Buying a Property in Canada

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Owning property is something everyone desires, and buying a property in Canada is not very hard, because the government has many programs in place to facilitate you.

Save money

Preparing the finances for a purchase is your first step, and if possible, you should start saving money at the earliest. Fortunately, Canadian law allows tax-free savings (TFSA) for the purpose of buying or renovating. This allows you to set aside your savings and increase them with time without having taxes deducted from them.

Moreover, the Home Buyer’s Plan (HBP) lets people withdraw money from their registered retirement saving plans for purchasing and constructing a home, without having to pay taxes on the withdrawals.

Evaluate your financial condition

Before you take the plunge, assess your finances and determine whether you are in a position to afford a property. You should consult builders and realtors to find out prevalent prices and know the real estate market in your area.

If you require a mortgage, you will have to contact lenders and banks to check what is on offer. It is always recommended that you get a pre-approval for a mortgage before you go looking for property, because even if you like any, you will not be able to arrange the finances in time to secure it.

Find the right property

Depending on your needs, requirements and budget, you will have to conduct a market research, or hire the services of a real estate agent registered with CREA. You should start with short listing areas based on average property prices and properties up for sale.  Once you have selected a region, you should look into hiring a local Realtor, who will be able to broker a deal for you. Realtors have extensive real estate experience and are aware of all local properties listed for sale in the area.

Conduct viewings

Once you have acquired a list of prospective properties, you will need to inspect them yourself to check whether your requirements are met by any. When inspecting a property, your focus should be on both the interior and exterior, along with the services available in the locality.

Make an offer to seal the deal

After having selected a property which suits you and lies within your budget, you should prepare for making an offer. Legal counsel is a must at this stage, and if the seller agrees to your price, your legal help will arrange the agreement which will then be signed by all parties to finalize the sale.

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