The first thing to keep in mind is that buying a home is never a simple proposition. Not only do you need to consider your budget, lifestyle and location, you need to look at the many housing and mortgage options. Do you want a new home or a resale property? A detached home, a condo, a townhouse or a mobile home? What about your mortgage? Do you want it open or closed? Long or short-term? Fixed or variable? Special features like pre-payment options, portability or assumability? What about mortgage insurance? What should you expect from your real estate agent, lender, lawyer, notary, home inspector and builder?

If it sounds complicated, it is. But by doing your homework and carefully looking at all of your options, you can make an informed decision about home ownership. Whether you decide to buy now, later or not at all, the more research you do, the more certain you can be that you’ve made the right choice.

To help you make these tough decisions there is a free guide made available by Canadian Bankers Association. I encourage you to read this guide as it provides you with valuable information and tips. You can read the guide in its entirety by downloading it right from this website. You can alternatively order a hard copy from CBA.