Go Small First
You are a first-time buyer, which means you don’t have equity yet. Established buyers already have equity which they can use as a bargaining instrument. That’s one of your goals – build equity.
For now, all you have is your savings in the bank. If the money there is small, you need not push yourself in order to buy an expensive home. Start small and with something you can afford. Be good at paying your amortizations. Then you can build a good reputation. Once you’re ready with a good equity, you can start thinking about leveling up.
Gear Up For The Down Payment
Having the capacity to pay your initial payment counts a lot. If you are ready, it can make you feel confident about pursuing a purchase. If there is nothing there, you will not be able to proceed.
Most people will recommend that you pay 20% of the mortgage as your initial payment. The purpose for this is to avoid paying mortgage insurance. But for most, this is something not achievable. In Canada, the minimum down payment set for buying a house is 5%.
To be repetitious, go smaller. Go with something that will not stress you out or something that might rob you of peace of mind.