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A millennial’s guide to home buying in Canada

Buying a home these days may not be quite as easy as it was a generation ago, but it’s not impossible either! In fact, with patience, planning, and a little belt-tightening, it’s surprisingly simple. Here’s how to purchase a home in Canada and start your journey towards homeownership.

Budget right

The first thing to do is to budget according to the expenses you’re going to face. Ask yourself the right questions. Do you have the means to move? What’s the cost of living in the city of your choice? What are the median home prices? Is your budget enough for a down payment? If not, how much more do you need to save?

These are what you need to know to ensure that you are prepared for everything, from the housing prices to the living expenses. Some areas of Canada, like Vancouver and Calgary, are red-hot markets enjoying soaring real estate prices. You may want to factor in the fact that you may find yourself in a bidding war.

Study the neighborhoods

Study the areas where you wish to live and know each locale’s benefits and disadvantages. Will you need reliable transportation? If so, you’ll want to look for a home near a metro station. Do you cook a lot at home and make regular trips to the grocery store? Knowing which neighborhoods offer the best supermarkets, schools, recreational areas and more is essential to getting a home that works for you. And if you already have a family, everything on the list becomes even more important.

First-time buyers

Study up on your first-time buyer perks – you’ll be surprised to know that there are a lot of these. For residents of Canada, for instance, you can put up to $20,000 from your RRSP account into the purchase of your home without any tax penalty whatsoever. Perks of this kind can help make house shopping much easier. The government is quite keen on helping out first-time buyers settle into their new home.

Stay proactive

Vancouver homes typically stay in the market for only a few days, thanks to the tech boom in the area. As people move to Canada looking for job opportunities, both job and housing markets are getting more and more competitive. This means that you should be proactive as you search for a new property.

Look up listings daily, visit homes as soon as possible, ask questions, and be ready to pull the trigger when the time comes.

Work with a professiona

At Don Munro Real Estate, we understand the difficulty of shopping for a new home in Canada, whether you are a local or new to the country. Let us help. Our team will provide you with up-to-date data on BC real estate trends, pre-screen properties that fit your needs, and serve as your guide every step of the way. We are thrilled to help you make the move – call us at 604-817-7338 or email botsoldmunro(at)gmail(dotted)com today.

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