The first thing you’ll need to do is put money aside for a down payment. In Canada, the minimum deposit for a home purchase generally depends on the purchase price. For homes under $500,000, the minimum is 5%. For homes between $500,000 and $1.5 million, it's 5% of the first $500,000 plus 10% of the remaining portion. For homes $1.5 million or more, the minimum is 20%.

Example: Let's say you're buying a home for $700,000

• 5% of the first $500,000: $25,000
• 10% of the remaining $200,000: $20,000 
• Total minimum down payment: $25,000 + $20,000 = $45,000

Second, you’ll need to meet with a mortgage broker, or discuss with your bank to determine what you can afford. Shopping around for the best rate is highly recommended.

Upfront costs typically include:

• the down payment
• home inspection and appraisal fees
• insurance costs
• land registration fees
• prepaid property taxes or utility bills (the buyer reimburses the seller or builder)
• legal or notary fees
• potential repairs or renovations
• moving costs
• GST/HST/QST on a newly built house or mortgage loan insurance

It’s important to partner with a Real Estate Agent you feel completely comfortable with. A REALTOR® can help you find your dream home, that meets both your needs and your budget. They will set you up with viewing appointments, and also help bring clarity to the complicated process of buying a home so you’re not left navigating one of life’s biggest financial decisions alone.  Even after the deals done, I’m here for you.

It's important to understand your housing options and choose your priorities (wants vs needs) when searching for your first or next home. 

Things to consider:

• the location and neighbourhood
• the size of the property and home
• the type of home — for example, detached, duplex, row house or condominium
• the travel distance to work, schools, recreation and services
• any special features you want or need — for example, accessibility or efficiency upgrades
• your lifestyle needs and possible changes in the future
• your preference for a new, resale or custom-built home

When you’ve found the home you want to buy your Real Estate Agent can help you place an offer that the seller will either accept, counter, or reject.

Your offer must include: 

• Recession amount - .25% of the purchase price 
• Any extra items included in the purchase (window coverings are included), such as; firewood, lawnmower etc 
• Any items you want excluded 
• Your subjects; any other conditions that must be negotiated, such as; Financing, Home Inspection, Title Search, Property Disclosure Statement, Property or content insurance, Strata documents (if purchasing a strata unit in a townhouse or condo),
• Completion, possession and adjustment dates. Completion is the day money transfers from the buyer to the seller and title to the property is registered in the buyers name
• The date and time the offer expires 

After you’ve negotiated an offer, you’ll need to conduct a home inspection and deal with any repairs (the cost of which your realtor may able to negotiate with the seller). Meet with your lawyer or Notary Public to sign the final documents.

Once that's all done, a congratulations is in order - you're homeowners!