So, you’re thinking about making your house comfier or more energy efficient? Great! Did you know you can get rebates for a lot of home improvements? Depending on where you live, there are cost-saving government initiatives to help you pay for things like new energy-efficient windows, insulation top-ups, and heat pumps (among other things).
Depending on the program, you may need to do an EnerGuide energy efficiency home evaluation (also known as an energy audit) to qualify. And we’re going to tell you how to get one.
This article was originally published October 25, 2023, and has been updated to ensure the information remains accurate and relevant.
What is an EnerGuide energy efficiency home evaluation and why should I get one?
The EnerGuide energy efficiency home evaluation gives you a clear picture of how your home uses energy, identifies improvements that could make it more efficient, and may help you qualify for certain rebates.
You can have an audit done after you’ve bought a new place, when you’re planning a renovation, when your windows or furnace are nearing the end of their life, or if you simply want to make your home more comfortable.
“Audits are especially useful for older homes constructed when building codes weren’t as strict,” says Chris Barker, owner of Ontario-based ecostep Energy Services, specializing in home energy assessments. “My house is from 1929, and when I bought it 17 years ago, the attic insulation was R9. Today it’s R60, so upgrades can make a huge difference. Even homes that are 20 or 30 years old can benefit.”
To get an EnerGuide energy efficiency home evaluation, you’ll need to contact a service organization registered with Natural Resources Canada (NRCan) to schedule an evaluation with a registered energy advisor. You can find approved providers through the official Natural Resources Canada Service Organization Directory. If you need both a pre- and post-retrofit evaluation, NRCan says the combined cost averages between $600 and $1,000, though costs vary depending on the service provider and where you live.
What happens during an energy audit?
1️⃣ The pre-project assessment
A registered energy advisor does a top-down inspection of everything from the attic to the basement, and tests for airtightness. A calibrated fan is installed in a normally sealed opening, like an exterior door, and pulls air out of the house. That, in turn, causes outside air to enter the home through gaps and cracks, which highlights any leakages. The evaluation is based on the EnerGuide Rating System established by Natural Resources Canada.
Once the inspection is complete you’ll get three things:
a Homeowner Information Sheet, which outlines how the home is using energy;
a Renovation Upgrade Report, which lists suggested improvements specific to your home; and
an EnerGuide label with your home’s energy-use rating in gigajoules per year (GJ/year).
“The energy assessment was much more scientific than we expected,” says Kent Boniface, an Ontario homeowner who had an audit done on a home built in the late 1800s. “For the blower door test, they sealed our main doorway and placed a large fan there to force the inside air out. Their laptop recorded how hard the fan had to work and measured ‘air changes per hour’ to see how leaky our home was. The test depressurized the house so they could see where air was coming in through windows and gaps in the floorboards. We were shocked to learn just how inefficient [our home] was.”
Boniface said he used his report to identify upgrades that would have the biggest impact: insulation and a more efficient furnace. The difference was immediate—he said he saw his energy bills drop, and noticed a big change in how comfortable the house felt.
If you make upgrades, you may want—or be required by a rebate program—to have the energy advisor come back for a post-retrofit evaluation. They’ll verify the work, do another blower door test, and provide updated EnerGuide information showing how your home’s energy performance has changed.
If the follow-up evaluation is part of a rebate program, it can also be used to verify that eligible upgrades were completed.
The rebate process varies by program, so make sure you check the eligibility requirements before starting any work.
What rebates are available for getting an energy audit done?
The rebate landscape has changed in recent years. The federal Canada Greener Homes Grant and Canada Greener Homes Loan are now closed. However, the Canada Greener Homes Affordability Program provides no-cost energy-efficiency retrofits for eligible low-to-median-income homeowners and tenants through participating provinces and territories.
There are also a wide variety of provincial, territorial, municipal and utility-based rebates, and whether you need an EnerGuide evaluation depends on the program and the upgrades you’re making.
In Ontario, for example, the Home Renovation Savings program offers rebates for upgrades including insulation, windows and doors, air sealing, heat pump water heaters, heat pumps, solar panels and battery storage. Some rebates require an initial and follow-up home energy assessment, while others don’t.
In British Columbia, the Better Homes programs offer rebates for a variety of energy-efficient upgrades. Some incentives, including the Home Energy Improvement Bonus, require pre- and post-upgrade EnerGuide evaluations.
Because programs, eligibility requirements and rebate amounts can change, it’s a good idea to check what’s currently available in your province or territory—and through your local utilities—before starting a project.
Four key benefits of doing an energy assessment
Comfort—your home can feel warmer in winter, cooler in summer. “Most people make upgrades because they’re tired of living in a freezing cold house,” says Barker. “Even just upgrading insulation can make such a difference.”
Cost savings—making your house work more efficiently means your furnace and air conditioning don’t have to work as hard. And that means more money in your pocket.
Greener operation—using less energy can help reduce your home’s environmental impact. Improving your home’s efficiency can also mean less energy is needed to keep it comfortable year-round.
Resale appeal—energy efficient features can be enticing to buyers and could potentially fetch you a higher price. “It’s simply going to be a better home to live in,” says Barker. “Just like a new kitchen or a great backyard, energy efficiency is a feature that amps up the appeal.”
Did you know? A REALTOR® can help you understand how energy-efficient features may factor into your buying or selling plans. If you’re curious about how a home energy audit could work for you, reach out to a REALTOR®.
Want to make your home—and your life—more sustainable? Read these articles:
You see a headline boasting how Canadian home sales rose once again last month, and you may think that’s the same story across the entire country.
Not necessarily. As always, all real estate markets are local, so just because the number of home sales recorded in July was up another 0.5%—following a 0.5% increase in June—doesn’t mean that’s the case in, say, Regina or Halifax.
But there is an interesting national narrative being built here with the latest data from the Canadian Real Estate Association (CREA), released Wednesday.
Before we get into what the latest Canadian housing data means, here’s the latest on what you need to know:
National home sales edged up 0.5% month-over-month.
Actual (not seasonally adjusted) monthly activity came in 5.3% below July 2025.
The number of newly listed properties declined 1.6% on a month-over-month basis.
The MLS® Home Price Index (HPI)—a tool that tracks home price levels and trends in local neighborhoods—edged up 0.1% month-over-month, the first increase since November 2024.
The actual (not seasonally adjusted) national average sale price was up 0.2% on a year-over-year basis, reaching $674,819
Home sales increased in most provinces, helping create a national balance
It’s a similar story to June: national home sales increased, new listings decreased and prices remained stable.
“The more interesting story over the last few months has been below the surface of the headline national numbers, where markets across the country are generally moving back towards balance,” says CREA Senior Economist Shaun Cathcart.
He said places like the Prairies, Quebec and the East Coast have seen their sellers’ markets steadily cooling off over the past year, where British Columbia’s Lower Mainland and Ontario’s Greater Golden Horseshoe have shifted from buyers’ markets back into balanced territory.
“Sellers’ markets aren’t going to stay sellers’ markets forever, and Ontario is not going to stay at a 30-year low for sales forever,” Cathcart explains in this month’s CREA Housing Market Report (watch below).
“Earlier this year, hot markets did start to cool off before those cooler markets started to firm up, which is why the first bit of this year looked so weak,” Cathcart goes on to say.
Still, this summer hasn’t been as busy for Canadians on the move compared to previous years as July’s home sales are down 5.3% compared to the same time last year.
