Skip Breadcrumb Links
How do I buy a home?
There are many things to consider when you buy a home, especially if it is your first time owning a home in Canada.
The Canada Mortgage and Housing Corporation (CMHC) has a Homebuying Step by Step Guide that explains what you need to do as well as the legal and financial considerations of homebuying.
The guide covers the following steps:
- Step 1 — Is Homeownership Right for You?
Buying a home is one of the biggest emotional and financial decisions you'll ever make. Prepare by learning about the process of home buying and the responsibilities of homeownership.
- Step 2 — Are You Financially Ready?
This step guides you through some simple calculations to figure out your current financial situation, and the maximum home price that you should consider.
- Step 3 — Which Home is Right for You?
Once you have a good idea about your finances, you’ll need to think clearly about the home you’d like to buy. You need to think about your current and future housing needs and what characteristics are important to you in a home.
- Step 4 — The Buying Process
Before you start searching for a home you need to think about your current and future housing needs and what characteristics are important to you in a home.
- Step 5 — What Professionals Should You Call On?
Practical advice for homeowners on their financial responsibilities as well as the importance of home maintenance and renovations.
*NOTE to Non-Canadian Buyers: Prohibition on the Purchase of Residential Property by Non-Canadians Act from January 1, 2023 and January 1, 2025 Temporary Residents cannot buy a residential property in Canada with the following exceptions:
- Study Permit holders can purchase a residential property as long as they have been physically present in Canada for a minimum of 244 days in each of the 5 calendar years preceding the year in which the purchase was made. They must also have filed income tax returns for the past 5 years and are restricted to a purchase that does not exceed $500,000
- Work Permit holders can only purchase a residential property if they have a valid work permit and have worked full-time in Canada for at least 3 years within the 4 years preceding the year in which the purchase was made. They must also have filed income tax returns for the 3 years that they worked full-time.
For More Information
February 9, 2023