First Time Home Buyer



Did you know that the majority of first-time homebuyers are Millennials? That’s right; those born between 1980 and 1995 now represent a 77 per cent of homebuyers purchasing for the first time. Here are five tips for those entering the housing market for the first time.

First-Time Homebuyers’ Tip #1: No Perfect Time to Buy

Many Realtors or agents will tell you Spring/Summer is the best time to purchase. Yes it may be the most convenient for a move, but there is no historical data that shows market prices are cheaper during the summer months over the winter months. In fact, the opposite, you maybe able to find a deal of a homeowner who needs to get out of their home due to job move, family matters or divorce. Search for houses for sale in Yorkton SK using the MLS.

First-Time Homebuyers’ Tip #2: Get pre-approved for a Mortgage

Start your house search having obtained pre-approval for a mortgage. This shows you’re  a serious buyer, and lets you act quickly on a home you like without losing time applying after the fact. Mortgage pre-approval also helps narrow your search as you have your price range established. Additionally, if you find that perfect home/condo, go to put in an offer with condition of financing and another offer comes in without finance condition, guess whose offer is going to be accepted on that home?

First-Time Homebuyers’ Tip #3: Search the new neighbourhoods

Millennials are more committed to car-free lifestyles than the average Canadian. Accordingly, many condo developers have planned communities geared at diehard urbanites, with proximity to public transit, supermarkets, well-lit bike and running paths, dog-friendly green spaces and amenities such as bike lockers. Be sure to check out high-density condo communities to see what they have to offer for you.

First-Time Homebuyers’ Tip #4: Consider moving out of town

Many first-time homebuyers are trading big metropolises for smaller cities that are in the early waves of urban renewal. These emerging markets offer great deals, particularly on detached houses. For born-and-raised urbanites, these emerging cities can mean less culture shock versus heading to the ’burbs. Often these locations offer extensive public transit, a thriving cultural and retail scene, and easy access to the larger urban hub (which can be handy if you still work there).

First-Time Homebuyers’ Tip #5: Use social media to help find a home

Finally, don’t limit your house hunt to the MLS or real estate agent websites. The real estate market is a fascinating subject – as any HGTV junkie will attest! – and a number of bloggers are probably busy covering the very neighbourhoods in which you are house hunting. Googling “real estate blog” and your city, or specifically your dream neighbourhood, will yield a variety of options. They’re a great way to get sneak peek of exclusive listings and private sales, and to survey comparables and get a feel for your desired community.

Custom Build CondoBuying a newly built home is quite different from budding and buying an already existing apartment or condo. You do not need bidding and usually choose materials and furnishings for your new home. On the other hand, the price is often a bit higher and the wait for occupancy can be long. We summarize the process for you to buy condos for sale Regina SK.

1. Interest

Many builders receive interest reports on their site at an early stage, sometimes several years before sales start. You do not associate yourself with anything, but can thus get very good pre-information about the project and not least when it’s time for sales start.

2. Sales Process

When starting the sales process you are contacted to gauge pre-sales interest and invited to a showroom for a meeting. Information about the project is shared on a website and sometimes there is a showroom or similar close-up which you can visit to see models, drawings and sketches. You’re purchasing a home on speculation of the build, not an actual home you can see.

2. Booking agreement

If you are offered a residence, a booking agreement is signed and a booking fee is payable, which varies depending on the builder. The booking fee is part of the total amount and is deducted before paying the total amount at the residence. Before you pay the booking fee, you should have everything done with your bank: loan calculations, loans, etc.

New Home

3. Pre Contract and Fee

The pre-agreement is signed when the housing association has been formed and is an agreement between you as a buyer and the association. The advance fee is also deducted from the total. In some instances, lease agreements are signed directly, depending on how far the process has come.

4. Choices and options, visit to the residence etc.
As long as your home is being built, you will usually choose materials in the form of wallpaper, tiles, kitchen shutters and more. You often also visit a viewing apartment where you can see the materials in place, and when it comes to approaching, you usually also visit your own home to measure and the like.

5. Inspection

A few weeks before occupation, an independent inspector will check your home. Then it’s good if you’re in to see you have all your options in place, etc.

