Are you a first time buyer in Canada? Are you thinking to yourself, I don’t even know where to start? Well you are in luck! On this episode of Bald Prairie Real Estate I am going to break down buying a house in Canada. By the time you have finished this video you are going to be an expert first time home buyer and feel confidident buying a home in any Canadian real estate market.
Should you buy a house right now? https://youtu.be/LO60vK4wo5s
1:04 Another Terrible Joke
1:59 Phase 1 Step 1 Down payment
2:52 Phase 1 Step 2 Mortgage pre-approval
3:41 Phase 1 Step 3 Wants and needs list
5:39 Phase 2 Step 1 Viewing homes
7:03 Phase 2 Step 2 Writing an offer
9:21 Phase 2 Step 3 Inspections
10:11 Phase 3 Step 1 Removing conditions
10:58 Phase 3 Step 2 Insuring your investment
12:10 Phase 3 Step 3 Possession day
13:28 Wrap up
Phase 1: At times Canadian real estate or buying a home in Canada can seem daunting. First time buyers don’t know where to look for houses, who to go to and what they need to have ready. To buy a house in Canada you need at least 5% down as a first-time buyer. The CMHC First Time Home Buyers Incentive Program doubles your 5% down payment to 10%. Your next step, is getting your pre-approval completed. You need to either meet with a mortgage specialist at your bank or a mortgage broker.
Phase 1 Step 3 to buying a house in Canada is creating a list of wants and needs. Start with you must have’s in a house and expand from there.
Phase 2 Step 1: Viewing homes! Because you did you pre-approval you know walking into a house that you can afford it. When you are out looking at houses try to book a few back to back, but don’t book to many as it is easy to get overwhelmed. I say that anywhere between three and five in at a time is a good number. But your mindset going though each house is do I see myself living here? If the answer to that is no, don’t try and find ways to make the house work, because you will ultimately likely never be truly happy in the house.
Phase 2 Step 2: Writing an offer. If you are going to buy a house in Canada you have to first write an offer. Most times when you make an offer it is what is called a conditional offer. Meaning you will buy the home as long as it meets certain conditions like approval of financing and inspections. In some Canadian real estate markets having too many conditions can at times be a detriment to having you offer accepted. Talk to your real estate agent about what is appropriate.
Phase 2 Step 3: Inspections. You want to have any questions you have about the home answered. Use your home inspection to answer those questions. In some Canadian real estate markets having a home inspection condition can at times be a detriment to having you offer accepted. Talk to your Realtor about what is appropriate.
Phase 3 Step 1: Removal of Conditions: Once you are completely satisfied that all of your questions and concerns about the home have been answered you remove conditions to make the deal official.
Phase 3 Step 2: Insuring your investment: This doesn’t just mean home insurance. But life and disability insurance. You don’t want to leave your family a debt if you pass away. But even more important if you are unable to work due to illness or injury you don’t want to worry about losing your home because of that.
Phase 3 Step 3: Possession Day!!! Congratulations, you are no longer first time home buyers but first time home owners.
If you are a first time buyer in the Regina real estate market I would be happy to assist you. My contact information is below. If you are from a different Canadian real estate market I know many great real estate agents across Canada with lots of helping first time buyers learn how to buy a home.
#FirstTimeHomeBuyer #BuyingAHomeInCanada #FirstTimeHomeBuyerGuide
My name is Matthew Pfeifer and I am a realtor in Regina Saskatchewan working for Royal LePage Regina Realty. In nearly 10 years working as a real estate agent I have seen both ups and downs in the market. But there is no real estate market that you cannot buy or sell a house in. Often the media tries to present a Canadian real estate market or they talk about the real estate market in Canada as if there is a national market. The real estate market in Canada is very regionalized. Being from Regina I focus on the Regina real estate market.
Questions to ask a buyers agent before you hire them: https://youtu.be/wbtkbtdLFKQ
Canadian Real Estate Market Update: https://www.youtube.com/playlist?list=PLJIsqXO9b_ojeDVbwhhiZVxJl0MGqOe2D
First-time home buyer playlist: https://www.youtube.com/playlist?list=PLJIsqXO9b_ogNu-mRbM6hsO529nZEElU3
Top 5 First-Time Home Buyer Tips: https://youtu.be/lAF_Gvm0Kgk
Should you buy a new house or a used house: https://youtu.be/p-zQc54Kd5o
5 Things to know when buying a condo: https://youtu.be/N1jSGbO3Rp0
Royal LePage Regina Realty