{"id":30763,"date":"2025-02-28T11:11:00","date_gmt":"2025-02-28T16:11:00","guid":{"rendered":"https:\/\/www.prepareforcanada.com\/?p=30763"},"modified":"2025-10-27T12:35:33","modified_gmt":"2025-10-27T16:35:33","slug":"first-time-home-buyer-newcomer-tips","status":"publish","type":"post","link":"https:\/\/prepareforcanada.com\/blog\/housing\/homeownership-pathway\/first-time-home-buyer-newcomer-tips","title":{"rendered":"First Time Home Buyer: Newcomer Tips"},"content":{"rendered":"\n<p>For many newcomers buying your first home is a source of pride, satisfaction, and accomplishment! And, buying a home is an investment that grows over time and provides a great financial benefit. But before jumping in, consider these vital first-time home buyer tips!<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Buying your first home is expensive and likely the biggest purchase you make in your lifetime. Buying a house in Canada may be different than in your home country from the process to the types of homes, styles, layouts, materials, and costs. Understanding first-time home buyer basics will help you make the right decision. <\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"900\" height=\"600\" src=\"https:\/\/prepareforcanada.com\/wp-content\/uploads\/2023\/06\/First-Time-Home-Buyer-Newcomer-Tips-Image-2.png\" alt=\"A young first-time home-buyer couple are researching the housing market to make the best decision. \" class=\"wp-image-245968\" style=\"width:625px\" srcset=\"https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2023\/06\/24111612\/First-Time-Home-Buyer-Newcomer-Tips-Image-2.png 900w, https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2023\/06\/24111612\/First-Time-Home-Buyer-Newcomer-Tips-Image-2-300x200.png 300w, https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2023\/06\/24111612\/First-Time-Home-Buyer-Newcomer-Tips-Image-2-768x512.png 768w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><figcaption class=\"wp-element-caption\">Researching the housing market before you buy will help you make the best decision.<\/figcaption><\/figure>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-6-essential-newcomer-tips\"><strong>6 Essential Newcomer  Tips<\/strong><\/h2>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-research-the-housing-market\">1. Research the Housing Market<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Take advantage of free tools and resources to research the housing market before you buy a home. Learn about housing price trends, affordability, and mortgage rates. Researching before you buy a home will help you make a confident decision.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-know-how-much-you-can-afford\">2. Know How Much You Can Afford<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>You can use <a href=\"https:\/\/dmts.scotiabank.com\/tools\/mortgagecalculator\/en\/#launch=com\" target=\"_blank\" rel=\"noreferrer noopener\">online mortgage calculators<\/a> that give you approximate costs, and monthly mortgage payments.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-get-a-pre-approved-mortgage\">3. Get a Pre-Approved Mortgage<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong> <\/strong>You can talk to your lender about getting a pre-approved mortgage certificate.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-4-use-a-realtor\">4. Use a Realtor<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong> <\/strong>There are many different real estate companies in Canada and agents to choose from.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-5-get-a-real-estate-lawyer\">5. Get a Real Estate Lawyer<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p> A real estate lawyer will review your purchase agreement contract. The wording in these contracts is important and your lawyer will ensure everything is done properly in terms of the law.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-6-prepare-a-budget\">6. Prepare a Budget<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Plan for your home closing costs or the costs associated with the date you take possession of your home.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"900\" height=\"600\" src=\"https:\/\/prepareforcanada.com\/wp-content\/uploads\/2023\/06\/First-Time-Home-Buyer-Newcomer-Tips-Image-3-1.png\" alt=\"A &quot;for rent&quot; sign stands in front of a home for rent. \" class=\"wp-image-245972\" style=\"width:625px\" srcset=\"https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2023\/06\/24112355\/First-Time-Home-Buyer-Newcomer-Tips-Image-3-1.png 900w, https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2023\/06\/24112355\/First-Time-Home-Buyer-Newcomer-Tips-Image-3-1-300x200.png 300w, https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2023\/06\/24112355\/First-Time-Home-Buyer-Newcomer-Tips-Image-3-1-768x512.png 768w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><\/figure>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-should-you-rent-or-buy-a-home\"><strong>Should You Rent or Buy a Home?<\/strong><\/h2>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Many newcomers arrive in Canada with savings to buy their first home. A <a href=\"https:\/\/www.royallepage.ca\/en\/realestate\/news\/one-in-five-homes-purchased-by-canadian-newcomers\/\">2019 survey <\/a>conducted by Royal LePage revealed that newcomers represent a growing segment of the Canadian real estate market. Some of the findings showed that newcomers:<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Represent 1 in 5 homebuyers across Canada<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Live in Canada for about three years before they purchase a home<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Arrive with savings intended to buy a home.