First Time Home Buyers Guide

Start by identifying the neighbourhoods, home features, and property types that best fit your lifestyle. Sit down with your family and have honest conversations about what’s essential — and what’s simply a “nice to have.” Knowing your priorities early will help guide smarter, faster decisions later.

Getting pre-approved helps you understand your purchasing power — but it’s just a starting point. A lender may approve you for more than you’re comfortable spending, which is why your personal budget from Step 2 is so important. The reverse can also happen: you might feel confident about affording a certain payment, but the lender may disagree based on factors like limited job history, low credit, or past financial issues.

You’re not locked into using the lender who pre-qualifies you, but the process is a helpful way to compare mortgage providers. Plus, a pre-qualified letter can strengthen your position in competitive, multiple-offer situations.

Your agent will schedule showings for properties that fit your criteria and budget, carefully noting your likes and dislikes to fine-tune the search. They’ll guide you through the details — from storage and light switches to the overall flow of the home — helping you weigh the pros and cons of each option. Plus, they’ll ensure you have time to explore the neighborhood, considering factors like traffic patterns, parking availability, and proximity to amenities such as schools and grocery stores.

Once you’ve selected the perfect home and have your finances in order, your agent will help you craft a fair offer based on a comparable market analysis of recently sold properties. You’ll also discuss important details such as timing, conditions, and fees. After your agent submits the offer on your behalf, they’ll assist in negotiating any counteroffers until you reach an agreement with the seller.

An appraisal ensures you’re paying a fair price for your home. When your offer is conditional on financing, an appraisal is typically required to confirm the property’s value. Your mortgage provider will hire a licensed appraiser to inspect the property and provide an independent estimate of its worth.