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2 Jul

Home-buying can be very intimidating, it helps to know the process:


Posted by: Chase and Debbie Belair

While this post is geared towards the first time home-buyer, the information within is relevant for any and all potential and current home-buyers.

  1. Get pre-qualified by your bank and/or a mortgage broker to determine maximum affordability and address any potential issues. This step may also include a rate-hold to protect you in the event that mortgage rates rise during your home-search.
  2. View listings online( is my favourite resource), and those provided by your realtor to determine which ones you wish to go see. This process can take anywhere from a day or two, to up to many months. (Don’t hesitate to ask me who my favourite Ottawa realtors are!)
  3. Once you find the perfect home, you can put in an offer. In most cases, your realtor will include a clause within the offer for: Financing, Inspection and anything else your realtor may recommend. This clause provides you with 5-10 days(you can choose the exact timeline) to make all necessary arrangements with regards to your mortgage, a home inspector, etc. It’s important to know that there is still no cost or obligation involved at this point, you can back out of the offer at anytime during this period and your deposit will be returned to you(important to note that it can take up to 4 weeks to get your deposit back).
  4. Once your offer is accepted, your realtor will forward me a copy so that I can obtain a full approval. A formal approval often has better rates and terms than a pre-approval.
  5. Once all arrangements have been made to your satisfaction, you may then “firm up” on your offer to Purchase. Once you “firm up” by waiving your conditions, you may no longer back out of the transaction and there is now a cost and obligation to proceed.
  6. From here, while you await your scheduled closing date, your lawyer and myself will be doing all of the work behind the scenes so you can focus on the important things.

Three main perks of being a First Time Home Buyer:

  1. Home Buyers RSP Plan – Here’s a really great video produced by RateHub that walks you through how it works. Buying your first home is the only opportunity that you will have to take advantage of this program. Take a peak and don’t hesitate to ask me any questions:
  2. Land Transfer Tax Refund – $4,000 off the Land Transfer Tax that would be payable on your closing date through your lawyer.
  3. First-time Home Buyers’ Tax Credit – Claim up to $5000 for a maximum refund of $750 while filing your income tax for the tax year that you first purchased in.

By Chase Belair, Mortgage Agent, Licence #M11001814

Independently Owned & Operated as Brokerage #12236