First Time Homebuyer Tips: 5 Smart Steps to Take Before Buying
Buying a home is likely the biggest financial decision you’ll ever make – and if you’re planning to purchase in the next 1-2 years, now is the perfect time to start preparing.
Many first-time buyers think they need to wait until they’re ready to begin viewing homes, but the most successful buyers are the ones who plan early.
Taking the right steps now can help you save money, understand the process and feel confident when it’s time to buy.
Below are five first time home buyer tips to help you prepare for purchasing a home.
1. Open and Contribute to a First Home Savings Account (FHSA)
If you haven’t already opened a First Home Savings Account (FHSA), this should be at the top of your list.
The FHSA is designed specifically for first-time buyers, allowing you to save up to $40,000 toward your first home. Contributions are tax-deductible, and withdrawals used for a qualifying home purchase are tax-free—combining benefits similar to both an RRSP and a TFSA.
Why opening an FHSA early matters:
Your contribution room starts accumulating once the account is opened
Your savings have more time to grow
You reduce your taxable income while building your down payment
Tip: Even small, consistent contributions can add up significantly over a year or two.
2. Meet with a Real Estate Agent Early
Many first-time buyers think they should only contact a real estate agent once they’re “ready.” Meeting with an agent early in the process can be incredibly valuable and can make the entire process smoother.
An experienced agent can:
Explain the home buying process step by step
Explain costs beyond the purchase price (closing costs, land transfer tax, etc.)
Help you understand market conditions and pricing
Create a plan and timeline tailored to your goals
Meeting an agent early allows you to ask questions, avoid common mistakes, and feel prepared long before you’re ready to make an offer.
3. Get Set Up on a Home Search Portal to Track the Market
Even if you’re not buying right away, you should start watching the market.
Getting set up on a custom home search portal allows you to:
See real-time listings that match your criteria
Track how long homes are staying on the market
Compare list prices to actual sale prices - you would be surprised by the discrepancies
By casually following the market over time, you’ll develop a strong sense of value. It will allow you to understand pricing trends and competition in different neighborhoods preparing you for when it comes time to start viewing homes.
Think of this step as market education without pressure.
4. Get Pre-Approved for a Mortgage
Getting preapproved is another critical step.
Meeting with a mortgage professional early allows you to:
Understand how much you can realistically afford
Learn what monthly payments might look like
Identify ways to improve your financial position (credit score, debt ratios, savings)
Lock in peace of mind knowing where you stand
5. Use the Time to Build Confidence, Not Pressure
One of the biggest advantages of planning ahead as a first-time home buyer is having time, allowing you to move at a comfortable pace.
Use this time to:
Ask questions
Learn common real estate terms
Understand contracts and conditions
Clarify your needs vs. wants
Consider a Purchase Plus Improvements Mortgage. First time homebuying can be quite competitive, but having this option in your back-pocket can be an absolute gamechanger!
Buyers who prepare early tend to feel more confident and make better decisions when purchasing their first home.
Buying your first home doesn’t begin the day you make an offer; it begins with preparation. By opening an FHSA, connecting with a real estate agent early, tracking the market, and getting pre-approved, you’ll position yourself for a smoother, more confident purchase when the time is right.
If you’re thinking about buying in the next year or two, starting now isn’t early—it’s smart. If you have questions about the home buying process, FHSA, or getting started early, reach out- we are always happy to help and make this process a smooth and enjoyable one.
Buying Your First Home in Winnipeg: Frequently Asked Questions
How much do first-time home buyers need for a down payment in Manitoba?
In Canada, the minimum down payment depends on the purchase price:
5% on the first $500,000
10% on the portion between $500,000 and $999,999
20% for homes $1 million and above
In Winnipeg, many entry-level detached homes and condominiums fall well below $500,000, meaning a 5% down payment may be possible for qualified buyers.
However, if your down payment is less than 20%, mortgage default insurance is required under guidelines set by Canada Mortgage and Housing Corporation (CMHC). This insurance protects the lender — not the buyer — and is added to your mortgage amount.
What are typical closing costs when buying a home in Winnipeg?
Closing costs in Manitoba are often lower than in provinces with large land transfer taxes, but buyers should still plan for:
Lawyer fees (often $1,200–$2,000 depending on complexity)
Title insurance
Property transfer tax (Manitoba does have a land transfer tax structure)
Adjustments for property taxes or utilities
Home inspection fees
On average, Winnipeg buyers should budget approximately 1.5%–3% of the purchase price for closing costs.
Planning for this early prevents last-minute stress.
Is the First Home Savings Account (FHSA) worth it?
For many first-time buyers, yes.
According to the Canada Revenue Agency, eligible Canadians can contribute up to $40,000 lifetime to an FHSA. Contributions reduce taxable income (like an RRSP), and qualified withdrawals for a home purchase are tax-free (like a TFSA).
Opening the account early allows contribution room to begin accumulating, even if you contribute modestly at first.
For buyers planning to purchase in 1–2 years, this can create meaningful tax savings.
When should I meet with a REALTOR® if I’m not buying right away?
Ideally 12–24 months before purchasing.
In Winnipeg’s competitive price ranges — particularly under $450,000 — well-prepared buyers move confidently when the right home appears.
Meeting early allows you to:
Understand neighbourhood price trends
Learn what homes typically sell for versus list price
Clarify your “needs vs. wants”
Create a financial and timeline strategy
Determine a strategy to win bidding wars.
There is no obligation to buy. The goal is education, not pressure.
When should I get pre-approved for a mortgage?
If you’re planning to purchase within the next year, meeting a mortgage professional early is wise.
Pre-approval helps you:
Understand realistic price ranges
Estimate monthly payments
Identify credit or debt improvements needed
Strengthen your offer in competitive situations
In Winnipeg, homes that are well-priced often receive strong early interest. Buyers who are pre-approved can move decisively when needed.
How long does it take to buy a home in Winnipeg?
Once you begin actively viewing homes, timelines vary. Some buyers purchase within weeks; others take several months.
However, the most confident buyers typically spent 6–24 months preparing financially and educating themselves before making an offer.
Preparation reduces emotional decision-making and increases long-term satisfaction.
What Makes Buying in Winnipeg Unique?
The Winnipeg real estate market has its own rhythm.
Entry-level detached homes are often competitive.
Property transfer tax applies in Manitoba.
Winter markets can behave differently than spring markets.
Neighbourhood dynamics vary widely — from Transcona to River Heights to St. Vital to Charleswood.
Buyers who understand local patterns — not just national advice — tend to navigate the process with far more clarity.
Working with a REALTOR® who studies Winnipeg pricing trends daily can make a measurable difference in both confidence and outcome.
The Bullet-Point Summary:
I apologize, as this blog has gotten long-in-the-tooth. But here are the key Takeaways for First-Time Home Buyers in Winnipeg if I’ve lost you at this point:
Start preparing 12–24 months before you plan to purchase
Open a First Home Savings Account early
Budget for Manitoba closing costs
Track neighbourhood pricing trends
Get mortgage pre-approval before actively shopping
Use preparation time to build confidence, not pressure
we Tailor our Plans for our Buyers, Specifically. If this is something You would like to discuss, please reach out. I’m just A Call, Email or Text away!
Your Friend in Real Estate,
Sheyla Duncan
Phone: (204) 871-3228
Email: Sheyla@QueenTeam.ca
Written by Sheyla Duncan, REALTOR® with The Queen Team at Ethos Realty, serving Winnipeg and surrounding communities.