But while 2026 got off to a slower start than expected, four consecutive months of increasing sales suggest the market has started to regain some footing.
Canada’s housing market is getting closer to balanced
One number that helps tell that story is the sales-to-new listings ratio. In July, it tightened to 51.3%, up as sales edged higher and the number of newly listed properties fell 1.6% from June.
For context, CREA considers a sales-to-new listings ratio between roughly 45% and 65% to generally represent balanced housing market conditions. The long-term national average is 54.7%.
There were 205,388 properties listed for sale across Canadian MLS® Systems at the end of July, just 0.6% more than a year earlier and 1.5% above the long-term average for that time of year.
That worked out to 4.7 months of inventory nationally, which is the lowest level so far in 2026 and slightly below the long-term average of five months.
Again, though, the national number only tells part of the story.
Saskatchewan, New Brunswick, and Newfoundland and Labrador remained borderline sellers’ markets in July, according to CREA, while inventory levels in most other provinces have been moving closer to their respective long-term averages.
Ontario is perhaps one of the better examples of how quickly the picture can change. After sitting in buyers’ market territory through the first four months of 2026, the province’s months-of-inventory measure had moved considerably closer to average by July. In the spring, inventory levels sat at 5.5 months. A normal Ontario market, Cathcart says, is around 3.5 months. As of July, it’s back to about 4.5 months.
Home prices are also showing signs of stability
Then there are prices.
The seasonally adjusted National Composite MLS® HPI edged up 0.1% between June and July.
It’s nothing to write home about, but it was the first monthly increase in the national MLS® HPI since November 2024.
On a year-over-year basis, the HPI was still down 3.3%. However, those annual declines have been getting smaller since the beginning of the year, with July recording the smallest decrease since October 2025.
The actual national average sale price, meanwhile, came in at $674,819 in July, up 0.2% from the same month in 2025.
Average prices were lower year-over-year in British Columbia (-1.3%) and Ontario (-3%), while several other provinces recorded increases. Saskatchewan and Prince Edward Island were both up more than 5%, Quebec was up just over 5%, and Alberta, Manitoba, New Brunswick, Nova Scotia, and Newfoundland and Labrador also posted annual gains.
So, while the Canadian average price was virtually unchanged from last July, what buyers and sellers experienced locally could have looked quite different depending on which side of a provincial border they were on.
What does the Canadian housing data for July suggest?
There’s more evidence that housing markets across the country are gradually moving away from some of the more pronounced buyers’ and sellers’ market conditions we’ve seen over the past year and towards something a little more balanced.
For buyers, that can mean having more time to make decisions without quite as much pressure from competing offers in some markets. For sellers, it can mean adjusting expectations to a market where pricing and presentation matter that much more.
A REALTOR® who knows your local market can help you understand what’s happening where you actually plan to buy or sell and what the latest numbers mean for you.
Acheter un condo ou une maison? La réponse peut être évidente pour certains, mais pour d’autres, elle l’est moins. Chaque option comporte des avantages et des inconvénients, comme l’emplacement, des commodités, la valeur de revente et l’espace.
Pour répondre à la question, il est important de commencer en déterminant vos objectifs, votre style de vie et votre budget. Un courtier ou agent membre de l’ACI vous aidera à examiner les différentes options qui s’offrent à vous sur le marché que vous préférez, notamment les facteurs dont vous devrez tenir compte pour choisir entre un condo ou une maison. Entamez vos recherches sur REALTOR.ca au moyen du filtre Type de propriétés et comparez toutes les options que vous offre votre quartier
Cet article a été initialement publié le 25 avril 2019 et a été mis à jour pour garantir que les informations restent exactes et pertinentes.
Types de condos
Il y a deux principaux types de condos sur le marché : les condominiums en propriété franche et les condominiums à bail. Les condominiums en propriété franche peuvent être des immeubles divisés en un certain nombre d’unités, de maisons en rangée ou même de maisons en rangée ou unifamiliales individuelles. Dans cette catégorie se trouvent les condominiums normaux – vous achetez votre unité et vous avez un intérêt dans les parties communes, mais vous n’êtes pas propriétaire du terrain – et les condominiums de parties communes – vous n’achetez pas une unité, mais une propriété et le terrain sur lequel elle se trouve. Les propriétaires de la communauté partagent la propriété des parties communes et financent conjointement leur entretien et réparation. Dans le cas des condominiums à bail, le terrain n’appartient pas à l’association condominiale, mais les acheteurs d’un bail achètent un intérêt commun dans une partie privative et dans les parties communes.
Il y a une différence entre acheter un condo normal et acheter une maison, car vous achetez seulement une unité dans un immeuble, et non pas un terrain. (Ce n’est pas nécessairement le cas des autres types de condos.) Habituellement, un condo est plus abordable qu’une maison située dans le même quartier; toutefois, l’écart est plus important dans certains marchés plutôt que d’autres et dans le cas d’un condominium de parties communes, il n’y aura peut-être pas de différence. Dans des villes comme Vancouver et Toronto, si vous êtes prêt à vous éloigner du centre-ville afin d’obtenir un prix moins élevé, cela influencera grandement votre choix entre une maison et un condo.
Frais
Si vous choisissez le condo, vous devrez assumer des frais mensuels couvrant des services comme la sécurité, l’entretien et les commodités. Le montant de ces frais est habituellement déterminé par la taille de votre unité et le nombre d’unités dans l’immeuble. Certains condos offrent des commodités luxueuses, comme un service de concierge en tout temps, une piscine, un gym, un sauna, une salle de cinéma avec grand écran et même une allée de bowling. Il est important de noter que plus il y aura de commodités, plus les frais de condos seront élevés.
De plus, les frais de condo couvrent généralement les coûts associés aux réparations à effectuer à l’intérieur de l’immeuble (mais pas à l’intérieur de votre unité). Les propriétaires d’une maison n’ont pas cette chance. Un toit qui coule ou des améliorations aux fenêtres ne sont que quelques dépenses importantes qu’ils devront assumer, particulièrement dans une résidence construite depuis un certain temps.
L’assurance habitation est une autre dépense qui varie en fonction du type de résidence choisie. Habituellement, les primes d’assurance sont moins élevées dans le cas d’un condo puisque les murs sont couverts par l’assurance de l’immeuble. Il en va de même pour les factures de chauffage et d’électricité qui sont habituellement plus élevées dans le cas d’une maison.
Si vous détestez tondre la pelouse, pelleter la neige ou nettoyer les gouttières, un condo est peut-être la solution idéale. Une maison exige beaucoup plus d’efforts et de travaux d’entretien physiques, ce qui signifie que le propriétaire doit investir plus de temps.
Les condos sont habituellement situés dans des emplacements centraux et offrent aux propriétaires une facilité de déplacement et une accessibilité au transport en commun, en plus d’une proximité des boutiques et des restaurants. Les professionnels peuvent accorder une plus grande priorité à ces commodités urbaines plutôt qu’au fait de posséder une chambre à coucher supplémentaire ou une cour arrière. Bien que les maisons situées loin du centre-ville soient plus abordables, vous devrez sacrifier l’emplacement et d’autres commodités associées à la vie en condo. Pour trouver des quartiers qui correspondent à votre style de vie, débutez votre recherche en consultant les données locales sur REALTOR.ca.
