Your status in life shouldn’t dictate how your life should go. It shouldn’t put a damper on your dreams and aspirations.

It’s a fundamental right of any human being to have their own home, providing comfort and security for your loved ones. For Canadians with a low income, this right may seem far fetched when the normal household income is only around $38,780 for a family of three.

As of April this year, The Canadian Real Estate Association (CREA) provided a rough estimate of how much the average house costs:

  • Ontario: $593,794
  • Alberta: $352,801
  • Saskatchewan: $270,990
  • British Columbia:$736,230

The numbers may seem high; however, you can still obtain your dream home without breaking the bank. When there’s a will, there’s a way.

Home Ownership Benefits

One of the highlights of owning a home is having the freedom and independence that home ownership provides. 

Your house, your rules

If you’re fresh out of college and just beginning to make your way in the corporate world or if you’re a renter for so many years, you may know what I’m talking about. 

You no longer need to abide by your landlord’s rules and regulations when selecting your paint color or be required to ask for permission regarding changing their no-pet policy. You’re in control. You’re the boss.

Location, location, location

The key to any good investment is finding the right location. This is true for business, as it’s true in finding the perfect place that fits your needs and budget. 

Aside from budget, it’s important to check the neighborhood: are there any good schools for the kids? Is there a hospital nearby? Be sure to check for local parks or any other local amenities.


Learn the Process of Home Ownership

Here comes the exciting part: the journey of purchasing your dream home. First things first, better look for a mortgage broker that will guide you through the whole process.

A mortgage broker will ask to look at your finances to see what you’re capable of and if any adjustments need to be made in terms of your budget. Upon examining this, they’ll provide guidance, options and recommendations.

The home buying journey will vary from person to person, but regardless of the path… you’ll get there. To learn more about the process, read “The 8-Step Home Buying Guide”.

Financial Assistance

Since you’re classified as a low-income earner, there are some financial assistance options that the Canadian government is providing to help you secure a home such as:

First-Time Home Buyer Incentive

The First Time Home Buyer Incentive Program gives first time home buyers the eligibility for 5% to 10% of the property’s purchase price. Isn’t that great?

Some of the qualifications for this are:

  • Annual income is less than $120,000
  • You should be a Canadian citizen/permanent resident/non-permanent resident authorized to work in Canada

The repayment scheme for this incentive is within 25 years or after selling the said property in full amount. For example, if you were given 5% of the purchase price in the beginning, 5% of the market price after 25 years (or after being sold) is the amount that you must pay.

In addition, there may be other fees that may apply.

Home Buyer’s Plan (HBP)

If you have a Registered Retirement Savings Plan (RRSP), you can use up to $35,000 a year to finance a new home or build one.

You’re qualified for this program provided:

  • You’re a first time home buyer
  • You intend to live in the qualified property within a year of its construction or purchase
  • Canadian resident with RRSP

All withdrawals made from your RRSP must be paid within 15 years until you have zero balance.


There’s a dream home waiting for you no matter your circumstances. Don’t lose hope that you’ll have one; it’s just a journey… like any other. All you need to do is dive right in and make the decision to go for it!

Get informed and seek help from a trusted mortgage broker. Where there’s a will, there’s always a way!

Mortgage Guide for Low Income Earners, Mortgage broker in Greater Toronto Area

Daisy Raouph, CLU, CHS, specializes in mortgage financing solutions and financial services. A Mortgage Broker and Financial Security Advisor with over 30 years of experience in financial services. Contact us today to review your mortgage financing options. We can help!