Buying your first home is mostly about knowing what comes next, and what it costs. Here is the full picture: the steps, the down payment, the closing costs, and the programs that quietly put thousands back in your pocket.
No surprises. Here is the path almost every first-time purchase follows, and where I do the heavy lifting for you.
We confirm your true budget and protect your rate for up to 120 days before you start looking. You shop with a real number, not a guess.
You and your realtor find the home. You already know what payment, down payment, and closing costs it implies, so there are no late surprises.
When your offer is accepted, a financing condition gives us a window to finalize the mortgage on the specific property before you are committed.
The lender reviews the file and confirms value. I package everything so it is clean the first time and the condition can be removed with confidence.
Your lawyer handles title, registers the mortgage, and collects your down payment and closing costs. I make sure the numbers match what we planned.
On closing day the home is yours. We stay in touch for renewals, refinances, and whatever comes next, no auto-pilot.
In Canada the minimum scales with the purchase price. Anything under twenty percent down requires default insurance, which is added to your mortgage.
Estimate Your Insurance →Example: on a $700,000 home the minimum is $45,000 (5% of the first $500k plus 10% of the next $200k). With less than 20% down, default insurance applies.
Plan for roughly 1.5% to 4% of the purchase price in one-time closing costs. Here is where it typically goes in Ontario.
Ontario charges it on a sliding scale; Toronto adds a second municipal tax. First-time buyers qualify for rebates up to $4,000 provincially and $4,475 in Toronto.
Calculate Yours →Your real estate lawyer reviews title, registers the mortgage, and closes the transaction, plus the small disbursements that go with it.
A one-time policy that protects you and the lender against title defects, fraud, and survey issues. Usually arranged by your lawyer.
Optional but recommended, especially on resale homes. A professional inspection can save far more than it costs.
The default insurance premium can be added to your mortgage, but the 8% Ontario PST on it is paid in cash at closing.
Prepaid property tax or utilities the seller already covered, plus moving costs and setting up the home. Easy to forget, worth planning for.
Figures are typical Ontario ranges for planning only and vary by property, lender, and provider. We build a personalized closing-cost estimate for your exact purchase before you firm up.
Used together and planned ahead, these can add real money to your down payment and trim your closing costs.
The First Home Savings Account: contributions are tax-deductible and qualifying withdrawals for your first home come out tax-free. One of the most efficient ways to save.
Withdraw from your RRSP toward a first home and repay it over time. Stacked with the FHSA, it adds a substantial second layer to your down payment.
As a first-time buyer you can claim up to $4,000 off Ontario land transfer tax, and up to $4,475 more on the Toronto municipal tax.
Buying new or substantially renovated? You may recover part of the GST/HST. We flag it early so it is built into your budget.
To qualify, lenders test your budget at the higher of your contract rate plus two percent, or the minimum qualifying rate. You are approved as if rates were higher, which protects you, and it is exactly why a pre-approval before you shop matters so much.
A calm, no-pressure conversation about your budget, your timing, and the cleanest path to your first set of keys.