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How to Buy a Home in Canada: The Process Step by Step

Updated

Buying a home in Canada follows the same stages in every province: get your finances ready, get pre-approved, find a home, make an offer, satisfy its conditions, and close. The rules that differ by province (land transfer tax, who closes the deal, cooling-off periods) are covered in the province guides, and first-time buyer programs in the first-time home buyer guide.

Stage 1: Get financially ready

Lenders look at your credit score, your debts against your income and the size of your down payment. See the credit score you need for a mortgage, how much you need for a down payment and how to save one. The affordability calculator shows what price your income supports under the stress test.

Stage 2: Get pre-approved

A mortgage pre-approval holds a rate for a set period and tells you your budget; it is not the same as a pre-qualification. The mortgage document checklist lists what the lender will ask for, and how to apply for a mortgage walks through the application.

Stage 3: Find a home

Most buyers work with an agent under a buyer representation agreement and search listings on MLS and the real estate apps. Compare condo and house costs and check climate risks such as flood zones before you fall for a property.

Stage 4: Make an offer

The offer to purchase sets the price, deposit, conditions and closing date. Decide which conditions to include, especially the financing condition, and how to handle a bidding war or a bully offer.

Stage 5: Satisfy the conditions

During the conditional period you arrange a home inspection, the lender orders an appraisal, and for a condo your lawyer reviews the building’s documents. If a condition fails, see backing out of an offer.

Stage 6: Prepare for closing

Once the deal is firm, your lawyer or notary searches the title, prepares the statement of adjustments and collects your down payment and closing costs. The closing cost calculator estimates them by province, and the buying timeline shows how long each step takes.

Stage 7: Closing day and after

On closing day funds move through the lawyer’s trust account and you get the keys. After that, protect your ownership against title fraud and plan for your first mortgage renewal.

Home buying process articles

Pre-offer strategy

Making an offer

Due diligence & closing

Selling your home

Documents & process

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