Home Buying FAQs
1. How much do I need for a down payment?
In Canada, the minimum down payment depends on the purchase price of the home. For properties under $500,000, the minimum is 5%. For higher price points, the requirement increases. Keep in mind, putting less than 20% down means you will also need mortgage insurance, which is added to your loan. We help you understand what option makes the most sense based on your financial goals, not just the minimum requirement.
2. Should I get pre-approved before I start looking?
Yes, and it is one of the most important first steps. A mortgage pre-approval gives you a clear understanding of how much you can afford, what your monthly payments may look like, and locks in an interest rate for a period of time. It also shows sellers that you are serious and financially prepared, which can make your offer more attractive.
3. What additional costs should I expect?
Many buyers focus on the down payment, but there are several other costs to plan for. These can include land transfer tax, legal fees, home inspection costs, title insurance, and adjustments for things like property taxes or utilities. A safe approach is to budget approximately 1.5% to 4% of the purchase price so there are no surprises at closing.
4. How long does the buying process take?
The timeline can vary depending on your needs and the market. Some buyers find a home within a few weeks, while others take a few months to make the right decision. Once your offer is accepted, the closing period typically ranges from 30 to 90 days. We guide you through each step so you always know what to expect next.
5. Do I need a home inspection?
In most situations, yes. A home inspection is an opportunity to better understand the condition of the property before you finalize your purchase. It can reveal potential issues with the structure, systems, or maintenance of the home. This allows you to make an informed decision and avoid unexpected expenses after closing.
6. What makes an offer competitive?
A strong offer is not just about price. Sellers also look at the overall terms. A solid deposit, a flexible closing date, and fewer conditions can make your offer stand out. At the same time, it is important to balance competitiveness with protecting your interests. We help you position your offer strategically without taking unnecessary risks.
7. Can I buy and sell at the same time?
Yes, and many clients do. The key is proper planning. Timing your sale and purchase correctly helps avoid financial pressure or temporary housing situations. We walk you through your options, whether that means buying first, selling first, or coordinating both transactions together in a way that feels manageable and secure.
Have more questions or thinking about your next move?
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