Homes for Sale in Canada
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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?
Will housing prices drop in Canada?
How do I find out how much a house sold for?
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.