Education · 1 of 5

The path

No licence is needed to buy property for yourself. The hard part is saving the cash and passing the stress test.

1. 1

   Build steady income and credit

   2 to 5 years

   Lenders want two years of steady income and a good credit score. A day job is what gets you the mortgage.

2. 2

   Save a down payment and reserves

   3 to 8 years

   Enough for the down payment, land transfer tax, legal fees and several months of costs.

3. 3

   Learn your local market

   6 to 12 months

   Rents, taxes, condo fees and tenancy law where you plan to buy. Run the numbers on 50 listings before buying one.

4. 4

   Buy a first property

   1 to 3 months

   Often a home with a legal basement unit that you live in, which qualifies for an insured mortgage.

5. 5

   Manage, then repeat slowly

   5 to 20 years

   Most people add a property every few years as savings and equity allow.