Steps to Buying a Home Simplified Guide

What are the steps to buying a home?

Thinking about buying a house? Whether you're just starting to explore the idea or already browsing listings, the process can feel overwhelming. From financing to making an offer, there’s a lot to consider. To make it easier, here’s a simple breakdown of the key steps involved in buying a home.

Step by step

10 Steps to Buying Your Dream Home

1. Save for Your Down Payment & Budget Start setting aside money early—this is often the longest step. You’ll typically need at least 5% down (or 20% to avoid extra insurance costs). Don’t forget to budget for other expenses like closing fees, taxes, and moving costs.

2. Get Mortgage Pre-Approval

   A pre-approval tells you how much you can borrow based on your income, credit, and debts. It also locks in an interest rate for a set period, protecting you from rate hikes. Compare mortgage terms to find the best fit.

3. Find a Trusted Real Estate Agent

   A good agent makes the process smoother. Interview a few, ask questions, and check references before deciding. They’ll help you navigate the market and negotiate deals.

   
   

4. Begin Your Home Search

   Decide on your priorities—location, home type (condo, townhouse, detached), and must-have features. Stay flexible and visit properties to see what fits your lifestyle.

5. Make an Offer

   Once you find the right place, your agent will help craft a competitive offer. Market conditions (seller’s vs. buyer’s) affect strategy, so lean on their expertise.

6. Schedule a Home Inspection

   Always get a professional inspection to uncover hidden issues. This can save you from costly surprises and give you bargaining power if repairs are needed.

7. Finalize the Sale

   After your offer is accepted, complete any remaining steps (securing financing, finalizing inspections). Your lawyer will handle paperwork, leading to your official closing day.

8. Update Your Address & Utilities

   Notify banks, subscriptions, and government agencies (like the CRA) of your move. Update your driver’s license, health card, and set up mail forwarding with Canada Post.

9. Plan Your Move

   Book movers early if relocating in peak seasons (summer). If DIY-ing, rent a truck, gather supplies, and pack strategically (e.g., use clothes to wrap fragile items).

   
   
   
   

10. Celebrate & Get Those Boxes Unpacked!

    You’ve made it! Unpack, explore your new neighbourhood, and enjoy homeownership.