Si vous avez des enfants ou prévoyez en avoir bientôt, vous voudrez examiner attentivement des éléments comme l’espace, le bruit et l’intimité. Bien que deux personnes puissent être heureuses dans un condo, une maison pourrait leur offrir davantage si leur famille s’agrandit. Un condo de deux ou trois chambres offrira généralement moins d’espace qu’une maison pour une progéniture en pleine croissance.
Les syndicats de la copropriété fixent des règles que tous les propriétaires ou locataires doivent suivre. Ces règles peuvent limiter le nombre d’animaux domestiques permis, ou la taille de ceux-ci, interdire la consommation de tabac dans les espaces communs ou sur les balcons privés, restreindre le nombre de visiteurs dans les espaces communs (comme la piscine ou le gym), empêcher les propriétaires de louer leur unité (comme sur Airbnb), interdire l’utilisation de barbecues personnels sur les patios ou imposer des contraintes concernant, entre autres, l’installation de lumières de Noël ou même la couleur de vos rideaux.
Vous devrez payer des frais d’entretien mensuels (en plus des versements hypothécaires et des taxes foncières).
Vous devrez peut-être payer pour des commodités dont vous ne profitez pas.
Vous devrez peut-être composer avec certaines restrictions en matière d’utilisation des aires communes, de stationnement, d’animaux de compagnie, de rénovations et de décorations.
If you’re like most Canadians, buying a home is probably one of the biggest investment you’ll ever make. But for first-time home buyers, just saving up enough money for the down payment can take years or even decades to accomplish.
Thankfully, Canada’s federal and provincial governments offer several different programs designed to support first-time home buyers by offsetting some of the costs associated with buying a home, and helping them purchase their first property.
This article offers an overview of some of the most popular of those programs, including:
Minimum down payment equals 5% of the purchase price.
$500,000 to $1.5 million
Minimum down payment equals 5% of the first $500,000 and 10% for the portion of the purchase price above $500,000.
$1.5 million or more
Minimum down payment equals 20% of the purchase price.
Marc Figueiredo, a Mortgage Specialist with RBC, says “first-time home buyers naturally pour their energy into saving for a down payment. But the full cost of buying a home goes beyond that. Closing costs, land transfer taxes, legal fees, and other expenses, it can be a lot to absorb all at once. That’s where the financial programs available to first-time buyers can make a real difference. When you understand what’s out there and combine those programs strategically, you can often get into a home sooner than you think, with less saved up front than you expected.”
If your down payment is less than 20% of the price of your new home, you’ll also have to get an insured mortgage, which can add anywhere from another 0.6% to 4.5% to the purchase price.
Once you have a clear picture of your down payment, your next step should be to get pre-approved for a mortgage. RBC’s online pre-approval can be completed in a few easy steps and will provide you with your mortgage amount and interest rate with no impact to your credit score or commitment to proceed. A pre-approval is helpful to have prior to house hunting as you can act quickly on a property you want to buy when you already know what you can afford.
Below are the various programs that can help first-time buyers establish a down payment.
The RRSP Home Buyers’ Plan (HBP)
The Home Buyers’ Plan (HBP) is a federal program that lets eligible buyers withdraw up to $60,000 from their Registered Retirement Savings Plan (RRSP) to put towards their down payment when they buy or build a home for themselves, or for a relative with a disability.
Anyone who’s never owned their primary residence before, or who hasn’t lived in a primary residence they (or their spouse or common-law partner) own in the last four calendar years, is eligible to take part in the program. Any amount you withdraw must be repaid within 15 years to remain tax-free.
Couples can also both take part in the HBP at the same time if they buy or build a home together. This allows married or common-law first-time buyers to access up to $120,000 as a down payment on their first property.
First-Time Home Buyers’ Tax Credit (HBTC)
The First-Time Home Buyers’ Tax Credit (HBTC) is a non-refundable credit that gives first-time buyers a rebate of up to $1,500 on their income taxes when they, or their spouse or common-law partner, buy a home in Canada.
Also known as the Home Buyers’ Amount (HBA), the HBTC can help offset the costs of buying a whole range of eligible property types, from new and existing single-family and semi-detached homes, to condos, apartments, townhouses, housing co-ops and mobile homes.
GST/HST new housing rebate
For new builds, the federal government also offers a rebate on the GST/HST for anyone who buys a newly built or substantially renovated home as their primary place of residence. The rebate also applies when buying shares in a co-op or hiring a contractor to substantially rebuild or renovate your existing home.
“The HST rebate on new homes is a program that can significantly improve a homebuyer’s cash flow, not just at the time of purchase, but for years to come,” adds Figueiredo. “By reducing the overall amount that needs to be financed, it lowers monthly mortgage payments and has a meaningful, lasting impact on a client’s financial well-being.”
Unfortunately, the GST/HST rebate only applies to homes with a fair-market value of $450,000 or less. But if your new home qualifies, you can receive a rebate of 36% of the GST charged on the home, up to a maximum of $6,300.
The GST/HST rebate only applies to the federal part of the HST paid on a new home. But some provinces also offer a similar rebate on the provincial portion of the tax.
As of March 2025, the GST on new builds for first-time home buyers has been eliminated. The full rebate, worth up to $50,000, applies to new builds valued at or under $1 million, with a partial, graduated rebate available on homes between $1 million and $1.5 million.
The First Home Savings Account (FHSA) is a registered savings plan that lets first-time buyers save up to $8,000 a year, tax free, to buy or build a home. For the purposes of the program, “first-time buyers” include anyone who hasn’t lived in a primary residence they (or their spouse or common-law partner) own in the last four calendar years.
Like an RRSP, contributions to your FHSA can be used as a deduction on your income taxes, to reduce the amount of tax you owe. But like a TFSA, the investments inside your FHSA also grow tax-free, so you won’t have to pay any tax when you withdraw the money to buy a property.
Once you open a FHSA, you can contribute the maximum annual amount for up to five years. This would allow a first-time buyer to save up to a lifetime maximum of $40,000 to put towards their down payment, or up to $80,000 in the case of a married or common-law couple.
You can also carry forward any unused contribution room, up to a maximum of $8,000, but only to the following year,; it doesn’t accumulate beyond that. And if you’re not quite ready to buy, you can keep your FHSA open for up to 15 years.
First-time buyers who take advantage of both an FHSA and the Home Buyers’ Plan (HBP) could withdraw $100,000 or more (in the event that their FHSA investments increase in value) from their registered savings for a down payment without any tax implications. For a couple, the total amount doubles to $200,000 or more.
Figueiredo adds, “a First Home Savings Account is a great way to grow your savings tax-free while also reducing your taxable income, stretching your savings further and getting you into you first home sooner. As a first-time homebuyer this program is essential to minimize the financial stress of buying your first home.”
Provincial and territorial programs
Several provinces, territories and municipalities also offer their own grants, rebates, tax credits and other programs to support home buyers, including first-time buyers. This includes programs like:
To find out which assistance programs and incentives are available in your area, check the housing section of your provincial or territorial government website, and contact your local municipal office or connect with a Mortgage Specialist near you.
How the pros can help
For most first-time buyers, simply navigating your way through all these different programs can be a daunting prospect. So if there’s anything you’re not sure about, why not ask a REALTOR®?
In addition to answering your questions and pointing you towards the programs you may be eligible for, REALTOR® can walk you through each and every step of the home buying process, and help you find a home that perfectly fits your needs, your preferences—and budget.
