Decide if Homeownership is Right for You

Buying a home is a big decision. Ask yourself 5 questions before you decide if you’re ready to own a home.

  1. Am I financially stable?
  2. Do I have the financial management skills and discipline to handle this large a purchase?
  3. Am I ready and able to take responsibility for all the costs that come with being a homeowner?
  4. Can I devote the time to regular home maintenance?
  5. 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.

Buying examples
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
Renting examples
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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