
If you decide you’re ready to buy, there are a few simple things you can do to make the home buying process as seamless as possible, and get the best possible deal on your new home. Your REALTOR® will help build a plan for your specific needs and timing, but you can always start with the basics. This includes:
Make a list of your wants and needs in a home, so you know exactly what to look for. Do you want a single-family home, a townhouse or a condo? How many bedrooms or bathrooms? What other features are important to you?
Identify which neighbourhoods you want to live in. If you’re thinking about moving to a new area, check out our Neighbourhood Guides or ask your REALTOR® for advice.
Find out your credit score, and see what you can do to improve it if necessary.
Use an affordability calculator to figure out how much you can afford to spend on a home, and create a budget to make sure you stay on track financially.
Get pre-approved or pre-qualified for a mortgage so you’ll know in advance exactly what price range you should be looking at.
Lastly, find out if you’re eligible for the Home Buyers’ Plan (HBP), GST/HST housing rebate, home buyers’ tax credit, or any other federal home buying programs and incentives. If you aren’t sure what these programs are or if you qualify, check with your REALTOR®.
“The first step I always recommend to my clients is to get their pre-approval, so you know how much you can afford,” Halabi says. “Next, decide what your top neighbourhoods are. Then make a list of your must-haves and nice-to-haves. When buyers are prepared and organized, they won’t get caught up in an emotionally charged decision.”
For Hough, getting pre-qualified for a mortgage is almost always the best first step to take.
“In my eyes, every buyer must get pre-qualified,” she says. “There’s a misconception on pre-approval vs. pre-qualification. There are similarities in both… [but] pre-qualification is a more formal process, where we ask for all the documentation and information upfront to ensure if there are any obstacles during the mortgage process, we can address them.
“Pre-qualification helps the borrower clarify their budget, strengthen their offer and speed up the subject-to-financing process,” she explains. “Getting pre-qualified early on can save time and stress for the borrower.”
-Credits: Realtor.ca (01/06/2025) David Elver Hoping To Buy A Home In 2025? Here's What You Need To Know!
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