The annual Royal LePage First-time Homebuyers' Report couples a national poll of recent first-time homebuyers’ attitudes with a market analysis of trends and activity in major markets across Canada.

Read the 2005 Full Report (pdf)

Royal LePage's step-by-step plan takes you through all the essential elements of buying a home.

Step 1: Needs vs. Wants Step 2: Royal LePage Realtors Can Help Step 3: Financial Organization Step 4: Viewing Homes Step 5: Making an Offer Step 6: Closing

Before you embark on your housing search you need to know how much house you can afford to buy. Knowing your affordable price range will bring your house hunting into focus. The amount you can afford depends on a number of factors. Most importantly, consider your gross household income, your down payment amount, and the mortgage interest rate.

It is a good idea to get a pre-approved mortgage, especially if you're a first time buyer. A pre-approved mortgage lets you know how much money you qualify for, so you can shop in comfort.

Lenders determine affordability by looking at your Gross Debt Service ratio (GDS) and your Total Debt Service ratio (TDS).

The GDS ratio is based on what you can afford to pay each month; it includes mortgage payments, taxes and heating. Maximum GDS ratio is 32%. The TDS ratio includes everything covered under GDS plus all your other financing obligations. Maximum TDS ratio is 37% (40% if it's CMHC).