First-time homebuyers in Canada should focus on understanding mortgage terms, saving for a down payment, and budgeting for all homeownership costs, including taxes and utilities. Choosing the right neighborhood, conducting home inspections, and maintaining a good credit score are crucial. Consider government assistance programs and be prepared for closing costs. It's important to plan for long-term affordability, involve a lawyer, and explore insurance options. Patience and thorough market research can help avoid common mistakes and ensure a successful homebuying experience.