The hardest part of buying a home is getting that down payment. In Canada, the minimum down payment for a home is 5% for homes that cost $500,000 or less, or 10% for homes over $500,000.  Any home purchased over $1 million or more, the minimum down payment is 20%. Keep in mind that for anything less than a 20% down payment, it will require mortgage insurance. 

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The more down payment you can afford, the less your monthly mortgage payments are. In turn, you will also be paying less interest over the course of your amortization. 

A pre-approval allows the buyer to determine what they can realistically afford. Ideally, before contacting a realtor or salesperson, make sure to obtain a pre-approval from your bank or a mortgage broker. 

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Though most people think to turn to their bank for funds, mortgage brokers are a great option as they will compare rates across a variety of financial institutions to get you the best deal. They also tend to have lower fees.

The fun part starts when you hire a real estate professional, and shop around for your new home - this is where I come in! Once you have your finances in check, and you know what you can afford, we can begin working together. By working with a registered real estate professional such as myself, I can help you navigate the many steps and decisions involved in the home buying process.

 

My approach to home buying is to ensure you know exactly what you're getting into. I operate transparently which means before you sign a buyer's agreement with me, I will walk you through the process step by step, making sure to answer any questions you may have. I want all my clients to feel comfortable and confident that by working with me, I will have your best interests at heart.

Location, location, location! Whether you commute to work, work remotely, or just like the vibe of a certain neighbourhood, location is key in finding you a home you will love.

 

​Lifestyle - Consider key factors in your life such as:

 

Family size: do you/will you have kids? Do you want to be close to a school?

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Pets: do you need space for them to run around, or would you like to live close to a park? 

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Upcoming life changes: Are you planning to retire soon? Are your kids going off to college? 

 

Size - How many bedrooms and bathrooms do you require? Will you need a home office? 

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​Features - Do you want a swimming pool? Is it important that your home will be energy efficient? Do you need a certain number of parking spots?

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No matter how you answer these questions, the home you choose will be key to how you live.

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Tip! Make a list of must haves, and nice to haves as this will help prioritize what is most important for you in your home search.

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Click here for your FREE house hunting checklist.

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