Get a sense of your current monthly expenses and think about the following:

Consider your down payment:  Buyers typically need a minimum 5% of the purchase price as a down payment, though some lenders now have mortgage options that allow you to borrow your down payment, and/or a relative can provide you with a gift of a down payment.

If your down payment is less than 20% of the purchase price, you need a high ratio mortgage and it has to be your primary residence (i.e. you can’t rent it out). Lenders require borrowers to obtain mortgage insurance for high ratio mortgage, since they can be riskier for financial institutions. Your mortgage insurance premium will vary depending on the size of your down payment relative to the price of the property, but ranges from under 1% of the purchase price to more than 3%. If your down payment is 20% of the purchase price or more, you do not require mortgage insurance.

Ensure you have deposit funds: You need to provide a deposit with your offer to purchase. Your deposit funds are typically part of your down payment.

Budget for closing costs: Closing costs are separate from your deposit and down payment, and are typically due on possession date, which is the date when the real estate transaction is complete and the property is yours. Closing costs include lawyer fees, property tax adjustments, title insurance (if any), etc. It is a good idea to budget a couple thousand dollars on top of the purchase price as closing costs.