First-Time Home Buyer's Guide


Are you a first-time homebuyer? Let our experience be your guide to starting off your Real Estate venture. Buying your first home can seem like a daunting task but luckily we have done this a million times. 


Need to Know Terms: 

  • Buyer vs listing agent: The buyer agent represents the buyer while the listing agent represents the seller and sometimes the agent can be both. 
  • Deposit: An upfront payment that is made by the buyer to the seller at the time the offer is accepted. 
  • Down payment: The down payment is the amount of money paid upfront for a home, in order to secure a mortgage. In Canada, the minimum down payment is 5% of the home’s total purchase price. Down payments, less than 20% of a home’s purchase price require mortgage loan insurance. The selling price, minus the deposit and down payment, is the amount of the mortgage loan.
  • Mortgage Pre-approval: Helped buyers understand how much they can borrow before going through the mortgage process. 
  • Offer: A legal agreement to purchase a home. An offer can be conditional on a number of factors such as financing and a home inspection. 



"Hidden” Expenses Include: 

  1. Insurance: fire, home, content, title, life, and mortgage insurance. 

  2. Home Inspection: very important to have an inspection done and you should consider this cost when planning the budget. 

  3. GST/HST: purchasing a new construction property, make sure you ask about sales tax payable.  

  4. Legal fees: vary depending on the purchase price and often include ordering a title search and registering a title. 


Contact the Agent on Duty for more information on First-Time home buying


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