​6 steps to buying your first home

1. Save for your down payment

Aim to save at least 20% of the purchase price, and borrow the rest from the bank. This type of loan is called a mortgage.

2. Make sure your credit report is in good shape

To qualify for a mortgage, you will have to pass a credit check. Order a copy of your credit report and check it for errors.

3. Get pre-approval for a mortgage

Get pre-approval in writing. This will give a seller more confidence that your offer will go through because you have financing arranged.

4. Shop around

Go to open houses. View a variety of properties. Explore different neighbourhoods and rank them based on your priorities.

5. Get financing arrangements in writing

Understand how your mortgage works – fixed or variable rate, payment schedule, fees and any special conditions.

6. Check the documents carefully

When you're ready to buy, review all documents related to the purchase with a real estate lawyer. You're signing a binding legal document.