First Time Homebuyer Checklist

Thinking of buying a house in the near future?

Starting the process can seem complicated and overwhelming, but it doesn't have to be! Here is an easy place to start.

Set Your Budget & Get Pre-Approved for a Mortgage

Before you fall in love with a property, it’s important to know what you can afford.

• Review your monthly expenses and determine what mortgage payment feels comfortable for your lifestyle.

• Look at your savings to determine how much you can put down as a down payment.

• Budget for closing costs like legal fees, land transfer tax, and home inspections, and moving costs.

• Work with a mortgage broker to understand your financing options and compare rates.

Don’t forget about available rebates for first-time buyers:

• Home Buyer's Plan – Withdraw up to $60,000 from your RRSPs, tax-free to purchase a home.

• Land Transfer Tax Rebate – Up to $4,000 in Ontario and additional rebates in Toronto.

• First-Time Home Buyer Tax Credit – A federal tax credit.

• First Home Savings Account (FHSA) – A tax-free way to save for your down payment.

Research Your Market

Once you’ve nailed down your budget, start thinking about where and what you want to buy. It’s important to have an idea off what you are looking for before you start your search. 

Ask yourself:

• Which neighbourhoods are you considering?

• Are schools, transit, or walkability important to you?

• How many bedrooms/bathrooms do you need?

• Are you looking for a condo, townhouse, or detached home?

Being clear on your priorities will help you make faster, more confident decisions when the right property comes along.

Find a Realtor You Trust

A good realtor will do more than just unlock doors—they’ll be your guide, advocate, and expert throughout the process.

• Help you narrow your search and tour homes that fit your criteria.

• Assist in refining your budget and identifying opportunities for savings.

• Provide market insights and keep you updated on new listings and recent sales.

Make an Offer

Found a home you love? Time to make an offer!

• Your realtor will help you structure a strong, competitive offer based on recent comparable sales.

• They’ll ensure your offer reflects your pre-approved budget, accounts for closing costs, and maximizes any rebates or incentives you qualify for.

Offer accepted! Now what?

Congratulations! But there are still a few final steps:

• Fulfill all conditions in the offer (like financing approval or a home inspection).

• Submit your deposit within 24 hours of acceptance.

• Start preparing for closing day—from selecting a real estate lawyer to setting up utilities and moving services. Your real estate agent will help you along the way until closing!