First-Time Home Buyers Guide In Canada - All Explained
The biggest obstacle for first time home buyers in Canada is down payment. That's why savings is highly recommended because a proper savings plan can guide you in aiming an appropriate target down the payment goal.
This is also worthy since a larger amount of down payment can reduce the borrowed amount for your home. You would be less burdened about your further expenses including interior decor, gardening, basement, and any kind of big or small renovations. Plan beforehand so that things go in an organised way.
Some of the other notable factors for first time home buyers are as follows:-
Location of the home
Affordable rent and maintenance
Consult a Mortgage broker
Check all the possible deals
Having a home in Canada is essential to be a Canadian citizen, permanent or non-permanent resident. You should earn less than around $120,000. The individual having an annual income of $150,000 qualifies as a potential buyer in Victoria, Toronto and Vancouver.
How does the real estate business in Ontario work?
The real estate in Ontario and residential land constitute higher interest for homes situated in a beautiful location. Most importantly, it gets included in the high-end segment of new landed property launches in Ontario.
According to the reports, market analysts have recorded the rise in the high real estate segments in Ontario by 5% to 10% this year.
Types of real estate in Ontario:
Real estate refers to a physical property. Generally, it means royal. Business people, investors and homeowners take the guidance of real estate agents to find them a profitable property or a place they could turn into a home for their growing family.
The buying and selling of properties take place in four different kinds of properties. Sellers agents help potential buyers acquire a property through private sale or the multiple listing service. It includes listings that are public and open for bidding.
Residential Real Estate
Industrial Real Estate
Commercial Real Estate
How does the real estate industry work?
The main terminal indulges in the procedure of purchasing, production, and selling real estate. The Canadian economy is severely affected by it. It is also known to be a critical driver of growth in the economy.
The major component of the country's gross domestic product is increasing due to the construction of new residences. Wide ranges of buildings such as commercial, industrial and residential are constructed to support the demand and eventually lower the prices.
What are your first steps as a first-time home buyer in Ontario?
Navigating your way through the real estate market as a first-time home buyer can be confusing and scary. The very first step of the process is getting pre-approved for a mortgage.
It will give an idea regarding the amount of mortgage you qualify for and the kind of property you can afford. Team BobCat Mortgages is here to help you get pre-approved. Our mortgage pre-approval process in Ontario takes only 48 hours.
With access to over 50 different mortgage lenders across Canada, Team BobCat Mortgages strives to help you obtain the best mortgage deal as a first-time home buyer. For more details on our mortgage pre-approval process, visit our services page.