Budgeting Tips for First-Time Homebuyers

Buying your first home in Canada involves significant financial responsibility and effective budgeting. Key steps include understanding your financial situation by reviewing income, expenses, and debts; saving for a down payment, ideally 20% to avoid mortgage insurance; factoring in additional costs like property taxes and maintenance; improving your credit score for better mortgage terms; and planning for future financial goals. A financial advisor can provide valuable guidance throughout this process, ensuring informed decisions and long-term financial stability.