CMHC Releases Updated Road Map to Home Ownership
Buying a home can be exciting, but it can also be a challenging and confusing experience. CMHC is providing guidance to Canadians who are considering buying a home with our updated Home-buying Step by Step guide, released today.
The interactive guide 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 access financial readiness, providing tools to help prospective home buyers 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.
Guide Highlights
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 home ownership.
– 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 the CMHC 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.
