First Time Home Buyers

Step-by-Step Guide

Step 1

Financial Preparation

* Check your credit score (minimum 600–680 recommended).

* Save for down payment: 5% for homes under $500k; 10% for $500k –$999,999; 20% if over $1M.

* Prepare for closing costs (3–5% of purchase price: land transfer tax, legal fees, inspections).

* Get mortgage pre-approval to know your budget.

Step 2

Define Your Needs & Wants

* Choose preferred Toronto neighbourhoods.

* Decide property type: condo, townhouse, semi, detached.

* Prioritize features: size, bedrooms, parking, yard, etc.

Step 3

Hire Professionals

* Real Estate Agent (buyer representation is free).

* Mortgage Broker/Bank for financing.

* Lawyer for closing.

* Home Inspector for property review.

Step 4

Start the Home Search

* Tour homes with your agent.

* Compare prices with recent sales.

* Stay within your budget and pre-approval.

Step 5

Make an Offer

* Prepare Agreement of Purchase and Sale (APS).

* Include conditions (financing, inspection, status certificate).

* Negotiate price, closing date, inclusions.

Step 6

Secure Financing

* Provide lender with signed offer and documents.

* Receive final mortgage approval.

Self-Check Questionnaire

Financial Readiness

➧ Do I know my credit score and is it in good standing?

➧ Do I have enough saved for a down payment?

➧ Have I budgeted for closing costs (3–5%)?

➧ Have I been pre - approved for a mortgage?

➧ Do I have a stable source of income?

Home Needs & Lifestyle

➧ Do I know which Toronto neighbourhoods fit my lifestyle?

➧ Am I clear on the type of property I want (condo, house, townhouse)?

➧ Do I need parking, extra bedrooms, or a home office?

➧ Am I open to commuting if it means lower prices?

Decision Confidence

➧ Am I ready for homeownership responsibilities (maintenance, taxes, utilities)?

➧ Am I comfortable with my monthly budget after mortgage + bills?

➧ Do I have a lawyer, agent, and mortgage professional I trust?

CONTACT

Have a question or need assistance? Reach out to me and I'll get back to you as soon as possible.

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