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Thinking

How do I prepare to buy a home?

This section offers detailed information to help you as you prepare to buy a home. You’ll find helpful tips and details on everything from talking to your potential Royal LePage REALTOR® to getting your finances organized.

The more prepared you are as you start looking for a new home, the easier and more enjoyable the process will be. Thanks to the wide variety of services offered by Royal LePage, we've got you covered every step of the way.

Looking for a quick way to figure out how much you can afford to spend on your home?
Try our Mortgage Affordability Calculator.

Needs vs. Wants

What features do I want in a home? What features do I need in a home?
Looking for a new home can seem overwhelming at first. There are so many things to think about, so many choices, and often not enough time.

A small investment of time and effort right at the start can pay tremendous dividends. Take the time to organize your thoughts and think seriously about what sort of home you want before you start looking. It will simplify the process, save you time, and help lead you to the right home for you.

Make sure that you talk to a REALTOR® before you start your search to help you get organized, answer your questions, and also to raise important questions to ask yourself, such as:

  • Where do I want to live? (community/general area)
  • How much should I expect to spend on purchasing a home?
  • Are schools a factor?
  • Do I want an older home or a new one?
  • What style of home do I prefer? (ranch, colonial, split-level, multi-level, town home, condominium, multi-family, bungalow, other)
  • How much renovation and remodelling am I willing to do?
  • Is being close to public transportation important?
  • Do I have special physical requirements, such as wheel chair access?
  • Do I have pets to consider?
  • What sort of lot would I like? (small yard, large yard, fenced, garage, patio/deck, other buildings)
  • How many bedrooms do I need? How many would I like to have?
  • How many bathrooms do I need? How many would I like to have?
  • How big a house do I want? How many rooms? How many square feet?
  • What features are important? (air conditioning, carpeting, ceramic tile floors, hardwood floors, eat-in kitchen, separate dining room, formal living room, family room, den, library, basement, separate laundry room, fireplace, workshop, other)

Your Royal LePage REALTOR® Can Help

How can a Royal LePage REALTOR® help?
Good REALTORS® save you time and money. They know your community, they know what is important when buying and selling a home, and they know all the intricacies of the process, from finding a home, to negotiating a price, to closing a deal.

A Royal LePage REALTOR® will:

  • Screen the available homes in your neighbourhood to make sure that the houses you look at fit your budget and your requirements
  • Give you important information on local real estate values, taxes, utility costs, services, and amenities
  • Guide you through the viewing process showing you features you may not have noticed and problems you may not have spotted
  • Advise you about your legal and financial options
  • Recommend expert help when needed, such as home appraisal, home inspection, and contracting services
  • Manage your offers and counter-offers, and use his or her skills and experience as a negotiator to make sure you get the best deal possible

Questions to Ask Your REALTOR®

How do I know if I have found the right REALTOR® for me?
You are going to be working very closely with your REALTOR®. You need to be confident that you are working with someone who understands what you want, knows the real estate market, and can give you the advice and guidance you need. We encourage you to interview several REALTORS® before choosing the one you want to work with.

To help you choose a REALTOR®, here are some questions to consider:

How can you help me find the right home?
Good REALTORS® will impress you with their knowledge of the local market and their ability to appreciate what you are looking for in a home. They should be able to show you what is available in your price range, and how the features and benefits of specific homes and neighbourhoods fit your requirements.

Given our particular circumstances, what advice would you offer?
Every family is different and a good REALTOR® appreciates this. He or she should be able to advise you on how to meet your unique circumstances and lifestyle.

Why should I work with just one REALTOR®?
If you don't have an exclusive agency agreement with your REALTOR®, you're not legally obligated to work only with him or her to find your next home. It may, however, greatly benefit you to do so. Talk to your prospective REALTOR® to find out his or her position and then determine what's best for you.

What happens when you are not available?
REALTORS® work extremely long hours and try to be available whenever and wherever you need them. However accommodating they try to be, they are not always available.

Ask your prospective REALTORS® what arrangements they have in place when they are not available.

What makes your real estate service special?
Every REALTOR® tries hard to give top-notch service, but what distinguishes really good REALTOR® from the rest? Ask them. You may be surprised at what they have to say and, just as importantly, how they say it.

When the interviews are over it's time to make a choice. Think about what the REALTOR® told you, and ask yourself:

  • Did they seem trustworthy and honest?
  • Were they realistic when discussing your home purchase?
  • Did they communicate well? Were you on "the same page"?
  • Were they committed, motivated, and experienced?

We think you'll agree that Royal LePage REALTOR® are the REALTOR® of choice – motivated, experienced, and dedicated to the highest level of service in the real estate industry.

Your Mortgage

Find out about your mortgage options before you start looking. There's nothing more frustrating that falling in love with a home, only to find out you can’t afford it.

Pre-qualifying for a mortgage is the best way to find out how much you can afford. Your financial institution will look at your income, expenses and debt to determine how much they will lend you. Combine that amount with the money you have for a down payment, and that’s your budget.

Once you have pre-qualified, consider applying for a pre-approved loan. Then, when you find the home you want to buy, it will speed up the purchasing process. For more information about planning your mortgage, see Organizing Finances.

Want to get an idea of how much you can afford? Try our Mortgage Affordability Calculator for a quick estimate.

Mortgage options
Mortgages are available through a number of financial institutions; your bank is only one option. Shop around for competitive rates and options.

HLC Home Loans Canada  offers a wide range of mortgage products and home financing solutions. Whether you're buying your first home, considering a renovation, or looking into your next purchase, HLC Home Loans Canada has the options, choice and flexibility to meet your specific needs.

First-time Buyers

Why buy?
Two out of three Canadian families own a home – that's one of the highest rates of home ownership in the world. And for good reason.

It's a great investment. And with with increasing house prices, it's all the more important for first-time buyers to get a foot on the first rung of the property ladder.

Did you know that...

  • Homeownership is the single largest source of savings for Canadian households.
  • Unlike other investments, which can be quite volatile, the increase in the value of homes is relatively steady. The average house price in Canada has increased every year since 1998.
  • The return on your investment in your home can be substantial. In 2004, the average house price in Canada rose to a record $227,210 – a 9% increase in just one year and a 27% increase over four years.
  • Homeowners can use the equity in their homes as security for other loans.
  • Building equity in your first home is the first step on the property ladder. It gets you into the market, keeps you in touch with increasing house prices, and puts you in a good position to trade up to bigger and better houses as your circumstances allow.

Want to know more about the first-time homebuyers market? Take a look at the Royal LePage First-time Homebuyers' Report. It's a great source of information about trends and activity in major markets across Canada.

Survey of Canadian House Prices

How can I learn more about house prices in my market?  

The Royal LePage Survey of Canadian House Prices is a quarterly report geared to help you learn more about house prices in your specific market. We have published the report since 1974, and many organizations, including the Bank of Canada, turn to Royal LePage for information on trends in average house prices in markets across the country. (For further informaton, find out how we produce the report.)

Issues are posted online approximately one month after the close of each quarter:

Need help understanding the terms used in the survey? See the Glossary of housing types.

To view the Survey of Canadian House Prices you need to have Adobe Acrobat Reader installed on your computer. To download the Adobe Acrobat Reader, visit the Acrobat site.