First-Time Homebuyer Checklist: 10 Steps Before You Make an Offer in Ontario

Buying your first home in Ontario is exciting — and full of steps that are easy to miss until they cost you money. This checklist walks you through the ten things every first-time buyer should do before making an offer, from financing groundwork to closing-cost math.

01.Get a True Mortgage Pre-Approval

A pre-qualification based on a quick online form is not a pre-approval. A real pre-approval means a lender has verified your income, down payment, and credit — and issued a written commitment with a rate hold. It tells sellers you're serious and tells you exactly what you can spend.

02.Budget Beyond the Purchase Price

First-time buyers are often surprised by closing costs. In Ontario, plan for roughly 1.5%–4% of the purchase price on top of your down payment, covering:

• Land transfer tax — provincial, plus municipal if buying in the City of Toronto (first-time buyer rebates can offset a significant portion).
• Legal fees and disbursements — typically $1,500–$3,000.
• Title insurance, home inspection, and appraisal costs.
• Moving costs and immediate repairs — the expenses everyone forgets.

03.Claim Your First-Time Buyer Programs

Ontario first-time buyers have access to several programs — land transfer tax refunds, the Home Buyers' Plan for RRSP withdrawals, the First Home Savings Account (FHSA), and the federal Home Buyers' tax credit. Confirm which ones you qualify for before you shop; some affect how much cash you can bring to closing.

04.Define Needs vs. Wants — In Writing

Three bedrooms, commute time, school catchment, parking — write down your non-negotiables and your nice-to-haves separately. When you're standing in a beautifully staged living room, that list is what keeps your decision rational.

05.Research the Neighbourhood Like a Local

Visit at different times of day. Check commute times in actual rush hour. Look into planned developments nearby — a future condo tower or transit line can change both livability and value. Your agent can pull sold data so you understand what homes actually sell for versus what they list for.

06.Understand Deposit Requirements

In the GTA, a deposit of roughly 5% of the purchase price is customary and is typically due within 24 hours of an accepted offer — as a bank draft or wire transfer. That money needs to be liquid and ready before you offer, not sitting in investments that take days to sell.

07.Know Your Conditions — and What Waiving Them Means

Financing conditions, home inspection conditions, and status certificate review (for condos) exist to protect you. In competitive situations you may feel pressure to submit a "clean" offer — understand exactly what risk you're accepting before you do. This is a conversation to have with your REAL ESTATE SALESPERSON in advance, not in the heat of an offer night.

08.Book a Home Inspection Mindset — Even for Condos

A good inspection isn't about finding reasons to walk away; it's about knowing what you're buying. For condos, the status certificate plays a similar role — it reveals the building's reserve fund health, upcoming special assessments, and rules that may affect you.

09.Choose Your Team Before You Need Them

Line up your REAL ESTATE SALESPERSON, mortgage professional, and real estate lawyer before you start offering. Deals in this market can move from showing to firm agreement in days — you don't want to be searching for a lawyer while your deposit deadline ticks.

10.Do a Practice Run of the Numbers

Before offering on a real property, run one complete scenario: purchase price, down payment, land transfer tax after rebates, legal fees, monthly mortgage payment at your held rate, property tax, insurance, and (for condos) maintenance fees. If the total monthly number fits comfortably, you're ready.