Canada’s CMHC releases updated road map to homeownership
Canada Mortgage and Housing Corporation (CMHC) has released a guidance –Homebuying Step by Step– for Canadians which seeks to demystify the process of buying a home in Canada. It’s been revised to better reflect the realities of today’s housing market by illustrating how to assess financial readiness, providing tools to help prospective homebuyers calculate how much they can afford, and incorporating information about next steps, whether these are to make a purchase or make budget changes.
Because the decision to buy a home is a personal one, it’s difficult to offer advice that applies across the board. That is why the guide includes a complementary workbook to help potential homebuyers identify their specific housing needs and plan according to their budget, lifestyle, and goals.
- Guiding principles that help determine how much you can afford to spend on housing without putting your financial health at risk
- List of the upfront and ongoing costs of homeownership
- How to prepare for a meeting with a lender or broker, including key documents to bring
- Definitions of words to know when buying a home
- Explanation of mortgage basics and tips for managing your mortgage
- Tips for maintaining your home and protecting your investment
The complete guide is available for download on our website.
As Canada’s authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need and offers objective housing research and information to Canadian governments, consumers and the housing industry.
“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. Our step by step guide helps home buyers 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.” said Ina Wielinga, Knowledge Transfer Consultant, CMHC.
“Choosing to buy a home can be exciting but also requires careful planning. CMHC’s Home Buying Step by Step guide gives Canadians the tools and information they need to make informed decisions that they can feel good about.” said Claude Gautreau, Knowledge Transfer Consultant, CMHC.