In Canada, the minimum down payment is 5% for homes under $500,000, while homes over $1.5 million require 20%. 2. Leverage Government Incentives
Buying a home is likely the largest financial commitment you will ever make. To ensure a smooth journey, you must start with preparation long before you attend your first open house. Before looking at houses, look at your bank statements. what to do first when buying a home
Allows you to save up to $8,000 annually (to a $40,000 lifetime limit) tax-free for your down payment. In Canada, the minimum down payment is 5%
Your score directly impacts your mortgage rate. Aim for at least 680 to 720 to secure competitive terms. You can check your report for free via Equifax or TransUnion . To ensure a smooth journey, you must start
The following article outlines the essential first steps for any prospective homebuyer.
When buying a home, the absolute first thing you should do is . While it is tempting to start browsing listings immediately, establishing a realistic budget based on your actual income and expenses—rather than just what a bank might approve—is the critical foundation of the process.
Take advantage of programs designed to help you save faster: