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Professionals who can help you with home buying
Because purchasing a home is probably the biggest investment you will ever make, youll definitely want a team of professionals working with you throughout the process. The Real Estate Agent Helps you find the ideal home Writes an Offer of Purchase Negotiates on your behalf Gives you important information about the community Can help you plan the home inspection The Lawyer/Notary A lawyer (or a notary in Quebec) protects your legal rights. He or she will review all contracts before you sign them, especially the Offer (or Agreement) to Purchase. Remember that a lawyer/notary should: Be a licensed, full-time lawyer/notary Be local and understand real estate laws, regulations and restrictions Have realistic and acceptable fees Be able to explain things in plain language The Home Inspector Performs an inspection of the visible components of the home Tells you the condition of the house; what is working properly; what needs to be changed; what is unsafe; and what repairs need to be made Can tell you where there may have been problems in the past Usually belongs to a provincial or industry association
CMHC’s 2017 Mortgage Consumer Survey
In March 2017, CMHC completed an online survey of 3,002 recent mortgage consumers, all prime household decision-makers who had undertaken a mortgage transaction in the past 12 months. Sixty-five percent had undergone a mortgage renewal, 15% had refinanced their mortgage, and 20% had purchased a home with mortgage financing (11% First-Time Buyers and 9% Repeat Buyers). CMHC has conducted this survey since 1999. It is the largest and most comprehensive survey of its kind in Canada. The Home Buying Process Sixty-four percent of First-Time Buyers indicated they were renting before purchasing, and 34% lived with family. Wanting to buy their first home (37%) and feeling financially ready (31%) were the most important reasons First-Time Buyers gave for purchasing a home in the past year. Low interest rates was the most important reason noted by Repeat Buyers at 33%. Fifty-three percent of buyers were aware of the latest mortgage qualification changes, and 19% noted that it impacted their purchase decision. For example, 11% of buyers said they increased their down payment, 6% purchased a smaller home, 5% purchased in a dfferent location, and 3% delayed their purchase. Buyers interact with a wide variety of people, and are most likely to consult a real estate agent (72%), or look to a family member or mortgage lender for advice (both at 57%). Forty-one percent reported interacting with a mortgage broker. Of all interactions, real estate agents were noted as most valuable. Seventy-one percent of First-Time Buyers accessed savings for their down payment, while 18% received a gift from a family member. Click here to read more....