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

Diane Buchanan • February 15, 2017

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!

DIANE BUCHANAN
 Mortgage Broker

LET'S TALK

Bank of Canada Holds Rate at 2.25% — September 2, 2026

By Diane Buchanan • September 2, 2026
The Bank of Canada announced today that it is holding its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. While Canada's economic recovery is broadening, a new layer of uncertainty has entered the picture. Here is what happened and what it means for your mortgage.

Going Through a Divorce? Don’t Let Your Credit Take the Hit

By Diane Buchanan • August 26, 2026
Going Through a Divorce? Don’t Let Your Credit Take the Hit Divorce is stressful enough without adding financial fallout to the mix. Between lawyers, paperwork, and emotional strain, it’s easy to overlook how a separation can impact your credit. But your financial future depends on protecting it now—because long after the dust settles, a damaged credit score can linger. Here are a few smart steps to help keep your credit strong and your finances steady as you move forward. 1. Take Control of Joint Debts When it comes to joint debt, both parties are equally responsible—no matter what your divorce agreement says. If your ex misses a payment on an account with your name attached, your credit takes the hit too. Go through all joint credit cards, loans, and lines of credit. Wherever possible: Close joint accounts to stop future shared use. Transfer balances to the person responsible for repayment. Notify lenders in writing of any changes to account ownership. Once everything is updated, pull your credit report after three to six months to confirm all joint accounts have been closed and reporting correctly. Mistakes happen—stay proactive to prevent surprises later. 2. Open Your Own Bank Accounts Separation means financial independence, and that starts with your own banking. Open a new chequing account in your name only and redirect your pay deposits and bill payments there. At the same time, close any joint bank accounts and change passwords on existing online banking and credit profiles. Even in peaceful separations, shared access can cause confusion—or conflict. Protect yourself by ensuring your money and information are secure. 3. Start Building Credit in Your Name If most of your past credit was tied to your spouse’s name, now’s the time to establish your own. Apply for a small personal credit card or secured credit product . Use it sparingly and pay it off in full each month. This helps you build a solid individual credit history, setting the stage for future goals like buying a home, refinancing, or starting fresh financially. 4. Keep an Eye on Your Credit Monitor your credit report regularly for errors or unexpected changes. You can request free reports from both major credit bureaus in Canada— Equifax and TransUnion —once a year. Tracking your credit isn’t just about catching mistakes; it helps you see your progress as you rebuild your financial independence. Final Thoughts Divorce can be emotionally draining, but protecting your credit doesn’t have to be complicated. By taking a few careful steps now—closing joint accounts, building credit in your name, and monitoring your reports—you’ll safeguard your financial health and gain peace of mind as you start your next chapter. If you’d like personalized guidance on managing credit during or after a divorce, reach out anytime. I’d be happy to walk you through your options.