Identify the neighbourhoods you want to live in, check out Realtor.ca to see how much properties are selling for in your desired location. Next you will need to figure out how much you can afford. Don't forget to include estimates for property tax, utilities and insurance just to name a few. If you're thinkning of purchasing an apartement or condo don't forget to account for the additional fees such as building and maintenance fees.
A home purchase should involve Financial, Legal and Real Estate professionals. Before first-time home buyers start exploring properties it is extremely important they meet with their financial advisor. Reviewing your entire financial picture- debts, assets as well as budget is something that a professional can help you understand and offer strategies to improve.
Reduce your expenses before making a home purchase. Why? Finalizing the deal on homeownership will include one time expenses such as closing cost and land transfer taxes that will need to be paid prior to moving in. And let's nor forget tthe new on-going expenses such as property taxes and utilities.
Did you know the average first-time buyer in Canada
Is between 20 and 29 years of age?
Buys a home that is valued between $237,900 and $506,500, depending on which city or province they purchase in.