First-Time Homebuyers' Misconceptions

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Business & Economics

Ready to buy a home? What experts say many buyers forget to consider first

Summary

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75% Informative

Realtor Sandra Pike estimates less than half of buyers she sees are actually ready to buy a home.

Buyers should be working with an experienced mortgage broker who can help them with debt service ratios, and determine what they can actually afford.

They should have a pre-approval, not just a credit score, and a budget for everything else: closing costs, inspections, moving, insurance and furniture.

The pandemic saw major price increases, she noted, but generally, most should plan to build equity over several years before selling and buying again. With everything else in place, buyers are ready if they are willing to ask for help from their team of professionals: broker, realtor , and lawyer. “You’re not afraid to ask questions or say I don’t understand this,’” Pike said. “Because this is a big deal.” This report by The Canadian Press was first published May 27, 2025 . Nina Dragicevic , The Canadian Press .

VR Score

Informative language

Neutral language

Article tone

informal

Language

English

Language complexity

Offensive language

not offensive

Hate speech

not hateful