1. Determine Your Budget
Before you begin browsing homes, understand what you can afford.
Review your income, savings, and monthly expenses
Consider how much you can put toward a down payment (minimum is 5% for homes under $500K, higher for more expensive homes)
Use a mortgage calculator to estimate monthly payments
Factor in closing costs (~3-5% of purchase price)
2. Get Pre-Approved for a Mortgage
Getting pre-approved gives you a clear price range and strengthens your offer.
Shop around with different lenders or work with a mortgage broker
Gather documents: proof of income, credit history, employment details, etc.
Pre-approval typically lasts 90-120 days
3. Work with a Real Estate Agent
A local agent (like me!) can help you find the right property, negotiate the best deal, and guide you every step of the way.
Get access to MLS listings faster
Receive advice on neighbourhoods, pricing and offer strategies
Avoid costly mistakes in paperwork or bidding wars
4. Start Your Home Search
Consider these key factors:
Location (commute, schools, amenities)
Property type (condo, townhouse, detached)
Future resale value
Property taxes and maintenance cost
5. Make an Offer
Once you find the right home, your agent will help you draft an offer.
Decide on offer price, deposit, and conditions (e.g., home inspection, financing)
Offers in Toronto can be competitive - be ready for bidding wars
Your agent will present the offer and negotiate on your behalf
6. Get a Home Inspection (if applicable)
Inspections help identify issues that could cost you later.
Optional in competitive markets, but highly recommended
Can reveal problems with structure, plumbing, roof, etc.
May allow you to renegotiate or walk away.
7. Finalize Your Mortgage
Once the offer is accepted:
Submit the purchase agreement to your lender
The lender arranges an appraisal of the property
Final mortgage approval is issued
8. Prepare for Closing
Several steps need to be completed before you officially get the keys
Hire a real estate lawyer (mandatory in Ontario)
Conduct a title search and register the property
Arrange home insurance
Final walkthrough before closing day
9. Pay Closing Costs
Typical closing costs in Toronto include:
Ontario Land Transfer Tax
Toronto Municipal Land Transfer Tax
Legal fees
Title insurance
Home inspection and appraisal fees
Moving costs and utility hookups
10. Move In and Celebrate!
On closing day, your lawyer will transfer funds and you'll receive the keys to your new home.
**Toronto-Specific Tips**
Toronto buyers pay both provincial and municipal land transfer taxes. First-time buyers may qualify for rebates up to $8,475.
In competitive areas, be prepared for multiple-offer situations and no-condition offers.
Condos may have monthly maintenance fees-factor those into your budget
