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Foreword

When I bought my first home, I was not a realtor. I found the entire buying process difficult because I didn’t know what questions to ask, where I should look, or what documents I had to review and sign. I felt intimidated and frustrated. I depended solely on my realtor to give me advice and show me the way, but I wished I knew a little more about the buying process to give me the confidence in my own choices and decisions.

Buying a home is probably the largest investment you will ever make, financially and perhaps emotionally. Gaining knowledge about home buying is not only empowering, but it can also save you money. Visit real estate Web sites, read books about home buying, and attend seminars; get as much information as you can about the processes and costs of home buying before you get caught up in searching for a home. Becoming familiar with these procedures can make your home buying experience exciting and stress-free.

This book is intended to help home buyers become familiar with the many processes involved in buying a home, including obtaining a mortgage, searching for a home, drawing up a contract, closing, and possession. I hope this book will give you confidence in your own choices and decisions and make your buying experience a pleasant one!

What are Canadian home buyers paying for their homes?

Housing prices vary widely across Canada and change over time. They may even have a wide range within a single community, so don’t assume that a particular community might be out of your range. The following examples will give you some idea of the range of prices available in some of the nation’s larger communities.

In British Columbia, single-detached homes in a “blue chip” neighbourhood such as Vancouver’s West Side currently start at $400 000, while entry-level condominium units can be purchased for as little as $150 000 — although “leaky condominium syndrome” has put a damper on condominium sales along the British Columbia coast.

In West Edmonton, townhomes in Callingwood start at $115 000. In Calgary’s Mount Royal and Elbow Park neighbourhoods, prices for a single-detached home start at $300 000, while condominiums in the Beltline area can be purchased for as little as $110 000. Single-detached homes in the Greystone and Dundonald areas of Saskatoon start at $115 000, although new condominium lofts in the downtown core sell for less.

In Toronto’s Kingsway and Lawrence Park areas, prices start at $350 000 for a single-detached home; condominium apartments in the downtown core start at $100 000.

In Atlantic Canada, semi-detached homes in Moncton’s North End are available for $95 000, and single-detached homes in the same area start at $120 000. Single-detached homes in Halifax’s Hammonds Plains start at $140 000, and condominiums in the centre of the city can be purchased for $95 000.