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<section class=\"rounded-btn border-b-2 border-light-grey bg-off-white lg:grid lg:grid-cols-3 gap-2\">\n    <article class=\"lg:col-span-2 flex flex-col gap-4 p-6 lg:p-12\">\n        <h3 class=\"text-2xl\">Home Ownership for Newcomers in Canada<\/h3>\n        <p>Join us for an insightful webinar designed to help you navigate the various routes to owning a home in Canada. Whether you&#8217;re looking to buy your first home through a traditional mortgage, exploring co-ownership opportunities, or interested in rent-to-own solutions, this webinar will provide the information and tools you need to make informed decisions.<\/p>\n                    <a class=\"flex flex-row w-fit gap-2 rounded-btn btn-secondary p-5 transition ease-in-out text-lg font-bold\"\n               href=\"https:\/\/prepareforcanada.com\/webinars\/buying-a-home-as-a-newcomer\">REGISTER FOR THE WEBINAR                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"28\" height=\"28\" viewBox=\"0 0 28 28\" fill=\"none\">\n                    <path\n                        d=\"M13.1752 20.175L14.8248 21.8247L22.6497 13.9999L14.8248 6.17505L13.1752 7.82472L18.1837 12.8332H7V15.1665H18.1837L13.1752 20.175Z\"\n                        fill=\"white\"\/>\n                <\/svg>\n            <\/a>\n            <\/article>\n    <div class=\"relative lg:col-span-1\">\n                    <video src=\"https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2025\/01\/18123712\/Buying_a_home_webinar_for_newcomers.mp4\" autoplay loop playsinline muted\n                   class=\"absolute inset-0 h-full w-full object-cover rounded-3xl\"><\/video>\n            <\/div>\n<\/section>\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>It makes sense that newcomers are eager to enter the housing market in Canada. Indeed, owning your own home is exciting for many reasons. Homeownership can be a great investment and a way to build personal wealth. Young families may want more space with a backyard for children to play. Or, buying a home in Canada may be an important part of your immigration dream!<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>But rarely do people have enough money to buy a house outright. This is where lenders can help you by giving you a loan, also known as a mortgage. But, you will need enough savings to pay for a down payment before you can get approved for a mortgage.&nbsp;<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"900\" height=\"600\" src=\"https:\/\/prepareforcanada.com\/wp-content\/uploads\/2023\/06\/First-Time-Home-Buyer-Newcomer-Tips-Image-4.png\" alt=\"First-time home buyers must understand costs involved when buying a home. Coins, a clock, calculator, and a wooden home represent home buying concepts. \" class=\"wp-image-245973\" style=\"width:625px\" srcset=\"https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2023\/06\/24113615\/First-Time-Home-Buyer-Newcomer-Tips-Image-4.png 900w, https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2023\/06\/24113615\/First-Time-Home-Buyer-Newcomer-Tips-Image-4-300x200.png 300w, https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2023\/06\/24113615\/First-Time-Home-Buyer-Newcomer-Tips-Image-4-768x512.png 768w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><\/figure>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-s-a-down-payment\">What&#8217;s a Down Payment?<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Essentially, a down payment is a portion you put down towards the value of your home right up front. You subtract the down payment from the home purchase price and supplement the remaining cost with a mortgage. You may have to build your savings if you don&#8217;t have enough for a down payment.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>In addition to saving money for a down payment, there are other costs to pay such as closing costs. It\u2019s important to factor in the closing costs because they can be expensive and often take first-time homebuyers by surprise. So before you rush into buying a home, it&#8217;s important to understand all the costs involved for a first-time home buyer in Canada.&nbsp;<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"900\" height=\"600\" src=\"https:\/\/prepareforcanada.com\/wp-content\/uploads\/2023\/06\/First-Time-Home-Buyer-Newcomer-Tips-Image-5-1.png\" alt=\"A young couple couple are sitting among  unopened moving boxes and drinking coffee.\" class=\"wp-image-245979\" style=\"width:625px\" srcset=\"https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2023\/06\/24165015\/First-Time-Home-Buyer-Newcomer-Tips-Image-5-1.png 900w, https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2023\/06\/24165015\/First-Time-Home-Buyer-Newcomer-Tips-Image-5-1-300x200.png 300w, https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2023\/06\/24165015\/First-Time-Home-Buyer-Newcomer-Tips-Image-5-1-768x512.png 768w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><\/figure>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-when-renting-a-home-makes-sense\">When Renting a Home Makes Sense<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>If you have recently arrived in Canada, you\u2019ll discover many exciting things in the city you have landed in. You may love the city and want to make it your home. On the other hand, you may learn that it\u2019s not quite what you had expected. Or, you may land a job in a different city and want to relocate to another region or city in Canada. When you first arrive in Canada, it\u2019s best to continue renting until you\u2019re certain where you want to live long-term.