CMHC releases an updated "road map to homeownership"
By Lucas on Mar 02, 2017
According to the Canada Mortgage and Housing Corporation (CMHC), purchasing a home can be a challenging and confusing experience, and they’re right. From unfamiliar mortgage calculations to words you’ve never heard before, every step of the homebuying process is like traversing an undiscovered territory. Recognizing that buying a home in 2017 is different than a few years ago, CMHC has released an updated Homebuying Step by Step guide.
“Mortgage rules and evolving markets have Canadians who are looking to buy a home asking important questions and they want answers that are tailored to them,” says Ina Wielinga, Knowledge Transfer Consultant, CMHC. “Our step by step guide helps homebuyers get to those answers by walking them through the process of buying a home — from figuring out their needs, to knowing their mortgage options, to moving day.”
The Homebuying Step by Step guide provides information on how to assess financial readiness, how to calculate how much you can afford, and how to prepare for each step of the process. Other highlights of the guide include a breakdown of upfront and ongoing costs of homeownership, what documents to have when meeting with a lender or broker, mortgage basics and tips, words-to-know, and home maintenance tips.
“Choosing to buy a home can be exciting but also requires careful planning,” says Claude Gautreau, Knowledge Transfer Consultant, CMHC. “CMHC’s Homebuying Step by Step guide gives Canadians the tools and information they need to make informed decisions that they can feel good about.”
Confidence plays a big role in the homebuying process. If you know the jargon, know what steps you need to take to get from start to finish, and understand that there are some unknowns and variables, then you can feel better about your homebuying decision.
We recently posted a list of tips on how to handle your home buyer’s remorse. With CMHC’s Homebuying Step by Step guide and our list, you can start the search for your new home with confidence and the process will be much smoother. You may not even need our buyer’s remorse tips because you’ll be so prepared and positive about your purchase.
In addition to the Homebuying Step by Step guide, CMHC also released an accompanying Workbook and Checklists document. Homebuying is deeply personal and subjective, so the Workbook and Checklists allow you to identify your specific housing needs based on lifestyle, budget, goals, needs, and wants.
At the beginning of February, we interviewed a couple who recently purchased their first home together. They ran into some issues with pre-approval because of a lack of homebuying experience, and they also took a while to decide on a floor plan (they bought new construction). We’re sure they would have appreciated this updated guide!
You can download the Homebuying Step by Step guide and the Workbook and Checklists for free from CMHC!
