For Buyers

Buying a home is a big decision. Ask yourself 5 questions before you decide if you’re ready to own a home

 

  1. Am I financially stable?
  2. Do I have the financial management skills and discipline to handle this large a purchase?
  3. Am I ready and able to take responsibility for all the costs that come with being a homeowner?
  4. Can I devote the time to regular home maintenance?
  5. Am I new to Canada? There are several extra home buying resources for newcomers to Canada.
 

Also consider the many pros and cons of owning versus renting a home.

Buying examples
Pros Cons
Freedom to renovate Ongoing costs including property taxes and insurance
Ability to build equity in a safe and secure investment Increased monthly payments if interest rates go up
Potential for rental income Possibility of unexpected and costly repairs
Renting examples
Pros Cons
Less maintenance and repair costs Monthly payments may increase year after year
Lower monthly upfront costs The risk your lease won’t be renewed
Shorter-term commitment Paying someone else’s mortgage
 

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Finding the perfect neighborhood

Choosing the right neighborhood is an important part of finding a home. If you love the house but hate the neighbors, or have the perfect kitchen but have an agonizing two-hour commute, you’re never going to feel completely comfortable living there.

Your best bet is to figure out if your neighborhood is a good fit with your family before you start looking for a home there (or certainly before you put in an offer). Spend some time there; take a walk through the streets, visit local shops and restaurants, and pick up a community paper to get a sense of the area’s personality.

Here are few questions that can help you figure out if a neighborhood is right for you: