Steps to buying a home in Canada

Buying a home in Canada follows a fairly consistent process regardless of which province you're in. Here's an overview of each step from start to finish.

Step 1: Check Your Finances and Credit

Review your credit score, calculate your debt ratios, and determine how much you have saved for a down payment and closing costs. Address any credit issues before you apply for a mortgage.

Step 2: Get Mortgage Pre-Approval

Approach a lender or mortgage broker with your financial documents and get pre-approved. This gives you a confirmed budget and a rate hold, typically for 90 to 120 days. Compare offers from multiple lenders before committing.

Step 3: Define Your Criteria

Be clear about what you're looking for: property type, size, location, budget, and must-have features. Having defined criteria keeps your search focused and saves time.

Step 4: Find a Real Estate Agent

A buyer's agent represents your interests, gives you access to listed properties, and guides you through the offer and negotiation process. Interview a few agents before choosing one.

Step 5: Search and View Properties

Work with your agent to identify suitable properties and attend viewings. Take notes and photos at each one. Don't feel pressured to move quickly unless the market conditions genuinely require it.

Step 6: Make an Offer

When you find the right property, your agent prepares a written offer including the purchase price, conditions, and closing date. Common conditions include financing approval and a satisfactory home inspection.

Step 7: Negotiate and Accept

The seller may accept, reject, or counter your offer. Negotiation is normal. Your agent will guide you through the process.

Step 8: Complete Conditions

Once your offer is accepted, complete your conditions within the agreed timeframe. Book a home inspection, finalize your mortgage, and review any relevant strata or condo documents.

Step 9: Hire a Real Estate Lawyer or Notary

A lawyer or notary handles the legal transfer of the property, reviews the title, and manages the financial transaction on closing day. In Quebec, a notary is required by law.

Step 10: Close and Take Possession

On closing day, your lawyer or notary transfers the funds and registers the title in your name. You receive your keys. Budget for closing costs including land transfer tax, legal fees, title insurance, and any adjustments.