Your Complete Guide to Buying a Home in Canada
Navigate the home buying process with confidence. From financing to closing, we'll guide you every step of the way.
The Home Buying Journey
Follow these 8 essential steps to make your home buying experience smooth and successful
- Review and improve your credit score (aim for 650+)
- Calculate how much you can afford to borrow
- Start saving for your down payment (5-20% of purchase price)
- Review your debt-to-income ratio
- Get pre-approved for a mortgage from a lender
- Understand your maximum borrowing capacity
- Lock in an interest rate (typically for 90-120 days)
- Strengthen your position when making offers
- Choose an experienced local real estate agent
- Get access to MLS and exclusive listings
- Receive expert market insights and guidance
- No cost to you - agents are paid by the seller
- Create a list of must-haves and nice-to-haves
- View properties that match your criteria
- Attend open houses in your target neighborhoods
- Compare properties and narrow down your choices
- Work with your agent to determine a fair offer price
- Include conditions (financing, inspection, etc.)
- Submit your offer through your real estate agent
- Negotiate terms until both parties agree
- Hire a certified home inspector ($400-$600)
- Attend the inspection to ask questions
- Review the inspection report carefully
- Negotiate repairs or price adjustments if needed
- Finalize your mortgage with your lender
- Review and sign mortgage documents
- Arrange for home insurance (required by lenders)
- Complete all required financial paperwork
- Complete final walkthrough of the property
- Meet with your lawyer to sign closing documents
- Transfer funds for down payment and closing costs
- Receive the keys to your new home!
First-Time Home Buyer Programs
Take advantage of government programs designed to help first-time buyers enter the market
- First-time home buyer
- Total borrowing under 4x your income
- Minimum 5% down payment
- First-time home buyer
- Have an RRSP
- Repay within 15 years
- First-time home buyer
- Province-specific requirements
- Use home as principal residence
- Varies by province
- Check provincial government websites
- May have income restrictions
Costs to Consider
Budget for these essential expenses when buying your home
Minimum 5% for homes under $500K, 10% for portion over $500K, 20% to avoid CMHC insurance
Legal fees, title insurance, home inspection, appraisal, and other transaction costs
0.5-2% of purchase price depending on location. First-time buyers may get rebates.
Professional inspection to identify potential issues with the property
Lawyer or notary fees for reviewing documents and handling the transaction
Professional movers or truck rental, packing supplies, and related expenses
Required by lenders to protect your investment. Cost varies by location and coverage.
Utilities, maintenance, property taxes, condo fees (if applicable), and repairs
Important Documents Checklist
Gather these documents to streamline your home buying process
- Proof of income (pay stubs, T4s, NOAs)
- Bank statements (90 days)
- Mortgage pre-approval letter
- Proof of down payment funds
- Credit report
- Employment letter
- Government-issued photo ID (driver's license or passport)
- Social Insurance Number (SIN)
- Permanent Resident card (if applicable)
- Work permit (if applicable)
- Purchase agreement/Offer to Purchase
- Property listing details
- Home inspection report
- Property appraisal
- Survey or property boundaries
- Condo documents (status certificate, bylaws, reserve fund)
- Title search and title insurance
- Fire insurance policy
- Lawyer's statement of adjustments
- Closing documents and deed
- Property tax statements
- Utility account information
Frequently Asked Questions
Get answers to common questions about buying a home in Canada
Ready to Start Your Journey?
Connect with an experienced real estate agent who can guide you through every step of the process
Related Resources
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