Canadian Home Buying Guide

Your step-by-step guide to purchasing property in Canada

01

Financial Preparation

Understanding your budget and getting pre-approved for a mortgage

  • Calculate your down payment (minimum 5% for homes under $500,000)
  • Check your credit score and improve if necessary
  • Get pre-approved for a mortgage
  • Consider additional costs (property tax, insurance, utilities)
  • Plan for CMHC insurance if down payment is less than 20%
02

Property Search

Finding the right property that meets your needs and budget

  • Define your must-haves and nice-to-haves
  • Research neighborhoods and property values
  • Consider proximity to amenities and transit
  • Attend open houses and viewings
  • Review property history and comparable sales
03

Making an Offer

Navigating the offer process and negotiations

  • Work with a real estate agent to prepare your offer
  • Include necessary conditions (financing, inspection)
  • Understand the deposit requirements
  • Be prepared for counter-offers
  • Know your maximum budget and stick to it
04

Due Diligence

Protecting your investment through proper inspection and research

  • Get a professional home inspection
  • Review the status certificate (for condos)
  • Check for outstanding work orders or permits
  • Verify property taxes and utility costs
  • Research future development plans in the area

First-Time Home Buyer Incentives

  • First-Time Home Buyer Tax Credit (HBTC)
  • Home Buyers Plan (HBP) - RRSP withdrawal
  • First-Time Home Buyer Incentive
  • GST/HST New Housing Rebate
  • Land Transfer Tax Rebates

Important Documents

  • Proof of income and employment
  • Down payment verification
  • Credit report
  • Property tax assessment
  • Home insurance quotes

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