How to Buy First Home in Canada?

Question

Hi Everyone, I am planning to buy 1st property in Canada next year. Please suggest me what are the steps I need to take before buying the property . Being an immigrant to Canada, I am not sure of the process to buy a home hence looking forward for any suggestions on the following -

• Benefits of First Time Home Buyers in Canada
• How to deal with mortgage?
• As newcomers, which province will be best to buy home and settle down (We are ready to move anywhere in Canada)
• Any checklist we have to keep
•

Account Closed · Answer

@Vemmanath Vasudevan

Luke Marsh · Answer

Hi @Vemmanath Vasudevan As Theresa mentioned I would try to target medium sized cities. You can get a better idea on cost of living, home prices, etc from this article: https://www.todocanada.ca/least-affordable-cities-in-canada-for-single-homebuyers/

I am assuming you have done your research on immigration, but this article is informative for immigrants coming to Canada who are looking to buy a home. https://moving2canada.com/buy-first-home-canada/

I would definitely reach out to a realtor once you know the area you want to purchase in, but a solid listing site is Point2Homes.

Theresa Harris · Answer

I'm guessing this is a home for you to live in, but you could look for a place with a legal suite to help with the mortgage payments. If you aren't limited in where you can live, look for medium sized cities (60-150K people).  Large cities like Vancouver and Toronto are over priced and not affordable for most.  You will have a better quality of life in a smaller city.  Provinces are different in terms of property taxes, purchase taxes and general cost of living (electricity, heating, etc).  Some provinces have extra taxes for foreigners in some parts (eg BC for Vancouver, and a few other areas).

Find a good realtor, get an inspection done and don't rush.  you may be better off renting for a year to get to know the area.