You have come to a part of life when you are ready to commit to purchasing a house in Canada. But if it is your first time, you need to prepare for the task of buying a home. We can help you with our tips for first-time home buyers in Canada. Let’s see what important things you should know when buying a home.
First-time home buyers in Canada should decide if they are ready
Before you begin your home buying process, you need to decide if you are ready to buy. We do not mean if you are financially stable, which is also essential, but if you are prepared to take care of a home.
When you buy a home, that is when the real responsibilities come. Maintenance of your new house is a life-long job if you want to keep your home in pristine condition. Here are some of the jobs that await you as a new homeowner.
- Those purchasing in Canada for the first time should know that when the process is complete – a lot of cleaning awaits you. But it is not simple vacuuming and dusting but a lot more. If you have a backyard, you will have to cut the grass and rake the leaves. In addition, you will have to clean your filters and boilers.
- Second, as time goes things will become loose, and your roof might start leaking. Get ready to use your tools and handle the repairs. But if you are not handy, you can always call someone to help you.
- Third, make sure to check your fire alarms regularly if they need batteries. Most fire alarms today will produce an annoying beeping sound to signalize they need new batteries. And if you are heating your home with gas, do the same with your carbon monoxide detectors.
So if you are prepared to own a house in Canada, buy it. When you finally finalize the buying process, you will need experts to move you in. Look for local Canadian movers. For instance, a reliable moving company like Number 1 Movers Canada is a solid choice, but there are other options, as well.
Researching the price of homes in Canada
Since the hardships of owning a home did not dismay you, let’s move on to our second home buying tip. The second tip for people looking to buy a home in Canada is to research the average prices of homes in Canada. By knowing the price of homes, we can learn if we need to save money while buying a home. We will give you a quick overview of the Canadian housing market.
The average price of a home in Canada is around 820,000-dollars. The most expensive homes are in Ontario and British Columbia. Homes are over 1-million in Ontario and British Columbia. The most expensive homes in Ontario are in Toronto and Hamilton. Vancouver has the priciest properties in British Columbia. But Saskatchewan and Manitoba are more affordable. Homes in Saskatchewan are around 285,000-dollars, and in Manitoba, around 365,000-dollars.
First-time home buyers in Canada should decide on a location
Now that you know how much homes cost in Canada, you can decide where to buy yours. As you can see above, the location can significantly affect the price of the house.
If you want to make a career Hamilton, Toronto, and Vancouver are great options. All three cities have boundless job opportunities. In addition, when you are done with work, you will have many places to go out with your friends and de-stress. But to get the benefits, you will have to pay over a million for your home.
You can always go for the cheaper option in Saskatchewan and Manitoba. There might not be as many job opportunities, but you will pay less for your home. Find a safe, quiet town in Saskatchewan and Manitoba where you can start your family.
Choose the perfect size for your home in Canada
When you have your location, you need to decide on the size of your house in Canada. We think there are two options.
- First, you can go for a large home if you are ready to settle down with some and start a family.
- The second option is smaller places for people not in the settling-down stage of life. You can buy a smaller house, and when you are ready to settle down, sell it to buy a larger home.
To summarize, choose the size of your home depending on where you are in life. Do not go for a large house, if the rooms in it will be empty.
First-time home buyers in Canada should get their finances in order
The most crucial step in the home buying process is being able to afford your new home in Canada. Here are the steps you need to take to afford your place in Canada.
The first step is to save money for a down payment on your new dream home in Canada. Down payment in Canada is 5% of what the home is valued. The 5% applies to homes under 500,000-dollars. For homes worth between 500,000 and a 1-million dollars, you will have to pay 5% of the first 500,000 and 10% for the rest of the price. Finally, for homes worth over 1-million, there is a flat 20% down payment.
The second step is to get pre-approved for a mortgage in Canada and be taken more seriously as a buyer. To get pre-approved, you need to find a lender and then ask them what documentation you need to provide. When you provide the appropriate documentation, they will see if you are qualified. Then you can go and pick your perfect home in Canada.
You are ready to buy a home in Canada
If you follow our tips for first-time home buyers in Canada, you will find your perfect home quickly. And since you are first-time buyers, learn about the benefits of first-time home buyers.
Lisa Roberts has been engaged in writing blog articles for the last 7 years. Although she started off her career in the moving industry, her experience brought diversification to the content topics she covers. Today, her range of topics spans from moving across the globe to everyday lifestyle tips, marketing, real-estate news, etc. In her spare time, Lisa enjoys running, reading books and spending time with her dogs Lue and Sill. As a great lover of life, she finds something practical and useful in every experience, which contributes to her portfolio as well.