A PLACE TO CALL HOME. A PLACE OF YOUR OWN. You’ve made Canada your new home and now you’re looking for a place of your own. Buying a house is an exciting experience that can be both rewarding and challenging. As Canada’s national housing agency, Canada Mortgage and Housing Corporation (CMHC) has been helping Canadians – including new Canadians like you – access a wide choice of quality, affordable homes for over 70 years.
We’ve designed this guide to make homebuying decisions easier for you by providing the information you need.
WHAT CANYOU AFFORD? Before you begin shopping for a home, it’s important to know how much you can afford to spend on homeownership. You will want to plan ahead for the various expenses related to homeownership. In addition to purchasing the home, other main expenses will include heating, property taxes, home aintenance and renovation as required. Lenders and mortgage brokers are homebuying financial specialists who can work with you to establish how much you can afford.
For more on this, refer to Getting Pre-approved Before Shopping in the Financing Your Home section of this guide. If you want to do some calculations on your own, simple calculators and worksheets are available on the Web to help you determine your maximum home price and related monthly payments. Visit www.cmhc.ca and type “mortgage calculator” or “financially ready” in the search box.
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