Buying a home is a significant milestone for many people, and it can be a daunting task if you're not familiar with the process. Whether you're a first-time homebuyer or you've been through the process before, it's important to understand the steps involved and what you can expect. Here's a guide to help you navigate the process of buying a home.

1. Get pre-approved for a mortgage

The first step in the home-buying process is to get pre-approved for a mortgage. This means that you'll need to meet with a lender and provide them with information about your income, assets, and credit score. The lender will then give you an estimate of how much you'll be able to borrow. This will help you determine your budget and the type of home you can afford.

2. Find the best real estate agent

Once you have a rough idea of your budget and what you're looking for, it's time to find a real estate agent. A good real estate agent will be able to help you find properties that meet your needs and guide you through the process of buying a home. They'll be able to answer your questions and provide you with valuable advice.

3. Start looking at properties

With your agent's help, you can start looking at properties that meet your needs and budget. You'll want to visit several properties in order to get a sense of what's available and to help you narrow down your options.

4. Make an offer

When you find a property that you want to buy, it's time to make an offer. Your agent will help you prepare the offer and negotiate with the seller. Once the offer is accepted, you'll need to pay a deposit and sign a purchase agreement.

5. Close the sale

The final step in the process is to close the sale. This means that you'll need to pay the remaining balance of the purchase price, and the property will be transferred to your name. You'll also need to pay any closing costs, such as legal fees and land transfer taxes.

Buying a home can be a long and complicated process, but with the right guidance and preparation, it can be a rewarding experience. By understanding the steps involved and working with a professional, you'll be able to find the perfect home for you and your family.

The Greater Toronto Area (GTA) housing market experienced a marked adjustment in 2022 compared to record levels in 2021. Existing affordability issues brought about by a lack of housing supply were exacerbated by sustained interest rate hikes by the Bank of Canada.

"Following a very strong start to the year, home sales trended lower in the spring and summer of 2022, as aggressive Bank of Canada interest rate hikes further hampered housing affordability. With no relief from the Office of Superintendent of Financial Institutions (OSFI) mortgage stress test or other mortgage lending guidelines including amortization periods, home selling prices adjusted downward to mitigate the impact of higher mortgage rates. However, home prices started levelling off in the late summer, suggesting the aggressive early market adjustment may be coming to an end," said new Toronto Regional Real Estate Board (TRREB) President Paul Baron.

There were 75,140 sales reported through TRREB MLS® System in 2022 3 down 38.2 per cent compared to the 2021 record of 121,639. The number of new listings amounted to 152,873 3 down 8.2 per cent compared to 166,600 new listings in 2021. Seasonally adjusted monthly data for sales and price data show a marked flattening of the sales and price trends since the late summer.

"While home sales and prices dominated the headlines in 2022, the supply of new listings continued to be an issue as well. The number of homes listed for sale in 2022 was down in comparison to 2021. This helps explain why selling prices have found some support in recent months. Lack of supply has also impacted the rental market. As renting has become more popular in this higher interest rate environment, tighter rental market conditions have translated into double-digit average rent increases," said TRREB Chief Market Analyst Jason Mercer.

The average selling price for 2022 was $1,189,850 3 up 8.6 per cent compared to $1,095,333 in 2021. This growth was based on a strong start to the year, in terms of year-over-year price growth. The pace of growth moderated from the spring of 2022 onwards.