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Keith & Françoise Real Estate Team · eXp Realty Brokerage
Françoise Pollard, Sales Representative · Keith Goldson, Broker · Updated February 2026
Ontario’s buying process follows a clear sequence. Each phase builds on the last. For the full framework behind these steps, including conditions, timelines, deposits, and how closing works, see our buying a home in Ontario guide and our Ontario first-time home buyer guide.
Before you speak with a lender or agent, your financial picture needs to be clear. Many first-time buyers know their approval amount but have not properly confirmed their down payment source, actual monthly budget, or cash needed on closing day.
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Confirm your down payment amount, source, and how quickly you can access it. Lenders verify the source, and gifts or investments carry different documentation requirements than savings.
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Calculate your comfortable monthly payment, not just your maximum approval amount. These are rarely the same number.
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Budget for closing costs beyond the down payment. In Ontario, closing costs typically run 1.5 to 4 percent of the purchase price and require cash on closing day.
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Confirm whether mortgage default insurance applies. If your down payment is under 20%, CMHC insurance is mandatory. The premium, plus Ontario PST on that premium, is due on closing day. Details at
CMHC.
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Review your credit report before a lender does. Errors take time to correct and can affect your approval or rate.
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Confirm who goes on title and whether a co-signer or guarantor is part of the application. This affects legal costs, land transfer tax eligibility, and mortgage qualification.
Several federal and provincial programs are available to Ontario first-time buyers. Confirming eligibility early matters because some programs require contributions or RRSP seasoning periods well before your purchase closes. For a full breakdown, see our guide to Ontario home buyer incentives.
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First Home Savings Account (FHSA). Contribute up to $8,000 per year to a $40,000 lifetime maximum. Contributions are tax-deductible and withdrawals for a qualifying purchase are tax-free with no repayment requirement.
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RRSP Home Buyers’ Plan (HBP). As of December 2024, the withdrawal limit increased to $60,000 per person ($120,000 per couple). Funds must be in your RRSP for at least 90 days before withdrawal and repayment spreads over 15 years.
Tax rebates and credits
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Ontario Land Transfer Tax rebate. First-time buyers receive up to $4,000 back on provincial LTT. On purchases of $368,000 or less, this eliminates the provincial tax entirely. Details at
Ontario.ca.
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Toronto Municipal Land Transfer Tax rebate. Buying in the City of Toronto means a second land transfer tax applies. First-time buyers can also claim a municipal rebate of up to $4,475.
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First-Time Home Buyers’ Tax Credit. A federal non-refundable tax credit worth up to $1,500 toward costs like legal fees and inspections. Claim it on your return for the year of purchase. Co-purchasers can split the credit.
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30-year amortization. As of December 2024, first-time buyers purchasing any property, including resale homes, can extend their amortization to 30 years to reduce monthly payments. Confirm eligibility with your lender.
A pre-approval is a conditional commitment, not a guarantee. Understanding what it covers and what can void it prevents problems during a live transaction. For a plain-language explanation of Ontario mortgage financing, see our guide to mortgage financing for Ontario buyers.
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Confirm your pre-approval details in writing: amount, rate, rate hold period, and any conditions attached.
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Know your rate hold expiry date. Rate holds typically run 90 to 120 days. A search that extends beyond that means renewal at a potentially different rate.
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Avoid major financial changes after pre-approval. New debt, a job change, or large cash movements can affect your qualification.
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Confirm your pre-approval covers the property types you are searching. Some lenders apply different rules to condos, rural properties, or homes with well and septic systems.
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Confirm your deposit is accessible for next-business-day delivery. In Ontario, the deposit is typically due within 24 hours of offer acceptance.
First-time buyers often set search filters that are too narrow for the actual inventory in their target market. Defining your non-negotiables clearly and separating them from preferences produces a more useful, realistic search. Comparing the GTA and Niagara Region? See our guide to GTA vs Niagara home search tips.
