Scott McGillivray
Home Network Star & Celebrity Real Estate Expert
Real estate expert Scott McGillivray explains the biggest mistakes first-time buyers make and the financial fundamentals that can help Canadians purchase their first home with confidence
1. From your experience, what is the biggest mistake first-time buyers tend to make early in the home-buying process?
Honestly, the biggest mistake is falling in love with a property before understanding what they can truly afford. Too many buyers start with listings instead of starting with their finances. Without a clear budget, pre-approval, and long-term plan, it’s easy to get emotionally attached and make decisions that create stress down the road.
2. With so many decisions involved, what should first-time buyers prioritize to make a smart, confident purchase?
Focus on the fundamentals: location, affordability, and long-term livability. Get clear on your finances, know what you actually need versus what’s just a “nice to have,” and think about how this home fits your life long-term. The goal isn’t just to buy a home, it’s to buy the right home for where you’re headed.
3. How should first-time buyers evaluate a home beyond the listing price to understand its true long-term value?
The real cost of a home is everything that comes after you get the keys. Maintenance, upgrades, utilities, property taxes, all of it adds up. You also want to think about resale. Is this a property that someone else will want to buy down the road? That’s where real value comes from. This is where the guidance of a knowledgeable, experienced real estate agent is invaluable. Through my vetted network of top Canadian real estate professionals – available on scottmcgillivray.com - you can connect with the right expert to help you make smart, strategic real estate decisions.
4. In fast-moving or competitive markets, what practical steps can buyers take to stay grounded and avoid overextending themselves?
Go in with a plan and stay disciplined. In hot markets, it’s easy to get caught up in the pressure and stretch beyond what’s comfortable. But the goal isn’t to win the bidding war, it’s to win financially. Know your budget, get pre-approved, set a firm limit, and be willing to walk away if the numbers stop making sense.
5. If you could give first-time buyers one piece of advice to help them feel confident and prepared, what would it be?
Get your financial foundation in place before you start shopping. When you understand your numbers, build your savings, and take advantage of tools like CIBC’s First Home Savings Account (FHSA) — a registered account that lets you save toward your first home with tax-free growth — you’re not just buying a home, you’re building a strong financial starting point. That’s what sets you up for success long after move-in day.
