Buying your first home is exciting — and it comes with a lot of new vocabulary and decisions. Here is a simple overview of how the process usually works in Ontario.
1. Start with a pre-approval
Speak with a lender or mortgage professional before you start viewing homes. A pre-approval clarifies your budget, holds an interest rate for a period of time and shows sellers you are ready to act.
2. Budget for more than the down payment
Closing costs typically include land transfer tax (Ontario, plus a municipal tax for homes in the City of Toronto), legal fees and disbursements, title insurance, a home inspection and adjustments for items such as prepaid property taxes. First-time buyers may be eligible for land transfer tax refunds. Ask your lawyer and lender to confirm the numbers for your situation.
3. Define what matters most
List your must-haves — location, commute, schools, size, parking, outdoor space — and your nice-to-haves. Being clear up front makes it easier to act quickly when the right property appears.
4. View, compare and ask questions
Visit homes and neighbourhoods at different times of day. Look past décor to layout, condition and maintenance items, and ask about utility costs, condo fees and building rules where relevant.
5. Prepare your offer
Your offer sets out price, deposit, conditions (such as financing or inspection) and the closing date. Before you submit, you can send the property to Nili for a Complimentary Offer Assessment covering the asking price, comparable sales and offer structure.
6. Firm up and close
Once conditions are satisfied, your lawyer completes the title transfer and your lender advances the mortgage funds. On closing day, you get the keys.
This article is general information, not legal, tax or financial advice. Programs and rules change; confirm details with your lawyer, lender and accountant.