&nbsp;Resettling is expensive.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><a href=\"https:\/\/www.rentalsfornewcomers.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Renting a home<\/a> versus buying a home makes sense if you:<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Don&#8217;t know with certainty where you want to live (what neighbourhood or city?)&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Have not yet landed a permanent job<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Expect your financial situation to change over the next year <\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Need time to save for a down payment.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"900\" height=\"600\" src=\"https:\/\/prepareforcanada.com\/wp-content\/uploads\/2023\/06\/First-Time-Home-Buyer-Newcomer-Tips-Image-6-.png\" alt=\"A young couple are ready to buy a house are looking at homes for sale online.\" class=\"wp-image-245981\" style=\"width:625px\" srcset=\"https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2023\/06\/24165529\/First-Time-Home-Buyer-Newcomer-Tips-Image-6-.png 900w, https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2023\/06\/24165529\/First-Time-Home-Buyer-Newcomer-Tips-Image-6--300x200.png 300w, https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2023\/06\/24165529\/First-Time-Home-Buyer-Newcomer-Tips-Image-6--768x512.png 768w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><\/figure>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-when-buying-your-first-home-makes-sense\">When Buying Your First Home Makes Sense<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>A large advantage of buying a house is the sense of pride that comes from owning your home in Canada. In addition, you become a part of a community where you know your neighbours and gain a sense of belonging. And most importantly, you\u2019ll gain financial benefits when you:&nbsp;<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Pay down your mortgage over time<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Create wealth and build equity in your home.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>In general, it makes sense to buy a home if you plan to remain in the city for five years or more.&nbsp;<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"900\" height=\"600\" src=\"https:\/\/prepareforcanada.com\/wp-content\/uploads\/2023\/06\/First-Time-Home-Buyer-Image-7.png\" alt=\"First time home buyers require a good credit score report. A credit report with a score of 680.\" class=\"wp-image-246193\" style=\"width:625px\" srcset=\"https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2023\/06\/28124311\/First-Time-Home-Buyer-Image-7.png 900w, https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2023\/06\/28124311\/First-Time-Home-Buyer-Image-7-300x200.png 300w, https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2023\/06\/28124311\/First-Time-Home-Buyer-Image-7-768x512.png 768w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><\/figure>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-three-financial-first-steps-before-you-buy-a-home\"><strong>Three Financial First Steps Before You Buy a Home<\/strong><\/h2>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Before becoming a first-time homebuyer, you must prepare to meet new financial obligations. These are three important steps to take before you buy a home:<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-build-your-credit-history\">1. Build your Credit History<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>When buying a house as a newcomer, you must <a href=\"https:\/\/www.scotiabank.com\/ca\/en\/personal\/advice-plus\/features\/posts.how-to-build-your-credit-history-and-increase-your-credit-limit-in-canada.html\">build your credit history in Canada<\/a>. You can build credit by applying for a credit card or a small loan and making regular payments.&nbsp;<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<h3 class=\"wp-block-heading\" id=\"h-2-save-for-a-down-payment\">2. Save for a Down Payment:<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Most importantly, you need to save for your down payment. However, you can own your home in Canada with as little as just a five percent down payment and mortgage insurance.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-build-an-emergency-fund\">3. Build an Emergency Fund<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Another important requirement for first-time home buyers is financial stability. You need financial discipline when you buy a home.  For example, <a href=\"https:\/\/prepareforcanada.com\/managing-money\/saving-investing\/saving-money-for-your-emergency-fund\">save money for an emergency fund<\/a> for unexpected expenses such as a leaky roof, basement flooding, or a burst pipe.&nbsp; Any of these expenses could cost thousands of dollars.