An RBC Mortgage Specialist can complement that support by making sure you’re in the best possible financial position before you start looking. From walking you through pre-approval, so you know exactly how much you can afford and what rate you may qualify for, to identifying which programs you’re eligible for and how to combine them to maximum effect, they take the guesswork out of the financial side of buying a home.
Whether you’re just starting to save or ready to make an offer, an RBC Mortgage Specialist can build a personalized plan that makes the most of every program available to you and every dollar you’ve saved.
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. The information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.
Sometimes it’s not the complete kitchen renovation or the backyard makeover that changes how a home feels. It’s the little things. The ones you barely think about until you have them, and then wonder how you ever lived without them.
That’s exactly what sparked a popular home-related thread on Reddit.
From motion-sensor lights to soft-close toilet seats, thousands of homeowners began sharing the inexpensive upgrades that made everyday life noticeably better.
Whether you’ve just picked up the keys to your first home or you’re looking to make your current space a little more comfortable, here are some of Reddit’s favourite upgrades.
Motion-sensor lighting
If there’s one suggestion that kept appearing, it was motion-sensor lighting.
Homeowners swear by lights tucked beneath kitchen cabinets, inside closets, along staircases and in hallways. Instead of fumbling for a switch in the middle of the night, the lights turn on when you walk by.
It’s a small convenience that quickly becomes one of those features you forget isn’t standard, until you’re somewhere without it.
Another maybe-not-so surprisingly popular recommendation? Smart plugs.
They’re inexpensive, easy to install and can automate everything from lamps to coffee makers. Want your living room lights to switch on before you get home? Done. Prefer your holiday lights to turn off automatically? No problem.
For homeowners easing into smart-home technology, Redditors say it’s one of the simplest places to start.
It may not be the most glamorous home upgrade, but it was easily one of the most passionately defended.
Comment after comment praised affordable bidet attachments for improving comfort while reducing toilet paper use. Several homeowners admitted they were skeptical at first, only to say they’d never willingly go back.
It’s proof that sometimes the upgrades you don’t expect end up being the most appreciated.
A robot vacuum is like having a tiny cleaning assistant on call.
It can help keep everyday dust, crumbs, pet hair, and dirt under control without adding another chore to your list.
Set a schedule, let it do its thing, and come home to cleaner floors. While it won’t replace a deep clean, it can make regular upkeep a whole lot easier—giving you more time to enjoy your home instead of constantly cleaning it.
Lighting can completely change the atmosphere of a room, and homeowners say dimmer switches are one of the easiest ways to make a space feel more inviting.
Bright lighting works well while cooking or cleaning, but being able to dial it back for movie night or a quiet evening instantly creates a different mood.
For a relatively inexpensive upgrade, the impact can feel surprisingly dramatic.
None of these upgrades are particularly exciting on their own, but together they help reduce clutter and make everyday routines feel just a little easier.
Sometimes improving a home isn’t about adding more space; it’s about making better use of the space you already have.
Why these home upgrade ideas resonate with homeowners
There’s something refreshingly honest about threads like this.
Unlike perfectly curated home tours on social media, these recommendations come from people sharing the upgrades they actually use every day. They’re practical, affordable and based on lived experience rather than trends.
Between higher renovation costs and ongoing affordability challenges, not every homeowner is looking for a major remodel. Small projects that improve comfort without breaking the budget can go a long way.
Judging by Reddit, some of the best home improvements aren’t the ones guests notice first; they’re the ones that quietly make life easier every single day.
Maybe that’s the real takeaway. A better home doesn’t always start with a huge, expensive renovation. Sometimes it starts with a motion-sensor light, a smart plug or a cabinet door that finally closes without a bang.
Si vous êtes propriétaire, il y a de bonnes chances que la banque ou l’institution prêteuse vous ait offert une assurance vie hypothécaire. Mais que couvre-t-elle, et en quoi est-elle différente d’une police d’assurance vie? Plus important encore, en vaut-elle la peine?
Une assurance vie hypothécaire est liée à l’hypothèque, et offre une protection si vous ne pouvez faire vos paiements. En cas d’invalidité, de perte d’emploi, de maladie grave ou de décès, l’assurance hypothécaire peut aider votre famille à garder la propriété, en faisant les paiements hypothécaires pour vous.
« Nous voulons nous assurer que les gens sont protégés », précise Darrell Majdell, vice-président régional de Specialized Sales, spécialiste des prêts hypothécaires en Alberta, Manitoba et Saskatchewan, pour la Banque de Montréal BMO.
Cet article a été initialement publié le 27 avril 2019 et a été mis à jour pour garantir que les informations restent exactes et pertinentes.
Du point de vue du consommateur, l’assurance vie hypothécaire offre aux propriétaires une tranquillité d’esprit supplémentaire et un sentiment de sécurité. Les banques l’offriront toujours comme une option, mais il revient aux consommateurs de décider si elle en vaut le coût.
« Toutes les institutions financières offriront de l’information et des conseils sur leurs produits d’assurance, et la décision revient au consommateur », mentionne-t-il. « Certains d’entre eux peuvent s’en procurer une auprès d’autres fournisseurs, mais ils doivent décider si elle est suffisante. »
Bon nombre de propriétaires ne se rendent pas compte qu’une assurance vie protège techniquement la banque ‒ et non vous ni vos intérêts personnels. Pour une protection supplémentaire, en cas de décès de votre époux ou épouse, par exemple, vous pourriez aussi vouloir considérer une assurance vie personnelle.
Néanmoins, M. Majdell estime qu’entre 20 % et 30 % des gens en Alberta, par exemple, prennent une assurance vie hypothécaire. Cela a du sens pour ceux et celles qui ont l’impression que leur couverture est insuffisante et qui veulent s’assurer d’être protégés, au cas où il arriverait quelque chose.
« L’assurance vie hypothécaire, que vendent les banques et les prêteurs, semble être une excellente idée — mais lisez les petits caractères, car elle pourrait ne pas être la meilleure option », souligne Romana King, chroniqueuse en finances personnelles.
Il y a quelques caractéristiques dont les propriétaires, qui détiennent une telle assurance auprès d’une banque, devraient être au courant. Premièrement, cette assurance n’est pas transférable. « Si vous déménagez, l’assurance est annulée, et les primes payées sont perdues », prévient Mme King.
Deuxièmement, les primes mensuelles demeurent les mêmes pendant tout le terme de la police, même si le dédommagement potentiel diminue. En effet, le solde dû de votre hypothèque décroît au fur et à mesure que vous le remboursez, de sorte que le dédommagement couvert par l’assurance diminue aussi avec le temps.
Les consommateurs devraient aussi noter qu’une assurance vie hypothécaire procède habituellement à la souscription médicale après la réclamation, c’est-à-dire qu’elle détermine si vous êtes admissible ou non à l’assurance après la demande de réclamation. Les banques peuvent donc refuser votre couverture des années après le paiement de vos primes. Peu de polices d’assurance offrent une évaluation médicale avec la souscription; les compagnies d’assurances peuvent donc refuser votre réclamation s’ils croient que votre souscription comportait une information trompeuse.
