Whether you’re a first-time buyer or looking for your next dream home, the process can feel overwhelming — but it doesn’t have to be. is here to guide you every step of the way.
Choosing to buy a home is a big decision. To help you weigh your options, here are some key questions to consider when deciding between buying and renting.
How does buying build equity?
Each mortgage payment increases your ownership in the property. Rent, on the other hand, goes toward your landlord’s equity.
What are the upfront costs?
Buying requires a down payment, plus closing costs like legal fees, inspections, and land transfer tax. Renting typically involves a security deposit and the first month’s rent, making it cheaper upfront.
Who takes care of maintenance and repairs?
Homeowners are responsible for repairs and upkeep. Renters rely on their landlords for maintenance and property issues.
How does each option affect financial risk and stability?
Owning means long-term stability and control over your space, but it comes with market and interest rate risks. Renting offers flexibility and fewer financial responsibilities, but less control over future housing expenses.
If buying feels like the right step for you, let’s move forward.
Knowing how much you can afford is key to a confident home search. Be sure to plan for both one-time costs and ongoing expenses.
Estimate Your Homeownership Costs
Home Price
$700,000
Upfront Costs
Down Payment$140,000
Closing Costs$155,175
Monthly Recurring Costs
Mortgage Payment$3,029
Property Taxes$583
Home Insurance$58
Note: Cost breakdowns are estimates based on averages for first-time home buyers in Ontario and should be used for reference only. Actual costs will vary by individual situation.
Most lenders use two main affordability guidelines:
Gross Debt Service (GDS):
Housing costs (e.g., mortgage, taxes, heating, and 50% of condo fees) should not exceed 39% of your gross household income.
Total Debt Service (TDS):
Housing costs plus debt payments (e.g., car loans, credit cards, and student loans) should not exceed 44% of your gross household income.
Get pre-approved for a mortgage to lock in your rate for up to 130 days and show sellers you're a serious buyer.
Not sure what your budget looks like? Use our Mortgage Calculators to find out.
In Canada, REALTORS® are licensed professionals who must follow a strict Code of Ethics. Choosing the right one can make or break your home buying experience. Stick with one REALTOR® who understands your goal and preferences.
See what clients are saying about working with , or reach out to start your journey.
TESTIMONIALS
Step 5: Begin Your Search
Now for the fun part - house hunting!
With your criteria and budget in place, will set up personalized alerts directly from the MLS® so you’re the first to know when a suitable property hits the market.
You can also explore ’s featured listings to get a feel for what’s available.
Open houses and scheduled private showings are a great way to see homes up close and evaluate homes beyond surface features. Don’t hesitate to ask questions about maintenance, renovations, or the neighborhood during your visits.
Step 6: Find a Real Estate Lawyer
A trusted real estate lawyer protects your legal and financialinterests throughout the transaction. Start by asking friends, family, or for recommendations.
While your lawyer handles the legal side, don’t miss opportunities on the market.
Ensure all terms in the Agreement of Purchase and Sale are accurate
Run a Title Search
Confirm there are no liens, unpaid taxes, or legal claims against the property
Handle Closing Costs
Calculate and pay land transfer taxes, title insurance, and prepare legal documents
Register the Property
Transfer ownership and register the property in your name with the provincial land registry
Coordinate Mortgage Funds
Work with your lender to transfer mortgage funds to the seller on closing day
Step 7: Make an Offer
Found the one? will help you craft an offer that aligns with your needs and stands out to the seller.
What’s in an Offer?
Purchase Price
Deposit (often 5% of the price, held in trust)
Conditions (typically home inspection, financing, and sometimes a sale of your current home)
Inclusions (items to remain in the home e.g., appliances, blinds, fixtures)
Closing Date and Irrevocable Period
Types of Offers
Firm Offer: This means you’re ready to buy the home as-is, with no conditions; be sure everything checks out before going this route.
Conditional Offer: It includes specific conditions that must be met before the deal becomes binding.
The seller may accept, reject, or send a counteroffer. Don’t worry — will negotiate the best terms on your behalf.
Step 8: Get a Home Inspection
Even if a home looks great on the surface, an inspection can uncover hidden issues that could cost thousands to fix later.
Tips
Attend the inspection if possible. it’s a great opportunity to ask questions, learn about the home’s condition, and pick up useful maintenance tips.
If the home doesn’t pass or you decide to keep looking, stay in the loop with our Just Listed alert. It’ll help you spot your perfect home the moment it’s available.
Your offer has been accepted — congrats! Now it’s time to lock in your financing.
You’ll need to:
1
Agreement
Submit your signed Agreement of Purchase and Sale
2
Financial Documents
Provide your financial documents such as proof of income, tax returns, bank statements, and a void cheque
3
Mortgage Terms
Review and confirm your final mortgage terms, including the loan amount, interest rate, and amortization period
Tips
Between now and closing, avoid major financial changes like taking on new debt, changing jobs, or making large purchases. These can put your mortgage approval at risk.
Hold off on big financial decisions, but keep your home search moving. Set up a PRICE DROP alert to catch any deals that come up.
Step 10: Closing the Deal & Moving In
You’re almost home! As closing day approaches, your legal and financial team will handle the final paperwork.
Before closing, make sure you have:
Mortgage approval and insurance
Finalized legal documents and title transfer
Fund ready for closing costs (typically 1.5% - 4% of the purchase price)
Utility and services set up
Once everything is signed and processed, you'll get the keys and can officially move in. Schedule a final walk-through, book movers, and celebrate this exciting milestone!
CREA Agreement
REALTOR®, REALTORS®, and the REALTOR® logo are certification marks that are owned by REALTOR® Canada Inc. and licensed exclusively to The Canadian Real Estate Association (CREA). These certification marks identify real estate professionals who are members of CREA and who must abide by CREAs By-Laws, Rules, and the REALTOR® Code. The MLS® trademark and the MLS® logo are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.
The information contained on this site is based in whole or in part on information that is provided by members of The Canadian Real Estate Association, who are responsible for its accuracy. CREA reproduces and distributes this information as a service for its members and assumes no responsibility for its accuracy.
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