Buying your first home is an exciting experience, but it can also be an overwhelming one—especially if you’re not sure where to start. That’s why we’ve outlined some simple steps that anyone shopping for a home should take, from figuring out what you can actually afford to getting pre-approved for a mortgage and understanding the government programs designed to help you. If you have questions, we have the answers in our complete guide for first-time home buyers.
Part 1: The costs of home ownership in Canada
Should you buy a home?
Home ownership has many benefits: You aren’t at the mercy of a landlord who gets to make all of the decisions (including choosing to no longer rent out the property), and you may have the potential to use your home to create rental income yourself. Houses are also a fairly secure investment in Canada as they typically appreciate in value over time.