En 2008, l’émission Marketplace de CBC présentait un épisode intitulé Mortgage Insurance: In Denial (La face cachée de l’assurance hypothécaire) soulignant les risques d’une assurance vie hypothécaire. Une famille canadienne, qui payait ses primes depuis 9 ans, s’est vue refuser une réclamation après que les assureurs leur aient affirmé qu’ils n’auraient jamais dû se qualifier au départ, en raison des conditions médicales du mari.
Dans bon nombre de cas, précise Mme King, souscrire une assurance vie temporaire ou ordinaire est plus abordable, plus simple et plus souple. Bien que les primes d’une telle assurance demeurent aussi constantes, le dédommagement ne diminue pas avec le temps, et vous n’êtes pas limité au remboursement partiel ou total de votre hypothèque.
Évidemment, il y a toujours des exceptions. « Une assurance vie hypothécaire — et son approbation quasi instantanée — est logique si vous avez un handicap, une maladie ou un mode de vie qui rend difficile, voire impossible, l’obtention d’une autre assurance », déclare-t-elle.
Rappelez-vous que les banques et les prêteurs peuvent émettre une assurance vie hypothécaire, puis refuser la couverture des années plus tard. Alors, au besoin, exigez une assurance avec souscription médicale au moment de la demande.
Le présent article est diffusé à titre d’information seulement; il ne contient pas de conseils financiers ou juridiques et ne remplace pas un conseiller financier ou juridique.
Making the leap into homeownership can be intimidating. There are many considerations that demand your attention as a first-time home buyer, and plenty of learning that happens before, during, and after the first purchase.
When navigating the market for the first time, you may not know what to expect. This uncertainty is all part of the process, but getting the right advice will help you prepare for these scenarios as best as possible. Of course, your REALTOR® will be there to answer all your questions, but sometimes it’s nice to hear from people who have recently gone through the same process to learn from their experiences.
Below are some lessons learned from some first-time home buyers that may help you in your own home search.
This article was originally published March 30, 2023, and has been edited to ensure the information remains accurate and relevant.
1. Find a REALTOR® who’s a good fit
Lindsay Shaw purchased her first condo in the heart of downtown Victoria, British Columbia, in September 2021. She says finding a REALTOR® she connected with made the process much easier.
“It pays to find a REALTOR® willing to be hands-on and responsive to all your questions,” Shaw shares. “I was lucky to have someone in my corner willing to field calls at all hours and walk me through the nitty gritty pieces of first-time purchases.”
Finding a REALTOR® is very personal—just because someone was ideal for your neighbour or best friend doesn’t mean they will be for you.It’s OK to speak with multiple REALTORS® and ask them questions to find someone who aligns with your goals and needs.
2. Pay attention to the listing description and read all provided property documents
Shaw also shared how her REALTOR® encouraged her to look into specific details on stratified properties.
“I’m very thankful for how much attention I was encouraged to pay to legacy documents like strata minutes,” she tells us. “It’s tempting to skim them or chat with a friend who also lives in the building instead, but it was vital for me to read and understand what the building was all about and give it my two thumbs up, along with my REALTOR®. They also taught me about limited common property and how those spaces and rules fit into the transaction.”
Not to be confused with common property, limited common property is a designated space exclusively used by one or more strata lots. This can be something like a balcony or parking space. The document review is different for single-family detached homes, but the shopping process is quite the same.
3. Identify your must-haves by going to open houses
Radost Rychtera and her partner Rob Murray shared their tips after purchasing their first home in Esquimalt, British Columbia.
“There’s no better way to learn your non-negotiables than to view houses,” Murray says. “Looking online, you can pick up some vibes, but seeing the space in person helps you understand it better. Maybe it has a good lot size in a good neighbourhood, and the square footage is right, but the layout just doesn’t work for you when you get there.”
“Yes! We had a house just like that during our search,” Radost echoed. “On paper it was great, and we got excited and thought it might be the one, but then we saw it in person and it didn’t work. We thought we’d like some things more than we did. There’s no such thing as a perfect house. Lots of what we looked at were homes where we had to determine what we were willing to compromise on. It took a few houses to kind of realize what we [were willing to] compromise on until we found the one that ticked all of our most important boxes.”
“I love to do a window shop day with my first-time home buyers, even before setting them up in the search portal,” she shares. “We don’t pay attention to houses in our day-to-day lives the same way we do when shopping to purchase, so it’s important to see an array of options early on. This way, you can ensure you have a good sense of what you want when you are ready.”
She reminds home buyers of an important principle: “You’re buying a home, you’re not dating it. Although it’s an emotional process, and we need to be in tune with those emotions, we have to understand that putting our heart on the line before we’ve gotten [it] is setting ourselves up for heartbreak.”
She encourages buyers to have a balance between emotional investment and realistic long-term planning.
4. Be comfortable with your conditions when you’re a first-time home buyer
Radost says she and Murray wrote three different offers before buying their current home, and with each offer they learned something about their comfort level.
“Knowing what you’re comfortable with for your offer will make you faster at putting pen to paper and your offer stronger,” she says. “You’ll learn how to strengthen your offer at a risk level you can handle. Our risk tolerance changed throughout the offers and our REALTOR® was fantastic at walking us through our options.”
Image via Kimberly MacLeod
5. Get the complete financial picture before buying your first home
Matt and Kimberly MacLeod, who purchased their first home in Saanich, British Columbia, sahred some advice when it comes to shopping around for a mortgage.
“Visit a mortgage broker before you start looking for a place,” Kimberly suggests. “They’ll help determine your budget, and if you can’t afford as much as you’d like, they can help you come up with a plan to get there. They also teach you about things like first-time home buying incentives and RRSP usage.”
The Government of Canada offers a program called the Home Buyers’ Plan, which is a program that allows you to withdraw from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a specified disabled person. Currently, the plan’s withdrawal limit is $60,000.
There’s also the First Home Savings Account (FHSA), which allows eligible first-time home buyers to save to buy or build a qualifying first home tax-free (up to certain limits).
Your FHSA participation room in the first year you open your FHSA is $8,000. Contributions to an FHSA are generally deductible and can be used to reduce your tax. Transfers from your RRSPs to your FHSAs are not deductible.
Depending on where you live, your province may offer additional home buying incentives. For instance, in Ontario, enhanced housing rebates were introduced to provide relief of the 8% provincial part of the HST on certain new homes and new residential rental units.
Shaw also shared her experience with finances when buying her first home.
“Finding out what I was approved to borrow and budgeting to keep up my current lifestyle were two different conversations,” she says. “After crunching the numbers, my budget changed, and I had to shrink it up a bit to ensure I could maintain my lifestyle. This meant some give and take. I knew it was important to me to be downtown in a newer building, so that meant sacrificing square footage.”
6. Don’t forget the spending that comes after you close the purchase of the home
Matt and Kimberly both agreed buyers should have money set aside for initial updates and repairs; they’ll want to make their new place feel a bit more like their own home.
“You’ll likely need to make a few repairs to the home that you may not have anticipated when you purchased, or if you’re anything like us, you’ll want to do a couple of DIY renovations,” she points out. “These updates and repairs are a normal part of homeownership, but you can avoid the extra money stress by giving yourself a padded budget.”
From more personalized property searches to support throughout the homeownership journey, REALTOR.ca CEO Scott Neil shared his vision for the future of Canada’s most-visited real estate platform on the latest REAL TIME podcast episode, hosted by Canadian acting legend Shaun Majumder.
