How to Buy a Home – The Basics

This video covers the following learning objectives:

• Explain the process of purchasing a home and the factors to consider when choosing a home.

  • Covered by outlining the step-by-step process: from budgeting and deciding on property type and location, to hiring an agent, making an offer, completing inspections, and finalizing the purchase.

  • Includes practical decision-making advice (e.g., comparing renting vs. buying, considering resale value, and budget guidelines).

• Describe the mortgage application process and the types of mortgages available.

  • Introduced in Step 7: “Finalize the Mortgage,” covering pre-approval, commitment, CMHC insurance, documentation, and the appraisal process.

  • While full mortgage types are saved for a follow-up video, this script introduces foundational mortgage decisions.

• Understand the costs associated with purchasing and owning a home.

  • Covered through budgeting guidelines, discussion of down payments, and a breakdown of closing costs (legal fees, land transfer tax, prepaid adjustments).

  • Tips on saving and budgeting throughout the process reinforce this objective.

• Identify important considerations when selecting a real estate agent.

  • The inserted section on how to choose a real estate agent offers clear decision-making criteria, questions to ask, red flags, and licensing info—enhancing decision quality.