Listing Notifications


Home Ownership1(NC)—First-time buyers have a lot to consider as they forge into the world of home ownership. According to the recent RBC Home Ownership Poll, four-in-10 Canadians are looking to purchase their first house within the next two years – and many wonder where they should begin.

“Purchasing a home is often the biggest financial decision in a person’s life, so it’s important to take your time, set realistic goals, assess all the costs and get the right advice before you buy,” said Rachel Wihby, a strategy manager for first-time home buyers at RBC. Take a look at her answers to the most commonly asked questions:

1. Am I ready?

A home purchase is an emotional and financial journey that marks a key milestone in life. Are you ready for the responsibilities and upkeep associated with owning a home? Do you have a stable income? Have you saved up enough for a down payment? Be honest with yourself about your current lifestyle to gauge your readiness and ability to put together a good down payment.

2. Can I afford it?

While you may feel pressure in a competitive market to just buy something, fight that feeling and buy only when you find a property that meets your needs and lifestyle within your price range. Review your household income and current debt and remember to budget for closing costs, land transfer fees, property tax and everyday expenses. Talk to your bank about a mortgage pre-approval so you know exactly how much you can borrow and afford.

3. Who can help me?

Most often, first-time homebuyers turn to family and friends who have already been down the same road. Your realtor or banker can help you get a sense of the market and financing options. Arming yourself with more information and planning ahead can help you confidently navigate this first time journey so you can land the home of your dreams.

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