Buyer download · 9-chapter PDF
The First-Time Buyer Ontario Guide
From pre-approval to keys: budgets, land transfer tax, rebates, closing costs and the offer process explained for first-time buyers in Ontario.
What's inside
9 chapters, 9-chapter PDF
- 01
What you actually need saved
Five percent on the first $500,000, ten percent on the portion from $500,000 to $1,500,000.
- 02
Get properly pre-approved
A pre-approval is a full credit and income review, not an online affordability calculator.
- 03
Ontario land transfer tax
Ontario charges provincial land transfer tax; a purchase inside Toronto is charged again municipally.
- 04
Programs worth using
FHSA: contribute annually to a lifetime limit, deductible going in and tax-free coming out for a first home.
- 05
Closing-cost checklist
Land transfer tax, provincial and municipal where applicable.
- 06
Freehold, condo or condo town
Freehold: you own the structure and land, and all maintenance is yours.
- 07
The offer, condition by condition
Financing condition: your lender approves the specific property, not just you.
- 08
Offer to keys, week by week
Week 1: conditions satisfied, deposit delivered, lawyer engaged.
- 09
First-time buyer mistakes to avoid
Shopping before pre-approval and falling for a home you cannot finance.
- Down payment rules, mortgage insurance and what you truly need saved
- Ontario and Toronto land transfer tax with first-time buyer rebates explained
- A realistic closing-cost checklist so nothing lands as a surprise
- First-time buyer programs: FHSA, RRSP Home Buyers' Plan and rebates
- The offer process, conditions and the week-by-week path to closing
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