Buying a home is one of the most important purchases you’ll make so it’s important to be prepared. The process of buying a home can be confusing, especially for first-time homebuyers.

Let’s discuss the most important steps:

• Save for down-payment
• Save for closing costs. You will have to pay for land transfer taxes – this is the most significant expense that you need to pay for closing of your home. Insurance and other miscellaneous fees are other expenses to consider.
• Get pre-approved for your mortgage
• Decide on the Location, Size and Style of your home
• Find a Realtor
• Begin House Hunting

For properties valued between $500,000 and $1 million, the minimum down payment for newly insured mortgages is 5% on the first $500,000 and 10% for the portion of the house priced above $500,000.

For first-time homebuyers, the average down-payment in Ontario is 6%.

https://trreb.ca/index.php/buying/calculators/residential