Home buying guide in Canada

 FIRST TIME HOME BUYing Canada | Pro tips for Canadian buyers|


When you want to buy your first home in Canada, you no idea that the 'real estate business' could be tricky. It is complicated, not because it is impossible, but because several things must go hand in hand to ensure that the whole process is successful.

You may be wondering, "Isn't it just to find a realtor and choose a house in most real estate?" No, no! We didn't find that easy and straight forward at all.

Some of the questions that came up after we first thought about whether it was possible to buy a house include:

Which was better financially: Rent or Buy?

What was the state of the housing market?

How much can we buy a house?

What features of the house were appropriate? 

How much did we need to be paid at home?

How much more money did we need than our down payment?

Who should come first? Bank/lender? Merchant…?

My first experience of buying a home opened my eyes: buying a house in Canada was very different from the system I knew (such as coming to Canada). I needed to do research to make sure I made the right decisions at all times. Which meets our immediate and immediate needs.

The experience I gained from reading countless online resources, talking to 'very knowledgeable' people who have already gone through this process, and learning from the mistakes made during the housing hunt is what I have mentioned in this home buying guide.

Today, I have a much more robust understanding of how to buy homes and land in Canada.

In this complete home buying guide, I break down the home-buying approach with a simple step-by-step process. I have also included a checklist to follow as you continue to search for your dream home.

While my focus is on the arrival of young people in Canada, the information contained in this post is helpful to everyone, including non-residents, permanent residents, and Canadian citizens!


 Is it realistic to buy a home or rent a large house?

While the idea of ​​owning a home can bring warmth, achievement, and success, it may not always be wise to do so based on "financial or investment" alone. Rent vs. Buy is a legitimate one, and it is worth looking at some of the arguments made by strong supporters on both sides of the divide.


Hiring sponsors to highlight the following benefits:

1. Departure: While a tenant may change his apartment or house when the contract expires, it is not easy for the landlord. For someone who has a work environment that can easily change, or for a thousand years looking for entertainment, the stability found in a "brick and mortar" house can be a debt.

2. Minor obligations: Homeowners come with many responsibilities. You're stuck paying for all the repairs, including that clogged toilet: repair, maintenance, and maintenance costs over time. For the tenant, the landlord is usually on the verge of a significant overhaul.

3. Scheduled expenses: The employer may budget for his monthly payments as the rent for a specified period. In some cases, resources are rented out, making the budget easier. Not so for the householder! While your loan costs can be adjusted; Utilities, taxes, insurance, frequently anticipated costs (e.g. the roof suddenly leaks, the pipes are frozen and the basement is full of water, a broken garage door, etc.

4. Opportunity costs: Opportunity costs for non-investment to be used for taxes, insurance, fees (if any), repairs, closing costs, down payment, etc. can be identified.

5. Potential return on investment: Real estate (your home) can be considered a form of investment. The history of middle-income revenues in real estate puts you at almost the same level of inflation as shown by studies conducted by Yale and Nobel Laureate professor Robert Shiller in his book, Irrational Exuberance. On the flip side, if we consider that a qualified investor puts all the money he has saved into a stock market lease and makes a real historical return of 5.7% (after calculating the price), this means they are out of the question.

6. Separation: The house is much easier to invest in a typical homeowner. Imagine the frustration felt by a U.S. homeowner Who had no other portfolio outside their house when the housing market collapsed in 2007 - 2008 and domestic wealth declined sharply.

After all, stock markets, in general, have not survived this crash. However, if your only intention to buy the property is to invest in the benefits of investing, as an employer, you can easily invest your "extra" money in a diverse and strong portfolio of financial assets including Trust Investment Trustees (REITs).

And with Canada's dream of real estate ownership, some of the highlights include:

1. Long-term investment: The average homeowner views his or her home as an investment. House prices go up over time. If you stay in your home for a long time. You can make a significant profit on your investment. However, except in exceptional circumstances, the return on the sale of your home may be lower than the stock market return at the same time.

2. Pride of ownership: There are few things that show you are "done" like buying your first home. The community has taught us to respect and value homeownership


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