Easy Guide to Your Dream Home – Find Real Estate Bliss in Canada

Posted On March 7, 2024

Is 2024 the year you find your home-sweet-home in Canada? Well, we say yes! And this easy guide to your dream home tells you exactly what you need to know to make it come true.

Today, the Bank of Canada announced that it is holding the Key Interest Rate at 5%, which aligns with industry expectations. More good news: Real Estate Canada is shifting to balanced market conditions, and buyers are letting go of their wait-and-watch approach.

If you wish to buy a home, you should be prepared to invest some time and effort before talking about money. And so, before the average price of Mississauga homes for sale goes sky-high, let us guide you on a quick tour of the home-buying process.

But first, let’s take a look at Ontario and the GTA Market.

The Magic of Ontario

Ontario is among the most popular Canadian provinces and is home to the country’s capital city, Ottawa. However, it is the Greater Toronto Area (GTA) that attracts a diverse population. Toronto, Brampton, Mississauga, the Kitchener-Waterloo-Cambridge region, Hamilton and more – all these cities are beacons of hope and wealth for an ever-growing number of people. In fact, nearly 40% of all Canadians call Ontario home and, of course, wish to buy their own slice of real estate.

A Glance at the GTA Market – Feb 2024

In February 2024, the Greater Toronto Area (GTA) saw a mixed trend in home prices.

The Toronto Regional Real Estate Board (TRREB) reported that the average home sold price in the GTA increased to $1,108,720.

Breaking down the numbers, detached home prices increased to $1.44 million, while semi-detached homes saw a 5.1% increase to $1.12 million. Freehold townhouse prices decreased to $1.03 million, and condo apartment prices dipped by 1.4% year-over-year to $695,000.

The average home price in the city of Toronto reached $1,072,528. Not all the towns followed the same trend, with Mississauga’s average prices dropping to $996,259. Brampton’s average home price remained relatively stable at $1,033,673 but showed an increase compared to last month.

Buying a House in the GTA

Overall, GTA markets reflected a diverse landscape – while some areas like Toronto witnessed significant price jumps, others experienced slight declines or remained relatively stable. What does this mean for you as a first-time homebuyer looking at semi-detached houses for sale in Mississauga?

With a bit of research, planning, and the right resources, you can find the house of your dreams and fall in love with your new home. While we are focusing on Ontario cities in this guide, the process is more or less the same across the country. Your local Realtor should be able to help you with the specific particulars of your property.

This easy guide to your dream home starts right from where most purchases begin – Money!

Money, Money, Money….

We are sure you have heard this before, but you cannot start the home-buying journey without ruthlessly assessing your finances.

Carefully calculate your cash flow – monthly income, recurring expenses, outstanding debts, savings, and credit score. A solid financial foundation will increase your chances of securing a mortgage.

The common rule of thumb advises allocating a maximum of 30% of your gross monthly income to housing spending, ensuring you have enough left for everyday expenses like food and transportation. Calculate your budget by following these steps:

1) Determine 30% of your monthly income.

2) Subtract recurring expenses and debt obligations.

3) The remaining amount is your monthly housing budget.

Extra expenses, including the land transfer tax, legal fees, and moving expenses, must be considered for a more accurate home-buying budget. Don’t forget ongoing homeownership costs like taxes, insurance, and maintenance. Whether you’re looking at Toronto houses for sale or elsewhere in the GTA, these expenses should be accounted for in your budget.

Define Your Parameters

Cutting through the real estate maze requires knowing what you’re looking for. The easiest way to do that is to assess your current living space to identify what you like, what’s lacking, and any desired features.

Once you have a fair idea of what you are looking for, write down your must-haves and deal-breakers. Think about the number of bedrooms and bathrooms you need and any specific features that are important to you. Keep in mind your lifestyle, family size, and future plans. By defining your needs and wants as clearly as possible, you can focus only on the properties that align with your search parameters.

Learn the Local Housing Market

Once you have a better idea of your finances and the property you want, it’s time to explore the local housing market.

Research neighbourhoods to find the ones that suit your lifestyle – include factors like proximity to work, amenities, safety, and future development plans. Refine your search by price, location, and specific features. Use online resources like the best real estate websites in Canada to gather information about different areas – for instance, a house for sale in Kitchener.

A licensed professional can provide tailored support throughout your house-hunting journey. A local agent can easily access exclusive listings, schedule personalized showings, and negotiate offers on your behalf. Before hiring an agent, seek referrals or research online to ensure they are registered with the Real Estate Council of Ontario.

Visit Open Houses and Schedule Showings

Once you have a shortlist, visit open houses or schedule showings. Take notes and pictures to compare properties later and to help you decide.

Open houses are an excellent way to get a feel for the property while checking out various neighbourhoods. Pay attention to the condition of the house; assess the layout, natural light, and neighbourhood to determine whether you would like to live there.

You can also book private showings if open houses are not an option. Make enquiries about maintenance, assess storage space, and consider possibilities of future expansion. Mark any red flags that you notice.

Get a Pre-Approved Mortgage and Make an Offer

Before making an offer, get pre-approved for a mortgage – this step makes sure you are seen as a serious buyer and provides a clear understanding of your buying power. Use a mortgage calculator for an initial analysis and then contact lenders or a mortgage broker to find the best rates and terms for your needs.

Hire a professional inspector to go over the property thoroughly and identify any issues or potential repairs to help decide on the offer price. Your offer should be fair and competitive, taking into account a comparative market analysis and the property’s condition. Include any relevant contingencies like financing, home inspection, and selling your existing home.

A real estate lawyer can help ensure the legality and accuracy of your offer. They will draft and review the offer, protect your interests, and provide guidance during negotiations and finalization of the offer.

Negotiate and Close the Deal

To successfully negotiate and close the deal, approach any counteroffers carefully to ensure all parties are aligned. Clear and transparent communication is paramount to effective negotiations.

Once you agree on an offer, consult a real estate lawyer to review the Agreement of Purchase and Sale. Complete the requisite paperwork, including mortgage applications, deposits, property title searches, and insurance arrangements.

Your mortgage lender and legal advisor will help ensure that all aspects of financing and legalities are correctly addressed. The payment of closing costs, including legal fees and taxes, marks the seamless ownership transition.

And That’s It! You Are a Homeowner!

Congratulations! You’ve successfully found and purchased your dream house for sale in Brampton.

It is time to make your house a home. Personalize your space and create a warm and inviting atmosphere for you and your loved ones. And call your friends and family over to celebrate your new abode.

Finding a house for sale in Mississauga or other GTA cities can be an exciting and rewarding journey, especially when you approach it with the right mindset, knowledge and guidance.

With this easy guide to your dream home, start your search today and let your instincts lead you to your perfect home in Canada. As always, we recommend you contact us to help make the journey easier.