Home Buying Guide: Getting Started - Your Wish List
Your wish list
You’re ready to buy a home. Before you begin searching for a home, make a detailed "wish list" of what you want and in a home. Your REALTOR® will help you prioritize your list and will suggest features you may overlook.
First, you need to decide where you want to live or the neighbourhood you’re going to call home.
Location is just as important as the property you choose.
Decide what you need in a neighbourhood. Do you have children that are school age or will soon be? Are you single without a vehicle and using local transit? Are you downsizing from a large home in the suburbs?
When you have determined your requirements, your REALTOR® can quickly source information about potential neighbourhoods, pricing trends and community information and suggest areas that seem best suited to your requirements.
Second, think about the type of home you want, for example, condominium, townhouse or single family, new or resale, and the amount of space you need.
What you can afford
Before you start looking for a home, you and your REALTOR® need to determine how much you can afford. The main home buying expenses include the down payment, the mortgage and the completion costs. Current interest rates will effect the amount you can afford. Talk to your REALTOR® about various homebuyer incentive programs that can assist you with your purchase.
Most homebuyers will need a mortgage. Ask your REALTOR® to calculate how much you’re eligible to borrow based on your income and level of debt. You can also use our mortgage affordability calculator to determine how much you can afford.