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"900\" height=\"600\" src=\"https:\/\/prepareforcanada.com\/wp-content\/uploads\/2023\/06\/First-Time-Home-Buyer-Image-8.png\" alt=\"A couple are discussing the minimum down payment to buy a house with a bank manager. \" class=\"wp-image-246196\" style=\"width:625px\" srcset=\"https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2023\/06\/28130219\/First-Time-Home-Buyer-Image-8.png 900w, https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2023\/06\/28130219\/First-Time-Home-Buyer-Image-8-300x200.png 300w, https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2023\/06\/28130219\/First-Time-Home-Buyer-Image-8-768x512.png 768w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><\/figure>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-s-the-minimum-down-payment-rule-in-canada\"><strong>What&#8217;s the Minimum Down Payment Rule in Canada?<\/strong><\/h2>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The minimum down payment in Canada is the percentage of the home\u2019s purchase price. And depending on the house price, the minimum down payment amounts vary.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>For example, the <a href=\"https:\/\/www.canada.ca\/en\/financial-consumer-agency\/services\/mortgages\/down-payment.html\" target=\"_blank\" rel=\"noreferrer noopener\">minimum down payment<\/a> is:&nbsp;&nbsp;<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li>5% for the portion of a home\u2019s purchase price below $500,000<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>10% for the portion of the purchase price from $500,000 to $999,999 (plus 5% for the value below $500.000)<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>20% for homes that are valued at greater than $1 million.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Until you have enough money for the down payment, continue to rent. <\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-important-questions-for-first-time-home-buyers\"><strong>Important Questions for First-Time Home Buyers<\/strong><\/h2>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>In addition to thinking about financial first steps, you&#8217;ll also need to consider other practical questions such as: <\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-much-can-you-afford\">How Much Can You Afford?<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>As a guideline, financial experts state that you should not pay more than 30% \u2013 35% of your total household income for housing and home-ownership costs such as:<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Mortgage interest<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Property taxes<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Maintenance.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>But, that\u2019s a guideline. You may decide to budget more for housing or, cut back on other expenses such as entertainment or dining out.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"900\" height=\"600\" src=\"https:\/\/prepareforcanada.com\/wp-content\/uploads\/2023\/06\/First-Time-Home-Buyer-Image-9.png\" alt=\"A pre-approved mortgage application.  \" class=\"wp-image-246207\" style=\"width:625px\" srcset=\"https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2023\/06\/28140548\/First-Time-Home-Buyer-Image-9.png 900w, https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2023\/06\/28140548\/First-Time-Home-Buyer-Image-9-300x200.png 300w, https:\/\/2024-rd-staging.nyc3.cdn.digitaloceanspaces.com\/2024-prepare-for-canada\/2023\/06\/28140548\/First-Time-Home-Buyer-Image-9-768x512.png 768w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><\/figure>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Can You Get Pre-approved for a Mortgage?<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>A mortgage pre-approval means that a lender has stated that you qualify for a mortgage loan based on your current income and credit history. The pre-approval will indicate the:<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Pre-approval term (usually 90 \u2013 120 days)<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Interest rate<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Mortgage amount.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The lender will assess your financial situation and determine how much they are willing to lend. This will give you confidence when choosing which homes to consider buying. It will also help when you make an offer on a property because the buyer knows you are serious and able to purchase.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<iframe loading=\"lazy\" src=\"https:\/\/www.facebook.com\/plugins\/video.php?height=314&#038;href=https%3A%2F%2Fwww.facebook.com%2Fscotiabank%2Fvideos%2F200197224902326%2F&#038;show_text=true&#038;width=560\" width=\"560\" height=\"429\" style=\"border:none;overflow:hidden\" scrolling=\"no\" frameborder=\"0\" allowfullscreen=\"true\" allow=\"autoplay; clipboard-write; encrypted-media; picture-in-picture; web-share\" allowFullScreen=\"true\"><\/iframe>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-home-is-right-for-you\">What Home is Right for You?<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>When you&#8217;re ready to search for a home, you need to consider:<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li>What do you need and want in your house? (number of bedrooms, bathrooms, storage needs, etc)<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>How close are amenities? (schools, work, shopping, parks, places of worship, public transit, and other services?)<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>What type of house do you want to live in? (condominium, detached or semi-detached home, townhouse, duplex, or triplex).