Posted On Feb 06, 2026

Many first-time buyers don’t choose to keep renting because they want to.
They keep renting because they believe they have no other option.

Rent keeps rising, making it harder to save.
Buying feels out of reach.
And the quiet conclusion becomes: “I’ll just keep renting until things improve — or until I somehow qualify.”

For most people, this isn’t about a lack of discipline or ambition.
It’s about uncertainty. About not knowing whether homeownership is even realistic for them — now or ever.

This blog is meant to change that mindset.

Not by pretending buying is easy.
But by showing that getting approved — and becoming a successful homeowner — is something that can often be planned for, worked toward, and supported, even if your situation isn’t perfect today.

The Rent vs Buy Debate Most First-Time Buyers Are Really Having

On the surface, the debate looks like this:
“Should I rent or should I buy?”

I went deeper into the Rent vs Buy debate in another blog

But underneath, the real question is usually:
“Can I even get approved — and if not, what’s the point of trying?”

Many first-time buyers assume that unless they have:

  • A large down payment

  • No debt

  • A flawless credit score

  • A perfectly stable income

…buying simply isn’t in the cards.

The truth is, most first-time buyers who successfully purchase didn’t start in a perfect position.
They started with clarity and a plan.

What Lenders Actually Look At (And Why This Is Good News)

Mortgage approvals aren’t subjective. They’re based on a few core factors — and that’s good news, because these factors can often be improved.

At a high level, lenders focus on three things.

Debt-servicing
How much of your income goes toward housing costs and total monthly debt. This is where reducing balances, avoiding new obligations, and choosing the right mortgage structure can make a real difference.

Credit score and credit behaviour
Not just your score, but how you use credit. Consistent on-time payments, reasonable balances, and stability over time matter more than perfection.

Down payment (loan-to-value)
Your down payment impacts rates, insurance, and flexibility. While more is always better, you don’t need a massive down payment to get started.

If this sounds technical, that’s okay. You don’t need to master it — you just need to understand that none of these are fixed traits.

If you want to go deeper on some of these topics:
– How lenders assess first-time buyers and debt servicing
– What credit scores really mean (and how to improve them without gaming the system)

The Most Common First-Time Buyer Mistake: Waiting Too Long to Ask

One of the biggest reasons people stay stuck renting is that they wait until they’ve found a home before getting advice.

By then:

  • Time pressure is high

  • Options are narrower

  • Stress is elevated

In reality, the biggest improvements happen when buyers give themselves runway.

Six to twelve months of small, intentional actions — reducing balances, saving consistently, avoiding unnecessary credit changes — can materially change how a lender sees you.

Planning early doesn’t mean committing early.
It means giving yourself choices.

Building a Down Payment Is Usually a Process, Not a Moment

Very few first-time buyers save their down payment in one dramatic leap.

More commonly, they layer:

  • Regular monthly savings

  • First Home Savings Account (FHSA) contributions

  • RRSP savings that may later be accessed through the Home Buyers’ Plan

  • Tax refunds redirected back into savings

Individually, these steps don’t feel life-changing.
Together, over time, they create momentum — and confidence.

You Don’t Need a “Perfect” Home Either

Another reason first-time buyers feel locked out is the belief that they need to buy a move-in-ready, perfect home.

That often means:

  • More competition

  • Higher prices

  • More pressure to stretch

Programs like Purchase Plus Improvement (PPI) exist specifically to help buyers look beyond cosmetic flaws.

In the right situation, PPI can allow renovation costs to be included in the mortgage based on an improved value, letting buyers:

  • Purchase at a lower initial price

  • Customize the home early

  • Spread renovation costs over time instead of paying everything upfront

It’s not right for everyone — but it’s a good example of how options expand when you’re not limited to a single lender or a single product by working with a qualified Mortgage Agent.

Why Working With a Mortgage Agent Can Change the Outcome

Many first-time buyers only ever speak to their bank — and assume the answer they get is final.

A mortgage agent isn’t tied to one lender, one set of rules, or one product. That matters when:

  • Your income isn’t perfectly straightforward

  • Your credit needs context

  • Your down payment is still growing

  • You need flexibility, not just a rate

If your situation isn’t perfect — and most aren’t — that doesn’t mean you should give up on the idea of homeownership.

It means you may need better guidance and broader access.  Oftentimes, the best place to start is with a PreApproval through your Mortgage Agent

Reframing the Question One Last Time

This isn’t about rushing into a purchase or forcing something that doesn’t make sense.

It’s about understanding that renting forever because you think you can’t buy is very different from renting intentionally while you prepare.

For many first-time buyers, the right question isn’t:
“Is now the perfect time to buy?”

It’s:
“What steps can I take now so that buying becomes possible?”

Final Thought

If you’re renting today and wondering whether homeownership is realistic for you, know this:

You don’t need a miracle.
You don’t need perfection.
You need information, a plan, and the right support.

This blog is meant to be a starting point — and a reminder that there is hope, even if the path isn’t obvious yet.

In the coming weeks, I’ll be breaking this down further in a First-Time Buyer post series — with practical steps, examples, and real-world strategies you can implement at your own pace.

Homeownership is not reserved for people who have everything figured out.
It’s often achieved by those who decide to start figuring it out

 

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Ready to discuss whether you’re ready to buy or to come up with a plan to get you there?

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