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Complete Homebuying Guide
Everything you need to know about buying a home in Canada
1. Mortgage Pre-Approval
Before you start house hunting, it's essential to get pre-approved for a mortgage. This process involves:
- Checking your credit score and credit history
- Gathering financial documents (income statements, tax returns, bank statements)
- Meeting with a mortgage broker or lender
- Getting a pre-approval letter that shows how much you can borrow
A pre-approval helps you understand your budget and shows sellers that you're a serious buyer. It typically lasts for 60-90 days, so you'll want to start house hunting soon after receiving it.
2. House Hunting
Once you know your budget, you can start searching for your perfect home. Use our advanced search filters to find properties that match your criteria:
- Location and neighborhood
- Price range
- Property type (house, condo, townhouse, etc.)
- Number of bedrooms and bathrooms
- Square footage
- Special features (garage, yard, etc.)
Take advantage of virtual tours when available, and schedule in-person viewings for properties that interest you. Don't rush—take your time to find the right home.
3. Making an Offer
When you find a property you love, it's time to make an offer. Your real estate agent will help you:
- Research comparable properties to determine a fair price
- Draft an offer letter with your proposed price and conditions
- Include conditions such as home inspection, financing, and sale of your current home
- Submit the offer to the seller's agent
The seller may accept your offer, reject it, or make a counter-offer. Be prepared to negotiate until both parties agree on terms.
4. Home Inspection
Once your offer is accepted, you'll typically have a home inspection period (usually 7-10 days). A professional home inspector will:
- Examine the property's structure, systems, and components
- Identify any issues or potential problems
- Provide a detailed inspection report
Based on the inspection results, you may negotiate repairs with the seller or, in some cases, withdraw your offer if significant issues are found.
5. Closing Process
The closing process involves finalizing the purchase:
- Finalizing your mortgage with your lender
- Completing a title search to ensure clear ownership
- Obtaining home insurance
- Reviewing and signing all legal documents
- Transferring funds and receiving keys
Closing typically takes 30-60 days from the acceptance of your offer. Your real estate agent and lawyer will guide you through each step.
Ready to Start Your Homebuying Journey?
Browse our property listings and find your perfect home today.