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How do I buy a home?
This article has information from the Canada Mortgage and Housing Corporation (CMHC).
You need to consider many things when you buy a home, especially if it is your first time owning a home in Canada.
You need to consider many legal and financial matters when you buy a home. The Canada Mortgage and Housing Corporation (CMHC) has a guide called Homebuying Step by Step that explains what you need to do. Their steps are:
- 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.
Resources that can help you with these steps include:
- Words to Know When Buying a Home
This glossary provides simple yet accurate definitions of certain terms you may encounter in the Homebuying Step by Step guide.
These user-friendly checklists and worksheets will help you all throughout the home buying process.
Read the full Homebuying Step by Step guide.
For More Information
February 8, 2021