Buying a home is a big decision. Ask yourself 5 questions before you decide if you’re ready to own a home.
- Am I financially stable?
- Do I have the financial management skills and discipline to handle this large a purchase?
- Am I ready and able to take responsibility for all the costs that come with being a homeowner?
- Can I devote the time to regular home maintenance?
- Am I new to Canada? There are several extra homebuying resources for newcomers to Canada.
Also consider the many pros and cons of owning versus renting a home.
|Freedom to renovate||Ongoing costs including property taxes and insurance|
|Ability to build equity in a safe and secure investment||Increased monthly payments if interest rates go up|
|Potential for rental income||Possibility of unexpected and costly repairs|
|Less maintenance and repair costs||Monthly payments may increase year after year|
|Lower monthly upfront costs||The risk your lease won’t be renewed|
|Shorter-term commitment||Paying someone else’s mortgage|
If you’re still unsure about buying a home, check out the renting guide.