The home buying process typically includes these steps:

1. Determine your budget.

2. Get pre-approved for a mortgage.

3. Find a real estate agent.

4. Start house hunting.

5. Make an offer on a home.

6. Arrange a home inspection.

7. Finalize your mortgage.

8. Close the sale.

9. Move in.

The minimum down payment depends on the home's purchase price:

- For homes up to $500,000, the minimum down payment is 5%.

- For homes between $500,000 and $999,999, it's 5% on the first $500,000 and 10% on the remaining amount.

- For homes $1,000,000 and above, a minimum down payment of 20% is required.

Closing costs typically range from 1.5% to 4% of the purchase price and may include:

- Land transfer taxes

- Legal fees

- Home inspection fees

- Title insurance

- Adjustments for property taxes and utilities

No, while a home inspection is highly recommended, it is not required when buying a home. Depending on your specific situation you may want to choose to have a home inspection or not. A home inspection helps identify any potential issues with the property, providing you with an opportunity to renegotiate or reconsider your purchase if significant problems are found. A situation where you might choose not to have a home inspection is on a new build home. Always consult with your real estate agent when deciding to have a home inspection or not.

Mortgage pre-approval is when a lender evaluates your financial situation to determine how much they are willing to lend you and at what interest rate. It’s important because it shows sellers you are a serious buyer and helps you understand your budget.

A fixed-rate mortgage has an interest rate that remains constant throughout the term, providing stability and predictable payments. A variable-rate mortgage has an interest rate that can fluctuate with market conditions, which may lead to lower initial payments but can increase over time. There are variable-rate mortgages which have fixed monthly payments.

First-time home buyers in Canada can benefit from several programs:

- First-Time Home Buyer Incentive

- Home Buyers' Plan (HBP)

- First-Time Home Buyers’ Tax Credit (HBTC)

- GST/HST New Housing Rebate

The mortgage stress test requires borrowers to qualify for a mortgage at a higher interest rate than the one they will actually pay. This ensures they can still afford their mortgage payments if interest rates rise in the future.

Title insurance protects against losses related to the property's title or ownership, such as title fraud, zoning issues, or existing liens. While not mandatory, it’s highly recommended for peace of mind.

Yes, non-residents can buy property in Canada. However, they may be subject to additional requirements and taxes, such as the Foreign Buyers' Tax in certain provinces. It’s advisable to consult with a real estate professional and a mortgage advisor to understand all implications.