10 Steps to Buying a Home in Canada

Your Complete Guide: Essential Steps to Buying a Home in Canada with Upstate Realty

Are you starting to think about becoming a homeowner or maybe you’ve already started looking at listings? Either way, you likely have many questions—from the general “how to’s” to specifics around financing, home types, and locations, and even how to make an offer. To help simplify the process, we’ve outlined the 10 steps to buying a house in Canada.

1. Start Saving and Budgeting for Home Ownership
The first step is saving for a down payment, which often starts long before purchasing. The time it takes depends on the home price, your income, debts, and lifestyle. In Canada, it could take some time to save the minimum 5% down, or the minimum 20% required to avoid mortgage loan insurance. Beyond the down payment, other costs like closing fees should be considered. Start saving early to ensure you’re ready when the right opportunity comes along.

2. Explore Mortgage Options and Get Pre-Approved
A mortgage pre-approval tells you how much a lender is willing to finance, based on factors like your credit score, income, and debt levels. Pre-approval locks in an interest rate for up to 120 days (depending on the lender), allowing you to shop for homes confidently. Always review not just the rate, but the mortgage terms as well.

3. Choose a Real Estate Agent That’s Right for You
Buying a home is a major investment, so choosing the right real estate agent is crucial. Look for a professional who is knowledgeable, responsive, and someone who understands your needs. Meet with a few agents, ask lots of questions, and don’t be afraid to check references. Upstate Realty agents are here to guide you every step of the way!

4. Start Shopping
Location is often the most important factor when choosing a home, but with remote work becoming more common, homeowners have more flexibility. Also consider what type of home best suits your lifestyle—condos, townhomes, semi-detached, or fully detached homes each offer different benefits. Make a list of must-haves and things you’re willing to compromise on, then start viewing properties!

5. Make an Offer
Once you’ve found the perfect home, it’s time to make an offer. Depending on the market, strategies vary. In a seller’s market, you may need to offer at or above the asking price with fewer conditions. In a buyer’s market, you have more negotiating power. This is where having an experienced realtor from Upstate Realty can give you the upper hand. Let us help you navigate this process!

6. Get a Home Inspection
No matter the market conditions, a home inspection is a crucial part of the process. It helps identify any issues with the property before the sale is finalized. Inspections cover major systems like heating, plumbing, electrical, and roofing. This step provides peace of mind and potential leverage in negotiations.

7. Close the Deal
Closing typically takes around 90 days, but this can vary. During this period, you must satisfy all conditions outlined in the purchase agreement, like finalizing financing and completing the home inspection. Your real estate agent and lawyer will help ensure everything runs smoothly, from reviewing the paperwork to arranging the transfer of ownership.

8. Update Utilities, Transfer Services, and Change Your Address
As the closing date approaches, make sure to update your address with various services and utilities. Notify your utility companies, financial institutions, and subscription services. Don’t forget to update your address with the Canada Revenue Agency, your provincial health department, and the Ministry of Transportation for your driver’s license.

9. Pack and Move
Moving can be hectic, especially during peak season, so plan ahead. Book a moving company or rent a truck, and stock up on packing supplies. When packing, prioritize the essentials and follow smart packing tips like wrapping breakables in clothing to save on bubble wrap.

10. Enjoy Your New Home!
Congratulations, you’re officially a homeowner! Now that the hard work is done, it’s time to relax and enjoy your new home.

Ready to get started? Contact Upstate Realty today to begin your home buying journey.