The Complete Guide to Buying a Home 

Buying a home is a big decision, one that requires careful consideration and research. In this guide, we’ll walk you through the steps of purchasing a home so you can make an informed decision and have a successful purchase. 

Step 1: Get Pre-Approved for Your Mortgage

The first step to buying a home in Canada is getting pre-approved for a mortgage. Before you start looking at properties, it’s important to get pre-approval so you know what you can afford and what your monthly payments will look like. 

Step 2: Research the Home Market 

Once you have been approved for your mortgage, it’s time to research the real estate market. Look at prices, types of homes available, locations, etc. You may find that certain areas have more competitive or expensive housing markets than others. You should also research government programs such as first-time homebuyer incentives—these can be great ways to save money when purchasing a home.  Enlisting the help of a professional REALTOR will save a lot of time in researching each area and different government programs.

Step 3: Search For Homes 

Now that you know how much house you can afford and the type of homes available in the area, it’s time to start searching for your perfect fit! Start looking online for listings or visit open houses if possible—this will give you an idea of what kind of features are out there and how much they cost.  If possible enlist the help of a REALTOR who knows the area well; this way they can inform you about hidden gems that aren’t necessarily listed online. 

Step 4: Negotiate the Price & Submit an Offer 

Once you’ve found a property that meets your needs and budget, your REALTOR will help you negotiate with the seller on price and submit an offer. They will make sure your offer includes all necessary paperwork including official documents such as proof of funds and statements from your credit provider or mortgage lender verifying that you are ready and able to buy the property in question.  

Step 5: Finalize Your Purchase Agreement 

Before finalizing anything with the seller make sure all parties involved understand exactly what is being purchased and what conditions apply to sale (if applicable). Once these details are worked out between both parties agree upon them by signing off on them within the purchase agreement contract which must be done by both buyer and seller prior to closing date on any exchange of funds associated with agreement.   This document will usually include terms such as deposit amount due upon signing as well as completion date which should correspond with any conditions set within sale (i.e.; house inspection).  The agreement should also contain detailed information pertaining to potential repairs required by seller before completion day arrives – often times these discussions happen between buyer/seller during negotiation period mentioned above but both sides must sign off on any changes agreed upon during this process before sales are legally binding (and funds exchanged).