How Long does It Take to Buy a Home in Canada?
Monday Jun 28th, 2021
While you may want to start looking at houses immediately, the first step you should take is getting mortgage approval from a broker. This may not sound as exciting, but it’s incredibly useful. A mortgage broker will tell you how much you can afford to spend on a house based on your income, tax-free savings account, credit report, debt, and other factors.
👉Hire a real estate agent
The next step in the home buying process is to hire a real estate agent. Hiring a realtor can take some time depending on how long you spend considering your options and the length of time it takes for them to get back to you.
👉Go to open houses
Potential buyers will browse properties for sale in Canada and determine if it is a place that they can imagine themselves living in. This period can last weeks or several months and shouldn’t be rushed. Buying a house is a big step in anyone's life, but especially for those who have never bought a home before.
👉Make an offer
After you have found a house you've decided you'd like to buy, it’s time to make an offer. An Offer to Purchase, if accepted, is a legally binding contract that establishes how the transaction will occur, including the names of the people involved, the property description, the unattached goods (appliances, etc.), and attached goods (fixtures, etc.) included in the home purchase.
👉Prepare for closing
Lawyers will help close your home by completing your conditional mortgage instructions. This is a list of things that needs to be completed before the mortgage is finalized and money is released. This will typically include any extra documentation that needs to be sent, including proof of insurance.
The closing date is the day that the title of your new home is officially transferred to you. After weeks or months of hard work, only paperwork sits between you and your new house. Any closing costs that weren't included in your loan will also need to be paid on this day. This can include legal fees and property taxes like the land transfer tax.
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