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The first step in buying a home is to get pre-approved for a mortgage. This will give you a clear idea of how much you can afford and show sellers that you’re a serious buyer. After that, working with an experienced real estate agent, like Sandy Dhaliwal, will help you navigate the market and find the right property.

In Canada, the minimum down payment is 5% for homes priced under $500,000. For homes between $500,000 and $1 million, you’ll need 10% on the portion above $500,000. Homes over $1 million require a 20% down payment. Keep in mind, a higher down payment can reduce your mortgage payments and interest costs.

Closing costs typically range between 1.5% to 4% of the purchase price of the home. These include legal fees, home inspections, land transfer taxes, and adjustments for utilities or property taxes. It’s crucial to budget for these costs to avoid any surprises during the home-buying process.

The timeline for buying a home can vary. The house-hunting process can take a few weeks to a few months, depending on market conditions and your preferences. Once an offer is accepted, it usually takes 30-60 days to close the deal. The entire process can take 2-6 months from start to finish.

Whether to sell your home before buying depends on market conditions and your financial situation. Selling first ensures you know exactly how much you have to work with, while buying first can reduce the risk of being without a place to live. Consulting with a real estate professional can help you decide the best strategy for your situation.