Before you start your search, make sure home ownership is right for you. Ask yourself some fundamental questions. Are you planning on relocating soon? Can you manage home repairs & upkeep of outdoor space?

Evaluate your current financial situation by calculating your net worth and reviewing your monthly expenses and debt payments. Ask a mortgage professional how much mortgage you can afford and the maximum house price that you should be considering. Obtain mortgage pre-approval to make buying a home less time-consuming.

Make a list and calculate the upfront costs and other expenses associated with buying and owning a home to make sure you’re financially prepared.

Before you start searching for a home, think about your current and future housing needs, which
location is right for you, and what features are important to you in a home.

Buying a home requires the services of real estate professionals, lawyers, mortgage professionals, home inspectors and so on. It will give you peace of mind to have experts on your team to answer your many questions along the way.

Now it’s time to start your home search. Don’t forget to consider the wide array of search options you have at your disposal, including friends and family.

Once you’ve found the home you want to buy, you will need to present the vendor with an Offer to Purchase or Agreement of Purchase and Sale. Your real estate agent and/or your lawyer/notary can help you to prepare your offer.

Closing day is the day you finally achieve your goal — you get to call your new house your own. Quite a few things get done on closing day, and you may also require the services of a mover.

The financial responsibilities of home ownership begin when you take possession of your home. You need to budget for mortgage payments, ongoing operating costs and an emergency fund.

This article has been prepared by CMHC as a general resource. The information is provided for general illustrative purposes only, and does not take into account the specific objectives,circumstances and individual needs of the reader. It is not a substitute for professional advice. Neither CMHC nor any other party identified in this Fact Sheet (Lender, Broker etc.), assumes any liability of any kind in connection with the information provided.

For more homebuying tips, contact me or visit CMHC’s interactive Step by Step Guide at www.cmhc.ca. CMHC