First-time buyer rates
First-time home buyer mortgage rates in Canada.
Today’s best insured 5-year fixed is 4.19% and variable 4.04%. As a first-time buyer with under 20% down, your insured rate is often the lowest available — we shop it across 50+ lenders.
As of May 13, 2026. Your rate depends on your file. O.A.C.
Why first-time buyers often get the lowest rate
With less than 20% down your mortgage is insured (CMHC/Sagen/Canada Guaranty). That insurance protects the lender, so they price insured mortgages below uninsured ones. The catch is the premium (financed into the mortgage) — but the rate savings often outweigh it. We model insured vs. conventional so you pick the lowest all-in cost.
First-time buyer rates — FAQ
Do first-time buyers get better mortgage rates?
Often yes — buyers with <20% down take an insured mortgage, and insured rates are usually the lowest on the market (the insurance lowers the lender's risk). So a 5%-down first-time buyer frequently beats a 20%-down rate. We shop insured pricing across 50+ lenders.
What's the minimum down payment for a first-time buyer?
5% on the first $500,000 of price, 10% on the portion to $1.5M. Sources can include savings, an FHSA, the RRSP Home Buyers' Plan, or a gift. See our down payment calculator.
How do I lock a first-time buyer rate?
Get a pre-approval — it comes with a 90-120 day rate hold, so a rising market can't catch you while you shop, and many lenders honour a drop. No bureau pull for a ballpark with Maya.
What programs help first-time buyers?
FHSA (tax-deductible + tax-free), RRSP Home Buyers' Plan, first-time-buyer land-transfer-tax rebates, and 30-year amortization on insured first-time purchases. See our first-time buyer page.