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FSRA MS25001031
Buying your first home is one of the biggest decisions you’ll ever make—and it’s totally normal to feel a mix of excitement and nerves. You’re not just picking a place to live. You’re also making a major financial move. So what should you actually expect as a first-time homebuyer in Ontario?
Here’s a clear breakdown of what the process looks like and what you need to know along the way.
Before you start looking at homes, the first step is to get pre-approved for a mortgage. This gives you a solid idea of how much you can afford and shows sellers that you’re a serious buyer.
A mortgage agent (like me) will take a look at your income, credit score, debt, and other financial details to figure out what kind of mortgage you qualify for. It’s quick, it’s free, and it’s the best way to start with confidence.
Beyond your mortgage approval, there are other costs to consider—like your down payment, closing costs, land transfer tax, legal fees, and moving expenses. It’s important to set a realistic budget that includes all of these so you’re not caught off guard later.
There are also some first-time homebuyer programs in Canada that can help, like the First-Time Home Buyer Incentive or the RRSP Home Buyers' Plan.
Now the fun part begins—you get to start looking at homes. Work with a trusted real estate agent who understands your needs and your budget. Keep an open mind. Your first home might not check every single box, but the goal is to find something that’s right for this stage of your life.
Once you’ve found the one, it’s time to make an offer. This is where your agent helps you negotiate the price, decide on conditions (like financing or a home inspection), and submit a formal offer to the seller.
If the seller accepts, congrats—you’re on your way to being a homeowner.
With an accepted offer in place, we’ll finalize your mortgage. This is where your rate, term, and all the details get locked in. We’ll also confirm your insurance, appraisal, and any other lender requirements.
It’s important to avoid big financial changes during this time. Don’t open new credit cards, buy a car, or change jobs until everything is signed and sealed.
Closing day is when everything becomes official. You’ll sign the paperwork, hand over your down payment, and get the keys to your new home. Your lawyer handles most of the legal work and makes sure all the funds are transferred properly.
It’s a big day, and it’s worth celebrating.
Your first home purchase will come with a learning curve, but it doesn’t have to be stressful. With the right guidance and support, you can move through each step with clarity and confidence.
If you're just starting out and want help making sense of it all—or even if you're a few steps in and have questions—I’m always here to chat.
