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 |
| Pros | Cons |
|---|---|
| Less maintenance and repair costs | Monthly payments may increase year after year |
| Lower monthly upfront costs | The risk your lease won’t be renewed |
| Shorter-term commitment | Paying someone else’s mortgage |
If you’re still unsure about buying a home, check out the renting guide.
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