In Canada, minimum down payment requirements are set by federal rules and increase with the purchase price, and homes purchased with less than 20% down require mortgage default insurance. The exact numbers can change, so it is worth confirming current requirements with a mortgage professional early in your search.

Pre-qualification is a quick, informal estimate based on numbers you provide yourself. Pre-approval is a more thorough process where the lender verifies your income, debts, and credit, and gives you a clearer sense of what you can borrow. Sellers take pre-approved buyers more seriously.

Start with your must-haves versus nice-to-haves: budget, location, commute, number of bedrooms, and lifestyle needs. Your REALTOR can set up alerts for new listings that match your criteria and help you evaluate each property beyond what photos show.

Closing costs are separate from your down payment and typically include items like legal or notary fees, land transfer costs, title insurance, and adjustments for prepaid property taxes. It is smart to set aside extra funds beyond your down payment to cover these.

Your REALTOR prepares a written offer that includes your proposed price, deposit, closing date, and any conditions, such as financing or a home inspection. The seller can accept, reject, or counter your offer, and your agent negotiates on your behalf throughout.

Before closing, most buyers arrange a home inspection to check the condition of the property and identify any repairs or concerns. This is also the time to review any conditions in your offer, such as financing approval, and to ask your REALTOR about anything in the seller disclosure or property history that needs a closer look.

Once your financing conditions are satisfied and any inspection items are resolved, your lender finalizes your mortgage and your lawyer or notary handles the title search and closing paperwork. On closing day, funds are transferred, the property is officially registered in your name, and you receive the keys.

A few things tend to catch buyers off guard here. Some properties, especially outside city centers, rely on well water or septic systems rather than municipal services, which can affect financing and inspection needs. Property taxes and assessments vary by municipality. And in a smaller market like Moncton, Dieppe, or Riverview, inventory in a specific price range or neighborhood can move quickly. Your REALTOR can walk you through what applies to any specific property you are considering.