Buying Your Next Home

All you need to know and understand before you buy your next home.

Don’t let buying your next home be stressful. 

Purchasing a home is often a complicated process, and selling can be worse. With everything that’s going on and all of the different parties involved, it’s hard not to think that there must be a better way. 

 

Look no further. We can take care of the entire process for you. We can manage all the unique relationships, take care of any administration and paperwork, and even implement bridge financing if needed. 

 

Take a look below at our guide to your stress-free journey to your new home. 

Your Next Home - Selling and Buying FAQ:

  • What are the costs associated with selling my existing home and buying a new property?

    Costs associated with selling your home and buying a new property can include, but aren’t limited to, realtor fees, legal fees, bridge financing costs, mover costs, HST, property tax, and discharge fees.

  • How can I calculate the down payment I can afford?

    We’ll review your circumstances and any fees you’re liable for based on your intended property purchase. Having assessed all of the costs associated with your sale and purchase, we can identify how much equity will remain for a down payment. 

  • Should I buy my new home before I sell my existing property?

    There’s no right answer here; it depends entirely on your situation and preference. 

     

    It is safer to sell your current property first, allowing you to use the proceeds of the sale to purchase your new home and know exactly what your budget will be. This risk associated with this is that you are not able to find a new home before the closing date of the sale. 


    Alternatively, you can buy your next home before you sell your current property. This can be riskier as you current property may not sell for its expected price, or not sell by the closing date of your purchase. This could mean that you are no longer eligible for the financing of your new home. Being unable to comply with the purchase agreement could land you in court, and, at this point, it’s not just your deposit you need to worry about. 


    Speak to us, and we can make sure that you pick the right option for your circumstances. 

  • Do the closing dates of our sale and purchase need to be on the same day?

    Not necessarily. Bridge financing options allow you to ‘bridge the gap’ between purchase and sale closing dates.

  • How much down payment will I need?

    You will need to have 5% of the first $500,000, and an additional 10% for anything greater. It is sometimes thought that after your first home, you would need 20%, but this is not true. 

     

    Down payments can come from your savings, inheritance, or it can be gifted. It is even still possible for this to be borrowed (from a loan or line of credit).

  • Is it possible for us to keep the same lender?

    We can look into portability options to see if it could be beneficial to port and blend (to extend your existing mortgage or end it and start a new term).


    Recent mortgage guideline changes in Canada mean that some lenders are no longer able to port and extend a mortgage as they previously were.

  • What are port and blend?

    Porting is when an existing mortgage amount is transferred while keeping the same rate, term, amortization, and balance. We will check the terms of your original mortgage to see if this option is available and whether it could be beneficial for you.


    Blending is like porting but also adds to your mortgage without incurring any breakage penalties. You will receive a new rate that will be a weighted (or blended) average of the amount being added (at current market rates) and that of your original mortgage.

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