Home Buying Guide
Everything you need to know about buying your first home in Canada
Buying your first home is one of the most significant financial decisions you'll make in your lifetime. The Canadian home buying process can seem complex, but with proper preparation and knowledge, you can navigate it successfully. This comprehensive guide will walk you through everything from understanding mortgage basics to closing day, ensuring you're well-prepared for your home buying journey.
Affordability Examples
See what you might be able to afford based on your income
*Estimates based on 5% interest rate, 25-year amortization, and including property tax and insurance. Actual affordability varies based on credit score, debts, and lender requirements.
Typical Home Buying Timeline
From start to finish: 3-6 months on average
Months 1-2: Preparation
8-10 weeksCheck and improve credit score, save for down payment, research neighborhoods, get pre-approved for mortgage, find a real estate agent.
Months 2-4: House Hunting
8-12 weeksView properties, attend open houses, research comparables, make offers, negotiate with sellers, conduct home inspections.
Months 4-5: Financing & Legal
4-6 weeksFinalize mortgage approval, hire a real estate lawyer, review all documents, arrange home insurance, schedule final walk-through.
Month 6: Closing
1-2 weeksSign final documents, pay closing costs and down payment, receive keys, arrange utilities and moving, celebrate your new home!
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