We know you probably have plenty of questions — and you’ve come to the right place! Buying your first home is an exciting milestone, but it also comes with responsibilities like mortgage payments, property taxes, and ongoing maintenance. That said, there’s nothing quite like having a place you can truly call your own.

To help you get started, here are some common questions first-time home-buyers ask:

How do I know if I’m ready to buy a home?

Owning a home means being financially and mentally prepared for both the purchase and future responsibilities. Beyond the down payment and closing costs, you’ll need to plan for ongoing expenses like repairs, maintenance, insurance, and property taxes. If you’re ready to take on these commitments and invest in building long-term equity, you’re likely ready to buy your first home.

How do I figure out how much I can afford?

Your income is the most important factor in determining what you can comfortably afford. Be careful not to stretch your finances too thin — if your monthly mortgage payments consume most of your income, it can lead to unnecessary stress. It’s always better to choose a home that fits within a realistic budget while leaving room for other expenses and savings.

What should my debt-to-income ratio be?

In general, your total debt (including car loans, credit cards, and other obligations) should not exceed 40% of your gross income. Your housing costs (mortgage, property tax, utilities) should ideally stay below 32% of your income. Keep in mind, housing prices vary significantly across the GTA, so what you can afford in Mississauga might differ from Toronto or Vaughan.

What details should I consider beyond price?

After buying a home, day-to-day responsibilities kick in. These may include lawn care, snow removal, garbage disposal rules, and neighbourhood by-laws. Some homeowners love this sense of ownership, while others may prefer a condo lifestyle where these tasks are handled by the building. Be sure to discuss these lifestyle factors with your real estate agent before making a decision.