What First-Time Homebuyers in Regina Need to Know

You do not need to know everything before you start. You need a clear budget, some savings set aside and the right people helping you.

These first-time homebuyer tips for Regina cover what I want my buyers to understand before we start looking at homes.

What Should a First-Time Home Buyer in Regina Know?

Start with a mortgage pre-approval so you know what you can comfortably afford. Plan for your down payment, deposit and closing costs, understand what owning the home will cost each month and learn what happens when you are ready to write an offer. Buying your first home does not always happen on the first try, and that is completely normal.

Regina First-Time Buyer Checklist
Use this as your planning list. The sections below explain each step.

✓ Meet with a local Regina REALTOR®
✓ Get a mortgage pre-approval
✓ Save for your down payment, deposit and closing costs
✓ Understand your total monthly costs
✓ Look into first-time homebuyer tax credits
✓ Be prepared for multiple offers
✓ Keep your inspection and financing conditions

When Should First-Time Buyers Start Preparing?

Ideally, start three to six months before you hope to buy. That gives you time to talk to a mortgage broker, build your savings and get a feel for what Regina homes in your price range actually look like. If you are hoping to buy sooner, start with a pre-approval so you know where you stand.

1. Meet With a Local Regina REALTOR®

A good Regina REALTOR® makes buying your first home feel less confusing, not more complicated. We start every first-time buyer with an initial meeting to walk through the whole process, from pre-approval to possession, before you ever step into a showing. We can also help you compare neighbourhoods, understand recent sales and spot things first-time buyers often do not know to look for, like the effects of Regina's clay soil on foundations.

Ask lots of questions. You are not expected to already know how this works.

2. Get a Mortgage Pre-Approval

Before you spend your weekends looking at houses, talk to a mortgage broker. A pre-approval gives you a realistic price range and helps you understand your down payment, estimated mortgage payment, mortgage insurance and interest rate options.

Being approved for a certain amount does not mean you have to spend it. Your budget should still leave room for everything else you want to enjoy outside of your home.

3. Budget for Your Deposit and Closing Costs

Your down payment is not the only money you will need. When your offer is accepted, you will usually provide a deposit, often in the range of $7,500 to $20,000, which goes toward your purchase.

Saskatchewan does not have a land transfer tax, but buyers still have closing costs. These include legal fees, Land Titles registration fees through ISC, property tax adjustments and a home inspection. Keep some savings aside instead of putting every dollar into your down payment.

4. Know Your Monthly Costs

Your mortgage payment is only one part of owning a home. You will also have property taxes, utilities, home insurance and regular maintenance, plus condo fees if you buy a condo. A cheaper house that needs constant repairs may not be easier on your budget than a slightly more expensive home that has been well maintained.

5. Learn About First-Time Homebuyer Tax Credits

The Saskatchewan First-Time Homebuyers' Tax Credit can provide eligible buyers with up to $1,575 in provincial tax savings. The federal home buyers' amount may also provide tax savings, and federal savings programs can help eligible Canadians save for a first home. These programs have their own rules and can change, so confirm current details with the Government of Saskatchewan, Canada Revenue Agency or a tax professional.

6. Be Prepared for Multiple Offers in Regina

Well-priced homes in popular first-time buyer price ranges can attract multiple offers. You may write an offer and not get the house. It is disappointing, but it does not mean you did anything wrong. The goal is to buy the right home at a price and on terms you are comfortable with.

Kelsey's Buyer Tip
Decide what a home is worth to you before you get caught up in the excitement. Recent comparable sales help you decide with your head, not only your heart.

7. Keep Your Inspection and Financing Conditions

A home inspection is one of the best ways to learn about the house before you commit. A qualified inspector can flag concerns with the roof, foundation, electrical, plumbing and heating. Kelsey will never recommend you waive a financing or home inspection condition.

If you are buying a condo, reviewing the condo documents is just as important. They show the condo corporation's finances, reserve fund, rules and any issues that could affect you as an owner. They usually arrive within about five days and cost $200 to $300.

Kelsey's Real Estate Perspective

Buying Your First Home? Patience Is Part of the Plan.

Losing out on a house can be really disappointing, especially when it is your first. In a competitive Regina market, it may take more than one offer before you get the keys. Try not to let one house push you past your budget or into an offer you are not comfortable with. Your first home does not need to be perfect. It needs to work for your life, fit comfortably within your budget and be a purchase you understand. The more useful question is often "Would I still feel good about buying this home at this price tomorrow?"

Start Your First Home Search With a Plan.
Kelsey Smith and the Regina Real Estate Group help first-time homebuyers in Regina understand the process from mortgage pre-approval to possession, so you feel prepared when it is time to write an offer.