Get a general understanding of how much you can afford and what your mortgage payments will be before you start searching for a home. This will help you set a reasonable price range so that you can align your lifestyle needs with homeownership.
Most first-time buyers do not pay the full price of their home all at once, given the high cost of homeownership in Canada. Usually, buyers use the money they've saved to make a down payment on a house and then borrow the rest from a lender.
In Canada, there are several mortgage features to choose from. One of the easiest ways to make sense of all the choices and help you save money throughout your mortgage is to talk to a mortgage specialist.
Once you’re ready to buy a home, be sure to get a mortgage pre-approval. A pre-approved mortgage indicates that the bank has committed itself to lend you the money for your house.
Hire a reliable local real estate agent who, during the entire home-buying experience, can be an invaluable resource for you.
Step 6: Get your home search underway!
Don't just think about the type of home you want when you start looking at houses, but also think about your lifestyle and how close you want to live near amenities like schools, highways, medical facilities, shopping, restaurants, and leisure.