Program

The Rent-geared-to-income Program is designed to help first-time home-buyers in Guelph afford their current rent by covering all or a portion of the difference. Participants in this program can benefit from lower monthly housing costs, and may be eligible for additional funding and benefits.

Property Tax Deferral for Low-income Seniors & Low-income Persons with Disabilities

The Property Tax Deferral Program is designed to help low-income seniors and low-income persons with disabilities on a limited income. Eligible participants can defer their property tax payments while they prepare to purchase a home, which can significantly reduce the financial burden of homeownership.

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Mortgage Advice for First-time Home-buyers in Guelph

First-time home-buyers in Guelph should always seek advice from a professional mortgage advisor before entering the home-buying market, as this is essential for their own protection and financial success.

Analyzing Your Mortgage Options

When it comes to mortgages, there are several types to choose from. Home-buyers should review each type of mortgage, such as fixed-rate, adjustable-rate, and interest-only mortgages, in order to determine which one best meets their personal needs.

Understanding the Implications of Switching

Mortgage advisors should always explore all their options with first-time home buyers in Guelph. The advisor should be knowledgeable when it comes to the implications of switching between mortgages, such as the cost of breaking a contract, refinancing penalties, and so on – all of which may have an effect on the buyer’s income and cash flow.

Getting Pre-approved

The mortgage advisor should also be able to obtain pre-approval for first-time buyers, which will make them more attractive to potential lenders and realtors. Pre-approval can also give buyers an advantage when it comes to submitting an offer on a property.

Making The Offer

When it comes to making an offer on a home in Guelph, it’s important for first-time home buyers to work with an experienced real estate agent. The real estate agent can advise buyers on when to submit an offer and how to make it competitive for the buyer.

Negotiating the Offer

When it comes to negotiating an offer, real estate agents can provide invaluable advice and guidance. Agents can also help buyers determine what level of deposit to put down, how much to offer above asking price, and other terms that may have an effect on the offer.

Submitting The Offer Documents

Once an offer has been agreed upon, the real estate agent will submit the offer documents to the seller in order to make the sale official. It’s important for buyers to review all the documents carefully and pay close attention to the terms and conditions of the sale before submitting them.


Buying a home in Guelph can be a daunting experience, but with the right advice and guidance, first-time home buyers can make the process much easier. By taking the time to analyze their finances, take advantage of programs and exemptions, understand their mortgage options, and work with a qualified real estate agent, first-time home buyers in Guelph can enjoy their new home purchase with the peace of mind knowing they have made the right decision.


What is the minimum downpayment for a home in Guelph?

The minimum downpayment for a home in Guelph is 5% of the purchase price.

What programs are available for first-time home-buyers in Guelph?

There are several programs and initiatives that are available for first-time home-buyers in Guelph, such as the First-time Home-buyer Reserve Program and the Rent-geared-to-income Program.

How should first-time home buyers in Guelph approach the mortgage process?

First-time home buyers should always consult a professional mortgage advisor who can help them analyze and compare their options.

What documents are necessary when submitting an offer on a home in Guelph?

When submitting an offer on a home, buyers must provide all of the necessary documents, such as proof of income and identification.

How can first-time home buyers best negotiate an offer?

It’s recommended that first-time home buyers in Guelph work with an experienced real estate agent who can provide invaluable advice for negotiations.

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If you’re looking to sell your home, it’s crucial to get the price right. This can be a tricky task, but fortunately, you don’t have to do it alone. By seeking out expert advice from a seasoned real estate agent like Tony Sousa from the SousaSells.ca Team, you can get the guidance you need to determine the perfect price for your property. With Tony’s extensive experience in the industry, he knows exactly what factors to consider when pricing a home, and he’ll work closely with you to ensure that you get the best possible outcome. So why leave your home’s value up to chance? Contact Tony today to get started on the path to a successful home sale.

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