Genworth Series: Finding the Right Home

There's no one "right way" to go about finding a home. But here are a few tips that may make the process a little easier and remove some of the anxiety associated with making what is, for most people, their largest single purchase in life.

There are different ways to find the right home. First, there are many local magazines and brochures dedicated to advertising available properties. Most newspapers also have a real estate section.

Many people in Canada also get in touch with a real estate agent or builder when they are thinking about buying a home. They are trained to help you find a suitable home, and to assist you when you are ready to buy.

The Internet has become an indispensable tool when searching for properties in Canada. The primary website is Multiple Listing Service (MLS). It is run by the Canadian Real Estate Association (CREA) on behalf of member REALTORS© and contains no advertising. Hundreds of thousands of properties can be found there, and it is possible to narrow searches by location, price, type of house, and features.

Most information you will require for each home listing is available on MLS, often including photos or video of the home's exterior and interior. Houses for sale by owner are not listed on MLS but can usually be found through individual websites or by visiting neighbourhoods of interest and looking for lawn signs that typically say 'For sale by owner'.

Types of Housing

There are various types of properties you can buy in Canada. In each case, you are responsible for making the mortgage payments as well as paying the bills for your specific unit. Below is a list of several housing types.

Condominiums

While condominiums are generally found in apartment buildings, other types of properties, for example, townhouses may also have a condo ownership model. You own the unit, or ‘condo,’ but you do not own the land it is built on or any common space outside your unit. You are charged monthly "condo fees" to maintain indoor and outdoor common areas shared by the condo owners, including parking areas, elevators, carpets, front entrances, and any recreation facilities. These monthly fees can vary widely and are in addition to your mortgage payments.

Detached House

This is a house that stands on its own. It is often referred to as a 'detached' home and tends to be the most expensive type of home to purchase due to the land costs. You own both the house and the land it is on. When your house needs repair or maintenance, you must pay for it yourself. Single houses appeal to a wide array of people, including families with children and generally provide more space and privacy than other unit types.

Townhouse

A townhouse is a unit in a row of other units that look like houses that attached to each other. In each unit, you share a wall on either side with the people who live beside you. Often, especially in cities, there may also be a smaller unit above each townhouse, so there could also be someone living above you or below you. Townhouses (sometimes called row houses) are usually two or three levels tall (each level is called a ‘storey’).

Semi-detached House

This is a home joined to another on one side. Owners are only responsible for the care and maintenance of their own side, just like a detached house. Owners of semi-detached homes own their side of the property, including the land it is on, and are responsible for its care and maintenance, according to local bylaws. Semi-detached houses appeal to people who want to own their own house as well as the land it is on.

How to Find a Homebuilder or Real Estate Agent

Often, when buying a new home, you'll deal with a builder/contractor. If you're buying a resale home, however, you'll probably encounter a real estate agent. Consider the following questions when looking for a Builder:

How to Find a Builder

What is the builder's reputation?

How long have they been in business?

Is the company a member of an industry organization or association (such as the Canadian Home Builders' Association)?

Are they licensed in the province where you intend to live?