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6 Steps to Buying a Home 

 2 minute read


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Whether you are looking for your first place, ready to upsize or just wanting a change, here are 6 easy steps that can make buying your new home a little easier.

1. Work with an advisor 

You don’t have to figure out your plan alone. Talk to an advisor. They will be able to look at your situation, provide the right resources, budgeting tools and craft an action plan that will help you find a house to call home.

2. Save for a down payment

From the minimum requirement, mortgage default insurance and stress test regulations, there are many factors to consider when it comes to saving for a down payment.

A down payment is only a piece of the pie. Some other expenses to consider are land transfer tax, GST charges, realtor and lawyer fees, title insurance and home inspection costs.

3. Create a budget

So now you’ve thought about your pre-mortgage expenses, but a mortgage is just the tip of the iceberg. A budget is a great way to estimate what your monthly expenses could look like once you’re in your new home.

From moving expenses, strata fees, electricity costs and property taxes – there’s a lot to consider!

Online tools, like mortgage affordability and property tax calculators, are a great way to estimate what your mortgage payment and monthly expenses add up to.

4. Take advantage of promotions, low rates, grants and rebates

Get the best bang for your buck by researching different offers, discounts and rates before signing on the dotted line.

If this is your first home, you may be eligible for Home Buyers Plan (HBP). The HBP is a federal program where you can withdraw up to $35,000 from your RRSP, tax-free. For more information about the program, visit the Government of Canada website or talk to an advisor.

Through the new Tax-Free, First Home Savings Account (FHSA), prospective home buyers can build their savings up to $40,000 tax-free for the purchase of their first home. But there are limits. Canadian residents between the age of majority (19 years in BC) and up to 71 years who are first-time home buyers can open an FHSA, but they can only have it open for a maximum of 15 years.

The FHSA is now available from our trusted financial partner Credential Securities, a division of Credential Qtrade Securities Inc. -- talk to one of our advisors today to get started.

If you’re purchasing a newly built or heavily renovated home, you may be eligible for the GST or HST rebate.

5. Get pre-approved

You wouldn’t go shopping without knowing what’s in your bank account, right? A pre-approval will tell you what you can afford to purchase, so you can start searching for your home with ease. It also allows you to lock in a great rate early. We know it takes time to find just the right home and are glad to offer a 120-day rate guarantee. So get peace of mind knowing that you have your financing arranged and that your rate won’t change.

Keep in mind, you will need to pass the stress test to qualify for a mortgage. This shows the lender that you are purchasing within your budget and can continue to make payments even if rates increase. Ask your advisor for more details on this when you’re applying for your mortgage.

6. Put in an offer and seal the deal

Put that down payment to good use! Once you’ve found “the one”, it’s time to put in an offer, seal the deal and it’s home sweet home. Get ready to create new memories (and make mortgage payments).

Ready to start your home buying journey?

Our advisors are happy to guide you and answer any questions or concerns you may have.

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You are solely responsible for confirming that your FHSA, TFSA and RRSP contributions are within your allowable limits set by Canada Revenue Agency (CRA). All rules and contribution limits for FHSAs are set out by CRA and applicable legislation apply. Information about FHSAs is based on what is currently available from the Canadian government and may be subject to change.

Financial planning services are available only from advisors who hold financial planning accreditation from applicable regulatory authorities. Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc. Online brokerage services are offered through Qtrade Direct Investing, a division of Aviso Financial Inc. Qtrade Portfolios is a division of Aviso Financial Inc.