Financial advice: how to go from renting to owning a home in Canada [Video]

Are you tired of renting where you live?

If you’re ready to make the transition from renter to homeowner, you’ll need to make sure you have your credit, finances, and savings in order. Unlike finding a new rental unit, which is relatively quick and easy, buying a house can be a lengthy process that involves a lot of paperwork.

The better you can prepare ahead of time, the easier the process will be. Below, I’ll give you a step-by-step guide on how to make the shift to becoming a homeowner, and show you what you can start doing today to help the process go smoother.

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When is it the right time to buy?

A potential good time to buy is when interest rates are low. When you’re talking about purchasing a home that can cost hundreds of thousands of dollars or more, something as small as a two- or three-per-cent interest rate change could …