Personal finance

Thinking of buying a home? Here are the experts you'll need

March 20, 2023

So you’ve decided to get into the market, but you need help finding your dream home or condo. You can count on a range of experts to help make it happen.

Personal finance advisors

A personal finance advisor will assist you throughout the entire home buying process. First step: After drawing up a budget, set up a meeting with your advisor to get a mortgage preapproval. You’ll need to be preapproved before you can start shopping for a home. A preapproval tells you the amount your financial institution will lend you to buy a home, based on an analysis of your situation. The value of the property you can buy will depend on your borrowing capacity and your down payment.

Your down payment can come from your savings, your FHSA, your TFSA or even your RRSPs, through the Home Buyers’ Plan (HBP). With your advisor, you can decide on the strategy that’s right for you.

Once you’ve found your ideal home, your advisor will help you choose the mortgage financing tailored to your situation. To get a better idea of how much you can afford to pay for a home, use our calculation tool.

Tip

Avoid buying a property that costs the maximum amount allowed by your financial institution. Your budget should always include a cushion for unexpected events, such as job loss or renovations, and allow you to save for other things too.

Sales networks

Using a real estate broker

A real estate broker uses their market knowledge to refine and speed up your search by asking you the right questions about neighbourhoods, property styles, prices and proximity to public transportation and schools. In addition to helping the transaction go more smoothly, they also provide information and advice at all stages of the home-buying process. Some real estate brokers are independent, but most work under a real estate banner.

Without a broker

Agent-free transactions allow you to contact and negotiate directly with the seller, at your own pace. This way you don’t pay a sales commission. You might want to consider buying a property without a broker if you’re knowledgeable about real estate and want to handle the purchase process on your own. DuProprio has a platform that provides support for real estate sales without an agent, guiding consumers through the process.

Contractors

Are you buying a new house or having it built? Make sure the work will be done by a contractor accredited by the Régie du bâtiment du Québec (RBQ). Be sure to check their references and history, find out if any complaints have been made against them, and make sure they provide a new home warranty.

Garantie de construction résidentielle (GCR)

Inspectors

You’ve found your dream home, so now it’s time to make an offer. An offer is conditional on an inspection performed by a home inspector, at your expense. To find an inspector, you can ask professional associations, orders or bodies whose members offer this service and who follow professional standards.

The inspection report will give you a clear picture of the overall condition of the property and alert you to any defects that could reduce its usage or value. You’ll then be able to arrange for an evaluation of the cost of repairs and adjust your offer accordingly. If you ask the homeowner to do any of the work, ensure that the repairs are done properly, and keep any invoices.

Surveyors

Whether you’re looking for a property downtown or at the end of a country road, the seller must provide a certificate of location from a land surveyor. This document includes a lot of important information, like the description of the land and building and any irregularities or easements. For example, you might discover that the fence encroaches on your neighbour’s property. For an existing home, the inspection report must be recent and show the current state of the building.

Financial institutions also require this certificate to grant mortgage financing.

Notaries

The notary will work together with you, the seller and your financial institution to take the necessary steps to verify the title deeds, pay property taxes, register the deeds of sale and hypothec and pay the seller’s creditor.

You might also want to consult the notary as soon as you start the process. They can help with various things, like preparing or verifying your purchase offer. Also, if the seller requires a deposit, the notary can keep it in their trust account until the deed of sale is signed.

If you’re buying a new house or having one built, your notary can advise you on what measures to consider to prevent the filing of construction liens. They’ll advise what to do if a contractor, sub-contractor or materials supplier files a construction lien on your property.

Condominium association

If you’re looking for a condo, ask for documents or information about the building or condo association, such as recent minutes of the board of directors and rules. Although you may be swayed by an attractive price and the size of the gym, discovering there’s only a tiny contingency fund or that major repairs are needed could mean you’re on the hook for thousands of dollars in unexpected expenses after you buy your unit.

Contractors

Are you buying a new house or having it built? Make sure the work will be done by a qualified contractor with the necessary licences and certifications. Be sure to check their references and history, find out if any complaints have been made against them, and make sure they provide a new home warranty.

Tarion

Inspectors

You’ve found your dream home, so now it’s time to prepare an agreement of purchase and sale, which is conditional upon an inspection performed by a home inspector, at your expense. To find an inspector, you can ask professional associations, orders or bodies whose members offer this service and who follow professional standards.

Surveyors

Financial institutions also require this certificate to grant mortgage financing.

Lawyers

Your lawyer, with input from the seller’s lawyer (if they hired one) and your financial institution, prepares the assignment agreement and mortgage of land, and takes the steps that allow you to get mortgage financing and good title to the property.

You might also want to consult the lawyer as soon as you start the process. They can help with various things, like preparing or verifying your purchase offer. If you’re buying a new house or having one built, your notary can advise you on what measures to consider to prevent the filing of construction liens. They’ll advise what to do if a contractor, sub-contractor or materials supplier files a construction lien on your property.

Condominium corporation

If you’re looking for a condo, ask for documents or information about the building or condo corporation, such as recent minutes of the board of directors and owners meetings, rules, by-laws and policies. Read and reread them! Although you may be swayed by an attractive price and the size of the gym, discovering there’s only a tiny contingency fund or that major repairs are needed could mean you’re on the hook for thousands of dollars in unexpected expenses after you buy your unit.

And now you know all the experts you’ll need! To prepare for a meeting with one of them or learn more about the steps involved in becoming a homeowner, go to the Buying a home section on our website.