Here are 10 steps to take before buying your first home:1. Save up for your down payment: In Canada, if you are buying a house with a purchase price of $500,000 or less, you need a minimum down payment of 5%. For a house above $500,000 but less than $1 million, the minimum down payment is 5% for the first $500,000 and 10% for the remaining portion. For homes with a purchase price of $1 million … [Read more...]
First time home buyer? I discuss saving for your down payment, best mortgage rates, buying your dream home, real estate investments, and much more.
A starter home is a house purchased by a first-time home buyer in the hope that after living in it for a few years, they can upgrade and move on to a bigger and more expensive permanent home. This route has historically been the means by which a majority of first time buyers get their feet into the property market.A home ownership study conducted in 2015 by Genworth Canada showed that 50% of … [Read more...]