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A Guide for First-Time Homebuyers

Are you looking to become a first-time homeowner? Congratulations! While buying your first home is an exciting venture, it can also be daunting

The Canadian real estate market is constantly evolving, so doing your research ahead of time will help ease any anxiety. But there's no need to worry. We're here to help make your dream of homeownership a reality. Here are some tips to keep in mind before jumping into the market.

Get a Real Pre-Approval
Before you start looking for a new home, it's essential to get pre-approved. While online pre-approvals are quick and easy, they're not always reliable. A trusted advisor can provide you with a more accurate picture of what you can afford by taking into account factors like your credit score, income, down payment, assets and investments, among other things.

Know Your Finance Numbers
Understanding your finances will help you make informed decisions. Consider not only what you can afford now but also the future. It's important to make sure you have the resources to handle the inevitable extra costs like property taxes, repairs, or unexpected emergencies, while still having some wiggle room in your budget.

Future Proof Your Decision
Think ahead of the curve. What could the next five years bring for you? Do you plan to have kids or upgrade your vehicle? Plan accordingly to avoid stretching your finances too thin. By doing that, you'll be getting a home that not only meets your current needs but is flexible enough to adapt to future ones.

Don't Worry About Hitting the 20% Down Payment
If you are unable to come up with the 20% down payment, that’s alright. With the approval of Canada Mortgage Housing Corporation (CMHC) or Genworth, you can put down as low as 5% to 10% on most home purchases. So, you can relax a bit and focus on saving. And here's a tip: consider opening a First Home Savings Account (FHSA), you can save up for your down payment while enjoying the benefits of tax-free growth on your savings. It's a smart way to accelerate your journey towards homeownership.

Buying a home is a big deal – both financially and emotionally. We understand that. That's why we're here to help. Reach out to one of our friendly advisors today, and let's create a plan to get you into your first home. It's an exciting journey, and with the right tools and guidance, you'll be unlocking your dream of homeownership in no time. Book an appointment today.


Need advice? Just ask.

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