Save for a down payment

The minimum down payment is 5% of the home's price, but it can be higher depending on the price. A larger down payment can result in lower monthly mortgage payments and less interest paid over time.

Get pre-approved for a mortgage

This will show sellers that you have financing and can make the purchase. It can also help you avoid shopping outside your budget.

Get a building inspection report

A professional can inspect for structural damage, such as cracked walls, faulty wiring, mold growth, or pest infestations.

Consider your financing options

You can use the Home Buyer's Plan to withdraw up to $60,000 from your registered retirement savings plan (RRSP) tax-free to make a down payment. You can also consider the First Home Savings Account, a new tax-free savings vehicle.

Choose a neighbourhood wisely

Consider the cost of insuring and maintaining a home in the neighborhood you're interested in.

Consider your personal financial situation

Make sure you're financially ready to own a home.