Loading article...
Loading article...
Buying your first home is one of the most significant financial decisions you will ever make. The Ontario market, while competitive, has never had more resources available to first-time buyers.
Before you fall in love with a property, you need to know exactly what you can afford. A mortgage pre-approval does two things: it tells you your maximum purchase price, and it signals to sellers that you are a serious buyer.
In Ontario, you will need a minimum 5% down payment for homes under $500,000. For homes between $500,000 and $999,999, the requirement is 5% on the first $500,000 and 10% on the remainder.
Ontario buyers pay a provincial land transfer tax on closing. Toronto buyers pay an additional municipal land transfer tax. As a first-time buyer, you qualify for a rebate of up to $4,000 on the provincial tax.
Your buyer agent costs you nothing — the seller pays the commission. But choosing the right agent makes an enormous difference.
In competitive markets, you may be up against multiple offers. Your agent will advise you on offer strategy, conditions, and deposit amounts.
Always include a home inspection condition in your offer. A licensed home inspector will identify structural issues, roof condition, electrical and plumbing status, and more.
On closing day, your lawyer registers the transfer of ownership and you receive the keys. Closing costs in Ontario typically run 1.5% to 4% of the purchase price.