Finding Your Dream First Residential Property in Canada: 5 Things You Should Know

Are you looking for your dream first residential property in Canada? There are several things that you need to put into perspective.

Owning a residential property is important. Getting your first one might be a little tricky, not just in Canada but anywhere in the world. While residential properties in Canada can be quite costly, gathering the proper knowledge puts you in a good position.

In this post, we will discuss five things you should know to help you find your dream first residential property in Canada. Let’s get started.

Getting Your Dream First Residential Property in Canada

Did you know that around 70% of all Canadian residents own a residential property? So, if you ever had doubts about owning your home in this country, you can do away with them now. Once you have the correct information at your disposal, it is pretty easy to own a residential property in Canada.

Here are five things you should know to make getting your first residential property in Canada easier:

Determine your budget

The current average benchmark price of homes in Canada is $741,400, an increase of 1.2% from last year. What this means is that buying homes in Canada is quite costly. As such, you need to draw up a realistic budget of how much you can afford to spend on a home. Your budget should include what you can afford for the following:

• A down payment.
• Mortgage insurance.
• Monthly mortgage.
• Property taxes.
• Home insurance.
• Utilities.
• Miscellaneous.

Find the right neighborhood

One of the most important factors to consider when buying your first residential property in Canada is the neighborhood. There are three territories and ten provinces in Canada, so you have a wide array of options to choose from.

As one would expect, the location you choose determines the cost of the property. How do you know the best neighborhood for your new property? Consider visiting your choice location a few times. You can also speak to people in that location. More than anything else, consider contacting a real estate consultant like OneStopBroker.ca to furnish you with the required information.

Get mortgage pre-approval

After figuring out your preferred neighborhood, you need to sort out your finances. While you will need to save up, at least for your down payment, Canada offers several mortgage opportunities.

We suggest that you send an application to a bank or lender for mortgage pre-approval. Doing this helps you know the amount you can access as a loan for your purchase. Aside from knowing the maximum mortgage you can get, you will also know the monthly repayment and the rates.

Upon pre-approval, you will get a letter that you will use in the purchase. The lender or bank will also furnish you with information regarding how much you need to provide as down payment.

Be realistic

Purchasing a residential property in Canada, or anywhere else, requires a lot of patience. This is because you’d have to research, raise funds, and put maximum effort into getting your dream property.

You may likely get discouraged after your first search for several reasons. However, don’t let that stop you from going on a second, third, and fourth search if you need to. The process will likely take a few weeks or months, but it is always worth the wait. Also, keep an open mind all through your search to get the best results.

Choose the right real estate agent

Finally, you need to choose the right real estate agent to work with. The agent will help you find the best properties available on the market. As experts in this field, real estate agents can help you make an offer. They will also help you watch out for several factors to consider when choosing a home, like renovation, maintenance, and repairs. One real estate agent you can trust in Canada is OneStopBroker.ca.

Conclusion

That’s it for five things you should know about finding your dream first residential property in Canada. Do you have any questions or need help purchasing or leasing a residential property in Canada? Send us an email at info@onestopbroker.ca or visit our website.