One of the most common questions first-time buyers ask is also one of the most misunderstood:

“How much money do I actually need to buy my first home?”

The answer is rarely just the down payment. Buying your first home involves several layers of cost (some upfront, some ongoing) and understanding them early builds confidence later.

This guide breaks it down clearly for buyers navigating the Kingston market.

The Down Payment: The Starting Point, Not the Whole Picture

The down payment is the amount you contribute toward the home's purchase price.

For most first-time buyers:

• The minimum down payment is 5% on homes under a certain price point
• Higher-priced homes require tiered minimums
• Less than 20% down typically requires mortgage insurance

While the minimum may get you in the door, many buyers choose to put more down to reduce monthly payments and long-term costs. The right amount depends on comfort, not just eligibility.

Closing Costs: Often Overlooked, Always Important

Closing costs are expenses paid on or before possession day and are separate from your down payment.

These typically include:

• Legal fees and disbursements
• Land transfer tax (with possible first-time buyer rebates)
• Title insurance
• Property tax and utility adjustments

A safe planning range for most buyers is 1.5–3% of the purchase price.

These costs can’t usually be rolled into your mortgage, so they should be available in cash.

Monthly Ownership Costs Beyond the Mortgage

Your mortgage payment is only part of the monthly picture.

First-time buyers should also plan for:

• Property taxes
• Home insurance
• Utilities
• Maintenance and repairs
• Condo fees (if applicable)

Understanding the full monthly cost helps prevent feeling stretched after moving in.

Moving, Setup, and “First Year” Expenses

The first year of ownership often comes with additional costs that buyers don’t always expect, such as:

• Moving services
• Furniture and window coverings
• Lawn equipment or snow removal tools
• Minor repairs or upgrades
• Utility connection and setup fees

These aren’t reasons to delay buying — they’re reasons to plan realistically.

Why an Emergency Buffer Matters

One of the biggest differences between confident homeowners and stressed ones is margin.

Having an emergency buffer after closing allows you to:

• Handle unexpected repairs
• Adjust to higher utility costs
• Maintain peace of mind during the transition

Homeownership feels very different when you’re prepared for surprises.

What Most First-Time Buyers Get Wrong

Many buyers focus on the minimum required rather than what feels sustainable.

Just because a lender approves a certain amount doesn’t mean it aligns with your lifestyle, savings goals, or comfort level.

The goal isn’t to buy as soon as possible, it’s to buy confidently.

A Smarter Way to Think About Affordability

Instead of asking, “What’s the most I can buy?” A better question is: 

“What allows me to enjoy owning my home without constant financial pressure?”

That mindset leads to better long-term decisions.

Thinking About Buying Your First Home?

Every first-time buyer’s financial picture is different. If you’d like help understanding what makes sense for you, beyond just minimums and approvals, we’re happy to talk things through and help you plan with clarity and confidence.