Buying a first home involves deciding the type of property, assessing affordability, and understanding the local market. Consider your readiness to settle, budget for down payment and monthly costs, and factor in credit score and closing costs. Evaluate whether to rent or buy based on your situation. If your ideal home exceeds your budget, a starter home can help build equity until you're ready to upgrade.
Appreciation rate is the annual percentage increase in a property’s value over a specific time period.
It’s a critical metric for Canadian homebuyers and investors evaluating long-term property performance.
Key drivers include location, infrastructure, economic trends, interest rates, and housing market supply and demand.
Appreciation may be market-driven or forced through property upgrades like renovations and improvements.
A consistent appreciation rate helps grow equity, improves refinancing terms, and supports long-term financial planning.
Homeowners in Canada can fund renovations by refinancing or accessing home equity through a secured credit line.
Renovation costs vary greatly; setting a realistic budget and getting quotes is essential before borrowing.
Some mortgage options allow adding renovation costs to the mortgage at the time of home purchase.
Personal loans and credit cards are options but usually have higher interest rates than mortgage-based solutions.
Certain upgrades may qualify for rebates or cost-saving incentives from government programs or local authorities.
On closing day in Canada, you meet your lawyer or notary to sign mortgage and ownership documents.
You must provide proof of home insurance naming your lender before mortgage funds are released.
Your first mortgage payment is usually due about one month after closing, with possible interest adjustments.
Final closing costs include legal fees, land transfer taxes, title insurance, and prorated seller reimbursements.
Keep copies of all signed documents safely; digital copies are also recommended for your records.
Surrey City Council approved a report showing the city granted occupancy to 6,488 net new housing units from July 2024 to June 2025, exceeding the provincial target by 53%. Surrey aims to build 27,256 units over five years and has over 45,100 units approved for rezoning and 13,100 with building permits. The city is streamlining processes to accelerate housing development but calls for more provincial infrastructure support.
Co-signers are fully responsible for the mortgage if the main borrower can’t make payments.
Co-signing affects your own credit and reduces your ability to borrow for future loans.
Removing your name later isn’t automatic; the borrower must fully re-qualify at renewal time.
Tax and legal consequences may apply, including capital gains and loss of first-time buyer benefits.
Always consult financial, legal, and tax professionals before agreeing to co-sign a Real Estate loan.
Start by getting pre-approved to show affordability—credit score >720 boosts your mortgage options significantly.
Compare mortgage options, including government programs and incentives like $5K tax credit or $60K RRSP withdrawals.
Mortgage pre-approval lets buyers know how much they can afford before beginning their Real Estate search.
It helps narrow your property search to homes that match your approved mortgage budget.
Sellers prefer pre-approved buyers, especially in competitive Real Estate markets with multiple offers.
Pre-approval secures an interest rate for up to 120 days, shielding buyers from potential increases.
Don’t get pre-approved unless ready to purchase within 60–120 days, as it affects credit files.
In 2025, stronger credit profiles support a more stable housing market compared to the 2000s.
Buyers with higher credit scores access lower rates, more loan choices, and smoother approval processes.
Today’s buyers are generally more financially qualified, raising competition and reinforcing market resilience.
Good credit can save thousands annually by unlocking better mortgage terms amid elevated interest rates.
Your credit score matters more than headlines—improve it to increase flexibility and buying power in 2025.
60% of Canadian mortgages will renew in 2025–2026, with five-year fixed borrowers facing ↑ 15–20% payment increases.
~25% of borrowers could see payments drop, especially those with variable-rate, variable-payment mortgages.
10% of fixed-payment variable-rate borrowers may face payment spikes over ↑ 40% due to negative amortization.
Median mortgage debt service ratios will rise from 15.3% to 18% by late 2026.
Most borrowers can manage increases with income gains, amortization extensions, or home equity line access.