Homebuying Step by Step
CMHC's Home buying Step by Step guide is here to make things easier for you by providing the information you need to make a wise home buying decision. This section provides examples and worksheets that will guide you through the entire home buying process, from the moment you make the decision to buy your own home to the moment the movers carry the first box through the front door. It couldn't be easier!
You can also download a copy of the CMHC's Home Buying Step by Step guide. (pdf)
Step 1 — Is Homeownership Right for You? Buying a home is one of the biggest financial and lifestyle decisions you will make, so it pays to make an informed decision by first looking at the main advantages and disadvantages of homeownership.
Step 2 — Are You Financially Ready? In this Step you will find a number of simple calculations that will help you evaluate your current financial situation and determine how much house you can afford and the maximum price that you should be considering.
Step 3 — How Much Will It Really Cost? After you have calculated the maximum home price you can afford, you will need to calculate the up-front costs and expenses associated with buying a home to make sure you are financially prepared.
Step 4 — What Should You Buy? Before you start searching for a home you need to think about your current and future housing needs and what characteristics are important to you in a home.
Step 5 — What Professionals Should You Call On? This Step describes the roles played by the professionals you will call on in the homebuying process: real estate agent, mortgage broker, lawyer/notary, inspector, insurance broker.
Step 6 — How Can You Find the Right Home? If you have decided that you are ready to start your search, this Step offers information on ways to find the home that is right for you, useful tips for your search and Home Hunting worksheets.
Step 7 — Ready to Buy? Once you find the home you would like to buy, you will need to present the vendor with an Offer to Purchase or Agreement of Purchase and Sale. This Step describes the Offer to Purchase process.
Step 8 — The Final Steps Describes the final steps in the homebuying process: things you will need to do on closing day, and how to hire and work with a moving company.
Step 9 — Is There More to Homebuying? The real financial responsibilities of homeownership begin when you take possession of your new home; you will need to budget for mortgage payments, ongoing operating costs and an emergency fund.
Step 10 — Tips on Home Repair and Maintenance This section offers useful tips for new homeowners on home repair, maintenance and renovations, and discusses the importance of security and fire safety. Also includes a practical Maintenance Calendar.