<\/li>\n<\/ul>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>With answers to these questions, you can narrow your search to find the ideal home for your needs. You can also provide this information to your realtor who can help you find your ideal home in Canada. Realtors are trained and licensed to help you find and buy a resale property. You may choose an agent who has sold other properties in the areas that you are considering. Or, you may choose a realtor that a friend or family member recommends.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Talk&nbsp;to the realtor about the important things to you in a home, but keep a realistic approach. Many Canadians buy a starter home\u201d and then work their way up the property ladder. Be ready to accept that your price range may not cover all the features you want in a house.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>You do not pay for the services of a realtor. Realtors earn a commission on the home&#8217;s selling price. The home seller pays the commission, not the buyer.  <\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-making-an-offer\"><strong>Making an Offer<\/strong><\/h2>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Once you\u2019ve found a property you want, you\u2019ll want to make an offer. An offer represents your desire to purchase the property and the amount you\u2019re willing to pay. Your real estate agent can advise on the price you should offer on a resale home based on your local market conditions and recent home sales in the neighbourhood.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>After agreeing on a price, the seller will stop showing the property to other prospective buyers because the home is now \u2018conditionally sold\u2019 to you, and will begin to take the necessary steps to complete the transaction.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Similarly, you will also need to begin taking steps to fulfill your part of the purchase process, including any conditions you may have listed in your offer such as a home inspection or finalizing financing. These vary by location, and your realtor is a good person to ask about the next steps.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Typically, the offer-to-purchase agreement will include:<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-property-details\">Property Details<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>This is a detailed description of the residence&#8217;s address, including street name, house, lot, and block number. It will also often include a list of additional items included in the sale (appliances, garage door openers window coverings, etc).<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-transaction-details\">Transaction Details<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Here a clearly-stated purchase price that both parties have deemed acceptable will appear. There will also be a description of the deposit amount here. A deposit demonstrates that you are serious about your offer, and will persuade the seller to not entertain any further offers. The Offer will also often contain the payment method (cheque, credit card, etc.), as well as mention who will hold the deposit.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-closing-date\">Closing Date<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>This is when the property becomes yours and you can move in. By this time, any previous owner is expected to have removed all of their belongings and cleared any of the conditions you may have imposed.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-a-statement-of-transfer-of-insurances-and-warranties-and-representations\">A Statement of Transfer of Insurances and Warranties and Representations<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Typically, the seller is responsible for the property until the closing date and guarantees that they have the legal right to sell the property. They also guarantee that all buildings and improvements do not encroach upon neighbouring lands.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-additional-terms\">Additional Terms<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>This is where you place any changes or improvements to the property that the seller and buyer agree to. <\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-conditions\">Conditions<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>This is where you&#8217;ll typically find a list of agreed-upon conditions of sale, the breach of which could result in a nullification of the purchase agreement. This could include a description of financing conditions, property inspection conditions, condominium documents conditions, and the sale of buyer&#8217;s home conditions.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-closing-costs-when-buying-a-home\"><strong>Closing Costs When Buying a Home<\/strong><\/h2>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p id=\"h-appraisal-fee\">In addition to your mortgage, there are several <strong>closing costs<\/strong> that you must pay before you can take possession of your house. To \u201ctake possession\u201d means the home is now legally yours. First-time home buyers are very often surprised when they learn of these additional costs.  Examples of closing costs that you can expect to pay include:<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-appraisal-fee\">Appraisal Fee<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p id=\"h-appraisal-fee\">This is the cost for an appraiser to assess the property value. Your mortgage lender may require an appraisal to determine whether the selling price is reasonable for the market.