Buying a home is a big investment – likely the largest one you will ever make. The cost to buy a home should be carefully considered to avoid the risk of financial difficulty in the future. Since this decision has a large impact on your wallet, we want to take some time to explore the many costs associated with buying a home. Doing your homework and knowing the average cost of these services in your neighbourhood will help you choose a home within a realistic price... [read more]

The Millennial’s Guide to First-Time Home Buying (It’s Possible!!) What to know about embarking on home ownership, from navigating mortgage rules to finding a real estate representative   Home ownership. Two words that many millennials have been told are out of their reach. Mortgage rules designed to protect Canadians from becoming house poor make the process seem both expensive (it is) and overwhelming (it doesn’t have to be). But there is hope: 39% of... [read more]

Minimum down payment A down payment is the amount of money that you put towards the purchase of a home. The down payment is deducted from the purchase price of your home. Your mortgage loan will cover the rest of the price of the home. The minimum amount you'll need for your down payment depends on the purchase price of the home you'd like to buy. Table 1: The minimum amount you'll need for your down payment based on the purchase price of your... [read more]

As you navigate the home-buying process, it’s important to understand the steps as well as the terms used by mortgage lenders, which are very likely to include pre-qualification and pre-approval. Pre-qualified or pre-approved — what’s the difference? Mortgage pre-qualification is generally a quick, simple process. You provide a mortgage lender personal financial information, including your income, debt and assets. Based on your information, the lender will give you... [read more]