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Canadian Real Estate FAQs
How do you buy a house in Canada?
Buying a home in Canada can be broken down into 6 basic steps:
Step 1: Secure a pre-approval for a mortgage with a Mortgage Broker or Bank.
Step 2: Find a real estate agent who can guide you through the details of the home buying process.
Step 3: Have your agent put you on a property search for homes that meet your budget and lifestyle needs so you can start viewing them in person.
Step 4: Submit an offer and have your agent negotiate favourable terms for you.
Step 5: Once your offer has been accepted, the closing process begins which can take 1-3 months. You'll need to sign all the relevant documents at a lawyers office.
Step 6: Get keys on possession day and move in!
What is the average price for a home in Canada?
As of June 2023, Canada's average home price was $709,218, which is 6.7% higher year-over-year. The high Canadian national average home price is impacted by the GTA (Greater Toronto Area) and British Columbia's Lower Mainland. If you exclude the GTA and Greater Vancouver from the calculation, the national average home price reduces by over $130,000. Data sourced from the Canadian Real Estate Association (CREA) and regional real estate boards.
Will housing prices drop in Canada?
While it's impossible to predict exactly what the Canadian Housing Market will do in the next year, CMHC's spring 2023 National Overview reports sales and prices to decline overall in 2023. There are various factors impacting housing prices. Currently, high-interest rates are affecting buyers' ability to enter the market, but historically low levels of resale inventory create demand for existing homes for sale, leading to higher sale prices for buyers who can afford to purchase despite the higher interest rates. It is not predicted that housing prices will drop below pre-pandemic levels.
How do I find out how much a house sold for?
Canada's regulations for selling home prices vary by province and territory. Some websites allow the public to view sold data only after creating a username and password. In provinces like B.C, Ontario, and Alberta, you can look up assessed values online. However, it is important to note that the most accurate and up-to-date information can be acquired through the assistance of a real estate agent.
Who is involved in the Home Buying Process?
The home buying process typically involves several key parties, including:
- Buyer - the person who is buying.
- Buyer's Agent - to represent the buyer in the transaction.
- Seller - the person selling the property.
- Seller's Agent - to represent the seller in the transaction.
- Mortgage Broker - a licensed professional to secure financing for the buyer to purchase the home.
- Home Inspector - a professional who evaluates the property's condition to identify any issues or defects.
- Appraiser - a professional who assesses the property's value to determine if it aligns with the sale price.
- Insurance Agent - they make sure the home can be insured; call your insurance broker to secure home insurance on the property.
- Lawyer/Notary - they handle the paperwork for the transaction. Plan to meet with your lawyer or notary about 7 days prior to possession date. They make sure the title will transfer, the funds will be available on the day of closing and ensure that any snags that come up get dealt with prior to you getting the keys.