Buying a home is a big decision. Ask yourself 5 questions before you decide if you’re ready to own a home.
- Am I financially stable?
- Do I have the financial management skills and discipline to handle this large a purchase?
- Am I ready and able to take responsibility for all the costs that come with being a homeowner?
- Can I devote the time to regular home maintenance?
- Am I new to Canada? There are several extra homebuying resources for newcomers to Canada.
Also consider the many pros and cons of owning versus renting a home.
Pros |
Cons |
|
|---|---|---|
| Freedom to renovate | Ongoing costs including property taxes and insurance | |
| Ability to build equity in a safe and secure investment | Increased monthly payments if interest rates go up | |
| Potential for rental income | Possibility of unexpected and costly repairs |
Source: CMHC SCHL Buying Guides
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