FREQUENTLY ASKED QUESTIONS
WHAT IS THE FIRST STEP OF THE HOME BUYING PROCESS?
A great place to start is to contact a lender or mortgage broker to get pre-approved for financing. You need to know how much you can borrow so you can narrow down what you can afford. This will assist in searching and finding the right property for your needs.
WHAT IS A SELLER'S MARKET?
A seller's market happens when there is a shortage in housing or more potential buyers than homes. Since there are fewer homes available, sellers are at an advantage. In a seller's market homes sell fast and it is more likely for buyer's to find themselves competing against each other to secure a property.
WHAT IS A BUYER'S MARKET?
A buyer's market happens when there are plenty of homes available but there is a shortage of interested buyers. These conditions give buyers leverage over sellers and making them more willing to negotiate offers to prevent buyers from walking about.
HOW MUCH DO I NEED FOR A DOWN PAYMENT?
In Canada, the minimum down payment for a home under $500,000 is 5%. For any home priced over $500,000 the down payment is 5% for the first $500,000, and 10% for the remaining portion.