For many Canadians, opening REALTOR.ca means one thing: it’s time to lock in and look at homes. Maybe you’re actively preparing to buy, keeping an eye on your local market or simply curious about the new listing down the street.
But what happens after you find a home, get the keys and settle in?
During the discussion, Neil shared his vision for how REALTOR.ca could evolve beyond the property search to support Canadians throughout more of their housing journey. That includes helping people better understand their finances, find relevant services and use emerging technology to search for homes in more personalized ways.
Below are some of the best snippets from the conversation that Canadian home buyers, sellers and owners may find interesting.
You can also watch and listen to the full podcast episode right here 👇
Supporting Canadians throughout the entire homeownership journey
REALTOR.ca already helps people discover properties, understand what’s available, and connect with REALTORS®. Neil said he believes there’s an opportunity to build on that experience and provide more support before, during and after a move.
Shaun Majumder: “You’re bringing with you all the values, all the core values, all your philosophies, your management philosophy, plus all that tech knowledge that you bring, the marketing. How does this all funnel in to REALTOR.ca, monetizing REALTOR.ca? Talk to us about that.”
Scott Neil: “I think the best place to start is the mission. Our mission is to help Canadians make confident housing decisions. It’s a pretty simple phrase, but it really does a lot of work. It means a lot. When I think about it, where REALTOR.ca is right now, we’re great in the discovery. Hey, what do I want to live? What kind of place do I want to look at? What are the prices? What do the photos look like? Down to when you’re in the buying or selling phase to really helping you select and be more educated as you work with a REALTOR®. We’re great at that.“Where we have a huge opportunity is throughout the entire housing journey to really help consumers make really good choices for housing. I’ll give you a couple of examples. First, if you think if you’re a first-time home buyer, maybe the first time you bought a house or I bought a house, I knew nothing. The REALTOR® is definitely there to help you make some good decisions.
“I think with the advancement of technology, you can leverage tools to help educate yourself. You’re making the right decision. Are you going into a neighbourhood that is right for you, for your lifestyle, and so on? Is it a good financial decision for you? As you start getting into real estate, that really can set the path forward in terms of a lot of impact on your finances in the future. That would be one example.
“Then as you think about beyond just the moments of buying and selling, this whole aspect of moving into a property or living in the property for all that time, there’s all kinds of things that REALTOR.ca can support the consumer with throughout that. This is everything from renovations to property maintenance to lawn care, landscaping, all of these kinds of services that are really beneficial to someone living in a house.”
REALTOR.ca is more than checking out the neighbour’s listing
Even outside of an active home search, plenty of Canadians continue to browse listings. Sometimes they’re following the market. Other times, they just want to see what the house down the street looks like inside.
Neil said REALTOR.ca could offer those homeowners more reasons to return.
Majumder: “What you’re saying is, in terms of the vision, the long-term vision, is that, as somebody who has now purchased a home, throughout my homeownership journey, there’s going to be value in going to REALTOR.ca not just to see, ‘Oh, I want to get a check on the market in this neighbourhood. Are they selling? Buying? What is the value? Is it going to happen?’ You’re saying… there’s great value in me going there when it comes to renovations, knowledge in general about making confident decisions about where I live and how to make my house even better.”
Neil: “Yes, that’s exactly it. We have a sizable audience who is, to your point, coming to the site to see, ‘Hey, what’s the neighbour’s place look like that got posted,’ or just to monitor the market. Those folks who are living in their house, we can be so much more to them than just what is the neighbour’s house selling for, what does their kitchen look like. We can provide much more for those users over the course of their journey. I think the big thing is really expanding the scope of REALTOR.ca to create more value and be the place for all of your housing needs. Buying and selling, of course, incredibly important, but also living.”
How REALTOR.ca is bringing financial education into the home search
Understanding what you can afford is one of the most important parts of preparing to buy a home. It can also be one of the most complicated.
Neil pointed to REALTOR.ca’s collaboration with RBC as an example of how financing tools, expert information and education can be brought closer to the property search.
Majumder: “Walk me through what some of these tools might be. I’m a consumer. I buy my house. Now I’m four years in, or I’m two years into my house, and I’m like, ‘Why would I need to go back to REALTOR.ca?’ What are some places to go on REALTOR.ca that you envision will be tools that I can use?”
Neil: “One that I’ll start with, which is really in the buying and selling moment, is earlier this year we announced a partnership with RBC around mortgages. You could think this is just about coming and being redirected to RBC to start a pre-qualification or to get a mortgage. It’s definitely part of it. RBC is a very trusted brand.“In addition to that, again, aligning to our mission about confident decisions, there’s all kinds of education and expert advice that we’re co-authoring with RBC that helps inform users about what kind of mortgage and what are the implications of this that are really helpful and I think very different to other websites and how they think about connecting a user or a customer with financing their home. That’s one example, very much in the journey.”
How AI can make searching for a home on REALTOR.ca more personal
No conversation about the future of technology would be complete without talking about artificial intelligence (known ubiquitously now as AI).
Neil said he sees potential for AI to reduce friction and help people search based on their individual priorities. However, he stressed the technology should be useful, responsible and controlled by the person using it.
He compared intrusive chatbots to Clippy, the Microsoft Word paperclip that frequently appeared with unsolicited advice.
(Remember this guy?)
Majumder: “Do you see there being an interface with AI through REALTOR.ca? If so, how are you going to counter that instinct for me to be like, ‘I want a person’?”
Neil: “Some of the chatbots are the modern version of that. I think why they’re annoying is they’re interfering and interjecting themselves into the experience on their own as opposed to having it being user-initiated. I think having the user in control of how they want to leverage the AI tools that we offer, I think, is one thing that really reduces friction. Then two, the more that we can customize and tailor the experience based on the individual user will be helpful as well.“We can leverage AI to do that. Then maybe the last example that I would give is people like to search and discover properties in different ways. Some people are more visual. Some people are more data-oriented. If you think about all the photos that come into REALTOR.ca, if we’re able to determine, say, the interior design or the exterior design, you say, ‘Hey, I want to search for properties that have a mid-century modern exterior from the 1970s.’ If we can use AI to identify all those properties that have that and do that through a visual search, just flipping through photos, that’s a really cool way for someone who’s visual and very specific about the look and feel of what they want to buy in terms of a property.”
While those ideas are still part of a developing vision, they offer a glimpse of how a future home search could go beyond entering a price range, property type and number of bedrooms.
Technology can’t replace professional guidance
New technology may make it easier to discover homes and understand different parts of a transaction, but Neil said he doesn’t see it replacing the expertise and reassurance people need when something unexpected happens.
He said he experienced that firsthand while selling his lakefront home in Huntsville, Ontario, before moving to Ottawa. Just days before closing, he discovered what appeared to be a serious problem with the property’s septic system.
Neil: “We’re calling our septic guy. He’s three hours away. He can’t come. I sent him a video. He said he thinks it’s this. We’re like, ‘This is not going to close. The deal is going to fall apart.’ We called our REALTOR®. She calmed us down. She’s like, ‘We’ll deal with this. It’s fine.’ I think that was the thing that really relieved us, is immediately she’s dealing with the lawyers. She’s dealing with the buyer’s agent. Within 24 hours, we had this sorted out. Small abatement later, it closes. The money is in our bank account. We’re off to a new adventure in Ottawa.”
The experience helped reinforce Neil’s belief that real estate’s future will depend on technology and people working together.
