So You're Ready to Purchase a Home...

Whether a first-timer, or a seasoned relocator, you've decided it's time to invest in the great Canadian/American dream of property ownership. And whether this is the purchase of your first home or your tenth, there are a number of factors involved in the process that you should be either introduced to, or reminded about. The following information should help make you a confident expert!

Purchasing a home involves both one-time costs and ongoing monthly expenses. The largest one-time cost is the downpayment which usually represents between 5% and 25% of the property's total price. A number of typical one-time expenses are addressed in the Guide to Closing Costs. Other costs may include landscaping, redecorating, furnishings, appliances and repairs. Typical monthly costs of home ownership would include mortgage payments, maintenance, insurance, condo fees, property taxes and utilities.

The most certain way of determining your home-hunting price range ability is to discuss your particular situation with a mortgage expert. This resource will be able to take a look at your income, assets and liabilities, and give you, and your Realtor, the price range of property that you can afford. Your mortgage expert will answer your questions and help you determine which financing terms and options are right for you.

Having a pre-approved mortgage will give you the confidence of knowing exactly what you can spend on a home before you start looking. You will also be protected against interest rate increases while you look for your new home. A few suggested local motgage experts are included on the Local Services page. If you are a first-time buyer be sure to ask your mortgage expert about the Ontario Home Ownership Savings Plan (OHOSP).

Changing Markets

The real estate market is continually changing. The nature of your experience, as a buyer in the marketplace, will be determined by the market conditions at the time. A Buyer's Market is one where the supply of homes on the market (inventory) exceeds demand. A Buyer's Market is characterised by a large inventory, homes on the market longer, and dropping prices. In a Buyer's Market purchasers have more to look at, can take more time shopping, and enjoy greater negotiating leverage.

A Seller's Market is one where the number of buyers exceeds the supply of homes, and is characterised by a small inventory, many buyers, homes selling quickly and as a result of multiple offers, and increasing prices. In a Seller's Market buyers may have to pay more and make quicker decisions. Conditional offers may be more often rejected. Aurora, and the Greater Toronto Area, has been experiencing a decidedly Seller's Market since the beginning of 1999.

A relationship with a full-time professional residential sales representative is your best way to find that ideal new home. Your agent can educate you in the home buying process, and locate all suitable properties through the MLS system, regularly monitoring the marketplace for new properties and notifying you immediately via telephone, fax or email. Your agent will make all arrangements to view selected properties, and help you to determine if you have found the right home by providing you with a CMA (Comparable Market Analysis) for the property.



Ray and I don't know where to begin to thank you for all your hard work and dedication in listing and selling our house (in 3 days). We have recommended you to friends and will do so for years to come.
~ Ray & Doreen

What's my home worth?

Wondering what your home is worth in today's market? Pricing your home to sell quickly and for the most amount of money are the key ingredients for a successful and stress-free selling experience.