Buying a Home: Tips for Home Buyers

Buying a home is an exciting, yet complex process. A REALTOR® can help you throughout the entire process, but where do you even start? Our guide for home buyers, whether you’re a first-time home buyer or repeat buyer, has all the answers you need to gain confidence, not to mention excitement.

1. Prepare to Buy a Home
2. Looking For Homes
3. Making an Offer
4. Closing on a Home

   Preparing to Buy a Home

   Make sure you’re ready

   Buying a home is likely the largest financial move you’ll make in your life and being prepared means understanding how much you can afford. Before you begin making your list of wants and needs, try our affordability calculator to get an idea of your potential price range.

   Ready for next steps? —where to start, how to get pre-approved for a mortgage, government incentives, finding a mortgage broker, additional home-buying costs, and more.

    

   Find a REALTOR®

   A REALTOR® is not just a licensed or registered broker or real estate agent. A REALTOR® is a member of the Canadian Real Estate Association (CREA) and adheres to the REALTOR® Code of Ethics, which requires high standards of professionalism and expertise. You want to make sure you’re working with a REALTOR® who’s aligned with your needs, wants and goals.

   How your REALTOR® can help you

   A REALTOR® is your No. 1 resource and support to help you smoothly navigate the home buying process. They can help you:

   • determine if you’re eligible for government homeownership incentive programs;
   • assess mortgage products and different types of lenders to see what fits;
   • get a feel for the neighbourhood you desire by sharing details about nearby schools, parks, and other amenities;
   • find the right home to suit your needs;
   • negotiate a purchase price and contract terms, and direct you through complex contracts;
   • find qualified industry professionals, such as real estate lawyers, home appraisers and home inspectors; and
   • plan for closing costs and other related expenses

     Decide what you want

     Before starting your home search, you need to determine what kind of home you’re looking for, where you want to live, which home features are must-haves, and what ones you can be flexible about. Your REALTOR® is a local expert who can help you find the home that suits your lifestyle and needs.

     Where are you looking to buy a home?

     Home types and affordability will look different depending on where you’re looking to buy. The Canadian housing market is not one-size-fits all. Your REALTOR® will have a finger on the pulse of the local real estate market in the region of your choosing. Generally, you can expect home prices in urban and suburban areas to be higher, while smaller cities, towns and rural areas may offer more moderate home prices—with exceptions, of course.

     What type of home do you need?

     There are many types of properties you can call home. Here are a few of the most common types:

     • Single-family detached—as the name implies, the home is freestanding and not attached to any other homes.
     • Semi-detached or linked—these are two distinct houses (with separate owners and lots) that are built side-by-side and share a common wall.
     • Duplex—a building on a single lot, but it’s zoned for two occupants (each with independent access).
     • Townhome—also known as townhouses or row unit, a townhome is identified as units featuring a common style and joined in a row. They usually share common walls on both sides.
   • Condo—with this type of property, you own 100% of your unit and a share of the common areas. Common areas can include the necessary plumbing, electrical systems, hallways, and elevators. They may also include amenities like a private gym or pool. On top of the mortgage and property taxes, condo owners also pay a monthly fee to operate and maintain the common areas

     Considering a condo? You may be interested in:

     • Should You Buy a House or a Condo? What to Consider
     • Condo Fees and What They Cover
     • 5 Questions to Ask a Condo Board Before Buying

     Are you considering a new build? Learn more about new builds: The Importance of Using a REALTOR® When Buying Pre-Construction

     What features do you need?

     Consider your needs and wants in a home and share them with your REALTOR®. Below are some common features most Canadians consider.

     Indoor:

     • number of bathrooms;
     • number of bedrooms;
     • number of levels;
     • fireplace(s);
     • separate dining room;
     • separate family room;
     • air conditioning;
     • walk-in closet(s); and
     • move-in ready

     Exterior:

     • size of yard;
     • swimming pool;
     • landscaping and maintenance;
     • lot size and location- for example, proximity to neighbours (for detached homes), or corner lot;
     • siding and roofing;
     • number of windows; and
     • direction the home faces.

     Which neighbourhood(s) should you consider?

     Your dream home isn’t just about its rooms and features. Choosing your neighbourhood is equally as important when deciding whether a home is right for you. Remember: location, location, location! Here are some things to consider when deciding what neighbourhoods to look at:

     • Commute time—What’s the proximity to your place of work, schools, daycare?
     • Transit options—Is the area car friendly? What’s the availability of transit, walking paths, and bike paths?
     • Amenities—What’s the proximity to grocery stores and other shops and services?
     • Atmosphere—What are the demographics of the area? Is it more vibrant, or quiet?