Neil: “I think REALTOR.ca does a lot of the heavy lifting around the marketing and exposure of the property and the online experience with the virtual tools and videos and so on, which is really cool and, as a consumer, very helpful to inform you and educate you on what you’re looking for. Obviously, in situations like this, what do you do without that person who has seen this before and can guide you through it and make sure that it closes? I don’t know. The intersection of technology and humans is like a core theme for me. In this example, if you think about things like AI, that intersection of those two things, humans and tech, is super important.”
How is REALTOR.ca evolving without losing the trust of its users?
As more tools, services and partnerships are introduced, Neil said REALTOR.ca’s reputation for quality, neutrality and trust must remain central to how the platform evolves.
Majumder: “We live in a world online where it’s hard to trust the internet, generally speaking. Yes, you’ve got your work cut out for you, but I think that vision is something that I’m excited about as a homeowner in Nova Scotia now, absolutely 100%.”
Neil: “Very cool. Well, I think just to the point about trust, and I think I’ll call it our unfair advantage, is that we’re the only professionally backed real estate marketplace in Canada, meaning we’re owned by the REALTORS®. That’s fundamentally a very different approach than competitors in this space.”
A familiar platform entering its next chapter
REALTOR.ca may already be familiar to millions of Canadians, but Neil said familiarity alone isn’t enough. Consumer expectations are changing, technology is moving quickly and established platforms must continue proving their value.
The vision he outlined is still taking shape. New ideas will be tested, adjusted and, in some cases, set aside based on how well they serve Canadians and support REALTORS®.
Majumder: “What does the future of REALTOR.ca look like to you? What excites you the most?”
Neil: “We’re going to impact millions of Canadians in a positive way from doing that. That’s why I say this is like a dream, dream opportunity. It’s very cool. Then I think we talked about a lot of the specifics around the experience and personalization and more educated consumers who are better prepared, who produce better outcomes to REALTORS®. There’s a lot there that can happen. The key thing is this is going to be a journey.“We have a mission and a vision and a strategy. We’re just at the very beginning of defining what that looks like.”
About REALTOR.ca
With more than 630 million visits and roughly 120 million unique visitors each year, REALTOR.ca is Canada’s No.1 real estate platform. It’s a trusted, professionally-backed marketplace where Canadians can search for homes with confidence. REALTOR.ca owns a 61% market share of online real estate platforms, and more than 90% of Canadians recognize the brand.*
REALTOR.ca operates as a for-profit company but remains wholly owned by the Canadian Real Estate Association (CREA) and is ultimately accountable to REALTORS® through that ownership structure.
For REALTORS®, it’s one of the most powerful tools available to support their businesses, connecting them with motivated home buyers, sellers and renters, and generating valuable leads.
While the journey to first-time homeownership can be full of dizzying highs and lows, understanding the mortgage process can make the trip a lot smoother.
Once you’ve applied and been pre-approved for a mortgage you can start your home search with confidence, knowing what you can afford.
There are generally four things first-time home buyers should do before applying for a mortgage:
Let’s take a more in-depth look at what you need to know when prepping for a mortgage application.
First, what is a mortgage and how does it work?
In simple terms, a mortgage is a loan given by a bank or mortgage lender used to buy real estate. It typically involves multiple parties who all play an essential role in the application process, such as:
the lender (this could be a bank, credit union or private institution);
mortgage advisor; and
the borrower (or buyer).
The buyer uses funds from a mortgage loan to pay the lender for the property and the buyer repays any money borrowed, plus applicable interest and fees, over a set duration at regular intervals.
A portion of each payment is used to pay down the amount borrowed (also known as the principal) and a portion of the payment is applied to interest. The mortgage is registered on the property with the applicable provincial or territorial land registry office.
In many cases, the buyer can move into the new home as soon as the closing is complete (although the terms of the sale/purchase agreement can sometimes specify a later move-in date).
Below are some other important terms related to mortgages.
📅 Amortization period
This is the length of time it takes to pay off a mortgage in full.
📈 Interest rate
This is the cost you pay to borrow money. It can be fixed or variable. A fixed rate stays the same for the duration of your mortgage term, giving you predictable payments. A variable rate fluctuates with the lender’s prime rate, so your mortgage payment can fluctuate as the lender’s interest rate goes up and down.
💳 Payment frequency
The number of payments you make over a year is known as the payment frequency. Payments can be made monthly, bi-weekly, or weekly. Some lenders also allow for double-up payments which let you make additional payments on top of your regularly scheduled payment, helping you pay down your principal faster.
The way in which a mortgage is structured is unique to the financial situation of each borrower. A mortgage agreement can be impacted by many factors, including credit score, debt-to-income ratio, and salary. It’s important to speak with a mortgage advisor who can look at your full financial picture and build a mortgage that meets your life needs.
1. Establish your home buying team
Buying a home isn’t something you should do alone. Before you start browsing listings, make sure you have the right people in your corner.
🏦 Mortgage specialist
Connecting with a mortgage specialist is usually a good first step in the mortgage application process. The earlier you connect with them, the more time you have to strengthen your position before you apply. An RBC Mortgage Specialist can help you:
clarify the application process;
understand what you can realistically afford;
walk you through your mortgage options; and
get you set up for pre-approval.
Once you find the home you’d like to purchase, a mortgage specialist will work with you to design a mortgage—including the interest rate type, payment frequency and amortization period—that’s right for you.
🏡 REALTOR®
A REALTOR® brings local market knowledge, negotiation experience, and access to listings that can make a real difference in a competitive search. They can help you narrow down your options and guide you through the offer process with confidence. REALTOR.ca makes it easy for you to find and connect with a REALTOR®.
🔎 Home inspector
Once you find a property you love and are serious about making an offer, a qualified home inspector can help make sure there are no costly surprises hiding behind the walls, in the attic, with the foundation, or with the structure of the home. If you have one in your corner early on, it can help speed up the offer process, too.
⚖️ Your real estate lawyer or notary
They handle the legal side of your transaction like reviewing contracts, managing title transfers, and making sure everything is in order on closing day. In Quebec, a notary is required by law; in other provinces, a real estate lawyer fills this role.
2. Budget beyond the home purchase price
Budgeting is another important element of preparing yourself to apply for a mortgage. Getting pre-approved can give you an idea of what you might be able to afford, which can give you a good starting point.
“A budget isn’t just about the purchase price. First-time home buyers are often surprised by how many costs come alongside it like closing costs, home insurance, property taxes, and maintenance,” says Kuldip Atwal, a Mortgage Specialist with RBC. “When you map all of that out upfront, you make decisions with a lot more confidence and a lot less stress.”
Just because a buyer is pre-qualified for a certain loan amount, doesn’t mean they’d be comfortable making those mortgage payments at the current interest rate. Make sure you use an online affordability calculator to give you a better sense on where you stand, financially. RBC has their Mortgage Affordability Calculator that can give buyers a sense of the total costs associated with purchasing a home, including heating costs and property tax. REALTOR.ca also has an affordability calculator, making it easy to figure out finances when one listing turns into 20 tabs and a completely new five-year plan.
3. Get pre-approved for a mortgage
A mortgage pre-approval is when a lender formally reviews a borrower’s income, debts, and assets. Pre-approvals are typically valid for three to four months. This is an exciting step in the mortgage application process because buyers can use this information to make serious offers on properties. Some sellers prefer when buyers are pre-approved, as it’s less likely the deal will fall through due to financial issues.
