I want to buy a home.
Where do I start?
Owning a home is an important goal, and it’s also a significant investment. You should start with a careful analysis just like you would any other investment.Search our Royal Pacific Property listings to get an idea of what homes are worth in the neighbourhood of your choice. Then using our Royal Pacific Realty mortgage calculator, compare monthly home ownership costs with rental costs.
How does owning a home
compare to renting?
Typically the rent you pay increases at roughly the rate of inflation. This means your rental costs never decrease and you can’t recover any portion of your rent once you have paid it to your landlord.When you buy a home, your equity increases with each mortgage payment made and grows until you own your home. Typically you can also recover improvement and maintenance costs when you sell the home since you will see an increase in sales price.
How much of a down
payment do I need?
How much of a down payment do I need? Save as much of a down payment as possible. Although there are lenders who will give you a mortgage with no money or just five per cent down, it benefits you if you have at least a 20 per cent down payment. The government requires mortgage insurance for any down payment of less than 20 per cent. If you don’t have a down payment, read 15 ways to leave your mother for some useful tips.
Are there other costs
associated with buying
a home?
Yes. It all adds up. Here are some typical closing costs.

  • The deposit: when you make an offer to purchase, you must place a deposit, which could be as much as 5% of the purchase price. On a $500,000 home: $25,000.
  • Mortgage insurance: if your down payment is less than 20% your financial institution will need mortgage loan insurance. You will be required to pay the premium.
  • The property appraisal: your financial institution may require a property appraisal to estimate the value of the home. $500 or more.
  • The survey: your financial institution may require a survey. $1,000 or more.
  • The home inspection: you and your financial institution will likely want to have a professional home inspection. This may cost $300 or more.
  • Legal fees/notary public fees for conveyancing and related. $1,000 or more.
  • Estoppel certifical fees for condominiums: $100 or more.
  • The Property Transfer Tax: this is a government tax payable when you register title, unless you are an eligible first-time buyer. The tax is 1% of the first $200,000 and 2% of the remainder.
  • Property insurance. Cost: $500 or more.
  • Moving costs, cable, phone and utility hook-up.
  • New appliances, gardening (lawn mowers, hoses, rakes, shovels).
How do I choose a home?The best way is to talk to a Royal Pacific REALTOR®. They will help you decide on the type of home – detached, duplex, townhome, or condominium – and the neighbourhood based on your needs and what you can afford.