Owning a home is considered one of the best long-term investments in Canada. Despite recent interest rate hikes by the Bank of Canada, many first-time buyers are eager to enter the housing market. Here’s what you need to know as you close on your first home.

Make a Bid Quickly

If there’s a deadline for bids, you’ll need to act fast. Your real estate agent can guide you through this process. In a hot market, time is of the essence.

Bidding War? Rebid If Necessary

Bidding wars are common in competitive markets. Be prepared to rebid if necessary to secure your desired home.

Sign Purchase Agreement

Once terms are agreed upon, sign the purchase agreement. Note cooling-off periods in some provinces, such as a 3-day period in BC and a 10-day period for pre-sale condos in Ontario.

The Waiting Game

Typically, you have around two months before closing. Use this time to notify your landlord, arrange movers, get insurance, and notify utilities of your new address.

Finalize Mortgage Details

Contact your mortgage lender immediately to finalize paperwork. Ensure you have enough time to address any potential issues.

Arrange a Walk-Through

Schedule a couple of walk-throughs to measure spaces, choose paint colors, and inspect the property. Have a final inspection just before closing.

Finalize with Your Lawyer

Work with your real estate attorney to sign final papers and resolve any issues, such as title search problems. Insist on title insurance.

Confirmation from the Seller

On closing day, wait for the seller’s attorney to confirm receipt of all funds before picking up the keys from your lawyer.

Moving In

If possible, delay moving in for a few days after the previous occupants leave. This allows for a smoother transition and time to perform essential tasks like painting and cleaning.

Final Thoughts

The final steps of buying a home can be challenging. A real estate agent can help navigate the process, ensuring a smooth transition to homeownership.

Ready to buy your first home? Let RealtyMan guide you with expert strategies and market insights. Contact us today to see how our experienced team can help you achieve a swift sale at the best possible price.