Pre-approval is also a great time for buyers to consider the pros and cons of the different mortgage types available to them.
“When a buyer comes in pre-approved, the whole process moves faster and with fewer surprises,” adds Atwal. “We’ve already reviewed your income, your debts, your assets. So when you find the right home, there’s no scrambling. The financing piece is handled, and everyone at the table knows it. Just as importantly, a pre-approval also gives you the confidence to house hunt and submit an offer knowing what you can actually afford.”
4. Organize your financial statements
First-time home buyers should organize all the necessary financial documents early on in the mortgage application process. Lenders will need this information to process the loan.
The financial documents required typically include:
✓employment and income verification (i.e. copy of recent pay stubs);
✓confirmation of your down payment (i.e. savings or investment statements);
✓a pre-approval certificate; and
✓bank account statements.
Once an offer is accepted, the mortgage application process tends to move swiftly. Having the right documents in place ensures first-time home buyers can finalize their purchase as quickly as possible. It’s also important to secure these documents in advance if a home purchase takes place during a holiday when banks and major financial institutions are closed.
When offering home buying advice to clients, Atwal recommends narrowing the search to homes that align with both lifestyle needs and pre-approved budget.
“It’s about what type of home you would love, as well as what works for your whole financial picture. The clearer you are on that going in, the more confident every decision feels.”
Here’s where the realistic budget comes in handy. A lender may refuse to finance a home if the offer price is higher than what the buyer can afford. Sticking to a budget can help first-time buyers avoid rejection.
While shopping around, buyers should also consider what kind of home they want to live in. Fixer-uppers or unfinished homes have very different financing implications than move-in-ready properties.
Getting the right mortgage can be as important as finding the perfect property. If you’re looking to purchase your first home or property, a REALTOR® can help with everything from house hunting to selecting a mortgage specialist.
Here are more resources to help you along the way:
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. The information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.
For many renters living in small spaces, having adequate storage options can prove challenging since you can’t always drill into walls to add more where you need it. Even if your unit includes a storage locker in the building’s garage, you’ll probably want to keep day-to-day items within reach, but not piled up everywhere.
From double-duty furniture to creative solutions you don’t need the landlord’s permission to install, here’s a room-by-room guide to maximize storage space in your rental unit.
This article was originally published Feb. 24, 2025, and has been edited to ensure the information remains accurate and relevant.
🚪Expand entranceway storage
Entry halls can be big trouble spots for renters because too often, they come with tiny closets, says Allison Weigensberg, a professional organizer with Everything in Place in Montreal, Quebec.
“I always suggest people use their entire vertical space to maximize storage,” says Weigensberg. “There are many inexpensive, damage-free stick-on hooks that are good for purses, keys, coats, snow pants, and baseball caps, and you don’t have to put holes in the wall to install them–just make sure to read the instructions carefully.”
Extend every inch inside the closet by adding a storage unit with cubbies, she adds.
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WEIGENSBERG’S PICK
“One of my favourites is the eight-cube IKEA Kallax shelf unit because it’s so versatile. You can set it up horizontally or vertically and repurpose it when you move. Right now, mine has baskets for mittens and hats.”
Plastic bins with pull-out drawers are also useful when placed on top of high closet shelves, says Jerilyn Wolstenholme, owner of Please Organize My Life in Calgary, Alberta.
“If you have a busy family, you don’t really want to use too much of that small entranceway for storage. I’ve purchased six-foot-high narrow shoe racks to maximize the wall storage space to leave more space for people coming in and out,” she explains.
If there’s room for a small bench, get one with a seat that flips up so you can store shoes inside, or one with shelving underneath.
🏠Leverage double-duty furniture in the living room
In a small space, everything must earn its place. Choose ottomans with integrated storage, bookcases with doors where you can stash kids’ games, and side tables with shelving. Lift-up coffee tables can also be a great addition, providing both space for storage and a spot to sit and eat if you’re in an apartment that doesn’t have much space for a kitchen table.
“Anything you can use multiple ways is going to be a win; I have a couch in my basement where you lift the seat and there’s storage underneath. That doesn’t just have to be for blankets; you can have off season decorations or clothing there or keep toys out of the way,” says Weigensberg.
Take advantage of the vertical space—like a tall bookcase with closed storage so it doesn’t add to the visual clutter.
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WOLSTENHOLME’S PICK
Coffee tables with drawers, and leather cube-shaped stools that have storage inside.
🍳Keep things organized in the kitchen
Another common problem area for many renters is the kitchen, where having a pantry is rare, notes Wolstenholme, who suggests purchasing a sturdy metal shelving unit if you have a free wall.
“Buy one that’s not too wide and use it for pantry and overstock items. Or get a closed freestanding cupboard to hide pantry items, which you can bring with you to the next home,” she says.
Weigensberg likes to put up damage-free hooks inside kitchen cabinet doors to hang measuring cups, cooking utensils or cleaning brushes.
“I love using spring-loaded drawer dividers in kitchen drawers to keep them as organized as possible so you can see what you have. They have different sizes available to fit almost any space, and you can take them with you when you leave,” she says.
If you do have a pantry, maximize space by using shelf inserts, advises Weigensberg.
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WEIGENSBERG’S PICK
“A lot of pantries are very narrow and deep, so put a basket underneath that acts like a drawer, giving you access to everything in the back.”
🛏Bring more storage to the bedroom
An upholstered storage bench at the foot of the bed can hold linens, extra blankets or seasonal items. You can also stash plenty of stuff under the bed, says Wolstenholme, who recommends wrapping paper organizers with lids.
“They have a lower profile, so they fit better underneath the mattress frame,” she explains. “You could use vacuum seal bags or oversized bags and store those under the bed, too.”
If you’re buying a new bed, look for a frame with underbed storage—whether it’s drawers that pull out on either side, or one with a mattress that lifts so you can store off-season clothing and bedding under your mattress, adds Weigensberg.
Since most rental units feature just one hanging rod in the closet and you may not be able to install a custom shelving system, make the most of your vertical space, says Weigensberg.
“Valet hooks on the back of your doors can be really helpful to hang up your outfits or housecoats,” she notes.
“For shorter hanging items, like blouses and pants folded in half, get closet doublers that hang on an existing rod with two little hooks to create a second hanging space underneath. I often use the four-cube IKEA Kallax at the bottom of a closet because it fits in very small spaces. Put some baskets in there, and you’ll have additional drawer space for sweaters, socks and underwear.”
Wolstenholme recommends adding a second pressure-mounted rod to double your closet space.
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WOLSTENHOLME’S PICK
“In one of my closets, instead of a pressure-mounted rod I purchased a silver metal rod with two metal strings on the end that hooks overtop the existing rod.”
🚿Think vertical for the bathroom
When there’s only a pedestal sink in the bathroom instead of a vanity, it’s not easy to store toiletries and other items, notes Weigensberg. She suggests buying a freestanding shelving unit that sits over the toilet. Here, you can keep extra toilet paper, towels, or baskets that can keep smaller items organized.
Use the back of the door to hang bathrobes and towels from damage-free hooks, or hang a fabric shoe organizer to hold toiletries, cosmetics or cleaning supplies, adds Wolstenholme.
With a little creativity, renters can carve out storage throughout their unit—without busting their budget.