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Define your non-negotiables separately from your preferences. Non-negotiables are items you will not compromise on. Keeping them separate prevents eliminating viable properties over things that do not actually matter to your daily life.
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Confirm your target areas and identify at least one backup neighbourhood in case inventory in your primary area is limited at your budget.
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Review listing details carefully before booking a showing. Check for rental units, items on rental contracts such as hot water tanks or HVAC equipment, and any listed exclusions.
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Assess each showing beyond the interior. Noise, traffic, lot orientation, and proximity to industrial or commercial uses all affect livability and resale value.
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Take notes after each showing while impressions are fresh. First-time buyers who view many properties quickly often struggle to recall the distinctions that mattered.
The offer stage is where preparation pays off or breaks down. Work through this checklist before you find a property you want to offer on so you are ready when the moment comes. Our guide to winning offers in the GTA covers how Ontario offers work, competing bids, and when waiving conditions carries real risk.
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Confirm your maximum purchase price before you start viewing seriously. Decide this number in advance, not during a negotiation.
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Review comparable sales with your agent before writing any offer. Recent sales in the last 30 to 60 days tell you what the market will support.
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Determine which conditions are essential. Financing and home inspection are the two most common. A status certificate condition is essential for condo purchases. Waiving conditions carries real financial risk.
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Confirm your deposit amount and that the funds are accessible for next-business-day delivery. A stronger deposit signals commitment in a competitive situation.
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Verify included and excluded items before signing. Appliances, light fixtures, window coverings, and rental equipment must all be clearly specified. Assumptions about inclusions cause disputes at closing.
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Confirm your preferred closing date and whether you have flexibility. Aligning with the seller’s timing can strengthen your offer without changing the price.
Offer acceptance starts the clock on your conditions. Missing deadlines during this phase puts your deposit at risk. Our guide to title search in Ontario covers what title search involves and why it matters. Closing day details are in our guide to closing day in the GTA.
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Book your home inspection promptly. Good inspectors book quickly and your condition deadline does not wait.
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Submit all lender documentation without delay. Your lender needs an appraisal, updated income confirmation, and property details. Delays on your end can push back financing confirmation.
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Retain a real estate lawyer before your conditions expire. Your lawyer handles title search, document review, and closing funds. Engaging them early gives time to resolve any title issues.
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Arrange home insurance and provide the binder to your lender before closing. Most lenders require proof of insurance before advancing closing funds.
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Set up utility accounts in your name for the closing date. Hydro, gas, water, and internet all have lead times. Confirm transfer dates with each provider.
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Schedule your final walkthrough close to closing to confirm the property’s condition and that nothing has changed since your inspection.
Most Ontario closings complete in the late afternoon. Key release often does not happen until 4 or 5 p.m. Build flexibility into move-in day logistics and work through this list on possession day.
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Confirm key release timing with your lawyer the day before closing. Do not assume keys are available in the morning.
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Change the locks on possession day. You have no way of knowing how many copies of the previous keys exist.
Safety, admin and first-week tasks
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Update your address for banking, government ID, CRA, and subscriptions. Canada Post offers a mail forwarding service while updates are in process.
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Test smoke detectors and carbon monoxide detectors and replace batteries. Ontario law requires working detectors on every level of the home and outside sleeping areas.
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Locate and label all shutoff valves, the electrical panel, and the main water shutoff. Knowing where these are before an emergency saves significant stress and potential damage.
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Start a first-90-days maintenance list. Furnace filters, eavestrough condition, water heater age, and appliance servicing schedules are all worth reviewing early in ownership.
KF
Keith & Françoise Real Estate Team
eXp Realty Brokerage · GTA & Niagara Region
Françoise Pollard (Sales Representative) and Keith Goldson (Broker) work with first-time buyers across the Greater Toronto Area and Niagara Region. We help buyers confirm their numbers, understand offer terms, and move through the process without surprises. Reach out at francoisepollard.com.
Ready to work through this with someone who knows the market?
We work with first-time buyers across the GTA and Niagara Region and keep the process practical and clear. Reach out before you start searching.
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