There is a first time for everything.  The first home purchase carries the usual nervousness that all firsts carry.  Do you remember your first date?  Do you remember your first day at school?    Well just wait until you are sitting at home while your realtor is out presenting your offer on your very first home.  Its a bit unnerving because you have never committed yourself to such debt before and you are likely young, inexperienced, and possibly a little unsure about the wisdom of your decision.  

If you have chosen the right realtor you will have been informed about what you can and can not do as a first time buyer.  You should have been told the following:

• Determine how much your can afford.
  As a general rule of thumb, monthly home carrying costs should not exceed 30% to 35% of your monthly income.

• Determine how much you have as a down payment.
  CMHC requires at least five per cent down to insure a mortgage Do you have an RRSP? Can you use it for your down payment? Do you have any other sources to access for down payment?  If you are using money from a relative make sure that it is your account before you go to the bank.  If it is a loan from a relative, it may not count as your equity.

• Get pre-approved for mortgage financing.
  Do yourself a favour.  Before you go through emotional roller coaster of finding the right house, see your banker and find out what you upper limit is for financing.  This is really important and should be your fist step.