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-gst\">GST<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p id=\"h-gst\">You must pay the Goods and Service Tax (or Harmonized Sales Tax) on a newly constructed or substantially renovated home. Resale homes do not require a GST payment. <\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-land-transfer-tax\">Land Transfer Tax<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p id=\"h-land-transfer-tax\">This tax is charged to buyers in most provinces, usually based on the purchase price.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-legal-costs\">Legal Costs<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p id=\"h-legal-costs\">This includes fees charged by your lawyer for services such as conducting a title search, drafting a title deed, and preparing the mortgage, and registration fees. A guideline for costs is typically between 1.5% to 4% of the purchase price of the home.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-mortgage-default-insurance\">Mortgage Default Insurance<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>High-ratio mortgages (those with less than 20% down payment) require <a href=\"https:\/\/www.canada.ca\/en\/financial-consumer-agency\/services\/financial-toolkit\/mortgages\/mortgages-4\/4.html\" target=\"_blank\" rel=\"noreferrer noopener\">mortgage default insurance<\/a>. The cost is usually added to the mortgage it varies depending on the amount of your down payment.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-mortgage-life-insurance\">Mortgage Life Insurance<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p id=\"h-mortgage-life-insurance\">Special insurance coverage to cover the cost of your mortgage in the event of death or severe illness is available from most lenders.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-home-inspection-fee\">Home Inspection Fee<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p id=\"h-home-inspection-fee\">Hiring a home inspector is voluntary but recommended for resale homes, and usually, the cost ranges from $400-$600. With a home inspection, you may discover issues with the house that will cause you to back out of your offer.  Or, the home issues may be manageable and you could ask for a lower purchase price to offset any repair expenses.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>You may want to bring in an electrician, plumber, and perhaps a structural specialist to ensure you understand all the home systems. They can also provide cost estimates for repairs if needed. First-time home buyers may not factor in these additional costs.  <\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-do-i-need-a-home-inspection-when-buying-my-first-home\"><strong>Do I Need a Home Inspection When Buying My First Home?<\/strong><\/h2>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>When you buy a house, a home inspection is critical. Usually, an offer to buy a home is conditional upon an inspection. An inspection will assess the following areas: <\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Foundation:<\/strong> an inspector will check if there is a leak in a foundation wall and whether insulation is in place. If there&#8217;s an active leak, they will determine the condition behind the wall.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Plumbing: <\/strong>the inspector will determine if the drains are installed properly and not leaking.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Windows: <\/strong>the inspector will ensure window seals are not damaged. For example, if one of the windows gets fogged, that tells that the window has to be replaced. Next, the home inspector will look at the frame to see if any openings must be resealed; otherwise, you may get an air leakage.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Furnace:<\/strong>&nbsp;the home inspector will check the quality of the filter and whether it is installed properly. They will check the quality and age of the furnace and whether it\u2019s leaking any water inside or gas, which could be critical.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Mold:<\/strong>&nbsp; an inspector will also look for mold (or termites) in the house because it can result in significant costs to repair later. <\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<iframe loading=\"lazy\" src=\"https:\/\/www.facebook.com\/plugins\/video.php?height=314&#038;href=https%3A%2F%2Fwww.facebook.com%2Fscotiabank%2Fvideos%2F1411826345837905%2F&#038;show_text=true&#038;width=560\" width=\"560\" height=\"429\" style=\"border:none;overflow:hidden\" scrolling=\"no\" frameborder=\"0\" allowfullscreen=\"true\" allow=\"autoplay; clipboard-write; encrypted-media; picture-in-picture; web-share\" allowFullScreen=\"true\"><\/iframe>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>When buying a house in Canada consider these vital first-time home buyer tips. Learn the essentials and become informed about everything that&#8217;s involved. Homeownership provides great pride, security, and achievement. The more informed you are, the more confident you&#8217;ll be about your home purchase decisions!<\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":6,"featured_media":246835,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[575],"tags":[86],"class_list":["post-30763","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-homeownership-pathway","tag-housing"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>First Time Home Buyer Tips for Newcomers<\/title>\n<meta name=\"description\" content=\"Buying your house in Canada? 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