6. Grant Agreements

When the association’s financial plan is approved and registered and all permits are in place, the broker calls you to sign under the tenancy agreement. Then you will also receive information about the final payment, which will usually be paid no later than a few days before the date of access.

New Home Final

7. Final Inspection

Any month or two before occupancy is the time for final inspection. A quality manager participates in order to approve the entire contract, according to the Planning and Building Act.

8. Occupancy

Last time to move in!

9. Warranty Inspection

Warranty inspection takes place 2 years after approved final inspection. Any warranties that arise during the warranty period are noted and remedied. After this warranty period, the building itself is covered by a construction fuse insurance that applies for another 8 years after the warranty inspection has been completed.


If those living in your house formed a housing association and were offered to buy the property, would you like to buy your apartment? This question was asked for approximately 1,000 members of the Tenant Association.

Answers vary with age. Half of those who are 35 years or younger would like to buy their apartment, but only seventh senior citizens. It also depends on where you live.

If you are one of these people and are in need of a home in Regina, then give Search Regina MLS Listings to find you your dream home.

Metropolitan people are more positive than those in smaller towns. Those who rent private wards are more incubator than those living in municipal housing companies.

The issue is becoming more and more current. Only in the metropolitan areas, over 52,000 tenants have been homeowners in the 21st century and many new transformations are under way.

Profitability is also the main reason for those who want to buy their apartments. But such reasons do not matter to many. Many say it’s a good investment, but if you do not want to move you will not win and we do not live here to make money.

The second heaviest reason in the survey, that you get more influence over the accommodation, is also not so important to them. Even as a tenant you can do much for the interior if you want – and you do not have to take care of the property. “We do not have much contact with the neighbors, and I do not feel attracted to weekend weekends and to go out and hang out,” said one person in the survey.

– Are there any people who think that they are going to make a lot of themselves, or will they buy the services?

There are many question marks. Many are doubtful, but not sure that they are saying no.

“If the price is good and people know what they’re talking about, maybe we’ll buy,” says one tenant.

“You buy not only your apartment but your and your neighbors’ house, along with them. The shared responsibility can imply both opportunities and problems, “says consumer counselor Margaret Shapiro.

She is responsible for housing issues in a new condo association, where many rental rights have been converted into condominiums. She has had contact with many who are reluctant to buy or have had problems after a conversion.


Margaret Shapiro thinks it is important not just to think about the economy, but also on what neighbors one has.

– Is there any competence within the association to own and manage a house? A lot of members are required: to be able to run a board, to have legal, financial, management, procurement and so on. And you will have time and will and be able to get along.

One should ask if you want to own your house and basically start a management company with your neighbors.

For example, if the roof needs renovation, do you have the same view of when and how to do it?


– A common conflict of interest is that the younger think more short-term. They want to make money and move on, while the elderly want to invest more in the long run. Therefore, it is important to read all information, attend all meetings and ask questions.

Those who work for a conversion may not have the same management ideas as you. The bank can help review the association and your finances. “You need a different economic buffer than if you rent,” says Margaret Shapiro.


Facts: Think About Before You Do Buy


  • Do I want to own and manage a property with my neighbors?
  • Should major renovations, tribal swaps or similar be needed, and if so, can I stay in the meantime or arrange an evacuation apartment myself?
  • Do I manage the economy? Bring all the documentation to the bank, ask for an assessment and cost of living.
  • Do I have an economic buffer, maybe $ 20,000, if anything in the apartment breaks?
  • Can I manage to stay if I get sick or unemployed?
  • Will the apartment be sold if I want to move
  • Do I want to be a tenant of my neighbors if I do not buy?

Most common reasons not to buy:

  • Do not get loan 3%
  • Does not like the apartment 5%
  • Does not like the situation 5%
  • Do not want for ideological reasons 10%
  • Can not afford 23%
  • It is more comfortable to rent 34%
  • Other reasons 19%

The most common reasons to want to buy:

  • Do not want to live with the neighbors 5%
  • Children and grandchildren inherit the residence 6%
  • Get more influence over the accommodation 33%
  • More profitable to own 46%
  • Other reasons 11%