Buying a Home

Q.1. Can I afford to own a home (or as a senior, keep my home)?

You should consider the various costs involved in order to determine whether or not you can afford to own a home in Canada, be it a condominium apartment, semi-detached or fully detached home. Using a household budget calculator will allow you to do that to determine those costs. As you age, costs may increase to maintain your home (as you may not be able to do regular maintenance), or you may need to renovate to provide accessibility for mobility, safety, and security. Be sure to include these projected costs as you calculate your budget.

Q.2. Where do I want to live?

The area in which you choose to live will greatly affect not only the cost of the home but also your expenses relative to such things as commuting to your place of work. It will also impact on the length of your working day as the greater the distance the greater the amount of time spent away from the home. As you age, be sure to consider access to friends, family, and health care providers as a consideration.

Q.3. What will it cost to run a house?

In addition to a mortgage, there are many costs associated with owning a home in Canada including such things as utilities, heat, insurance, maintenance, and taxes. You should develop a budget that would take into account these costs associated with home ownership. Be sure to add costs to have someone help you as you age!