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Steps to Buying a Property in Ontario

1. Assess Your Financial Situation

Before starting your home search, it’s important to review your financial health. Consider the following:
  • Calculate your budget, considering the down payment, mortgage payments, and additional costs.
  • Check your credit score.
  • Review your income, debt, and savings

2. Get Pre-Approved for a Mortgage

A mortgage pre-approval helps you understand how much you can borrow and shows sellers you are a serious buyer. During pre-approval, the lender will:
  • Assess your financial background, including your credit score and income.
  • Provide a written confirmation of how much you are eligible to borrow.

3. Determine Your Needs and Wants​

Make a list of your priorities:
  • Location (proximity to work, schools, transit, etc.).
  • Type of property (condo, townhouse, detached home, etc.).
  • Number of bedrooms and bathrooms.
  • Special features like a backyard, parking, or proximity to amenities.

4. Work with a Real Estate Agent

Partnering with a knowledgeable realtor gives you access to:
  • Market insights and professional guidance.
  • A network of resources, including mortgage brokers, inspectors, and lawyers.
  • Assistance in finding properties that match your criteria and scheduling viewings.
Explore various listings based on your budget and preferences. Your agent will:
  • Share new listings.
  • Arrange property viewings.
  • Offer expert advice on property values and market trends.
Once you find the right property, your realtor will guide you in making an offer. Key elements include:
  • Offer price.
  • Conditions (e.g., financing, home inspection).
  • Closing date.
  • Deposit (usually around 5% of the purchase price).
If your offer is accepted, schedule a home inspection to check the property's condition. The inspector will evaluate:
  • Structural components.
  • Electrical and plumbing systems.
  • Roof, foundation, and insulation.
With an accepted offer and a satisfactory inspection, you'll need to:
  • Submit your purchase agreement to your lender.
  • Finalize your mortgage details.
A real estate lawyer will review the contract, ensure all legal documents are accurate, and handle the transfer of ownership. They will also:
  • Perform a title search to confirm there are no claims against the property.
  • Prepare closing documents.
On closing day, the following will happen:
  • You’ll sign the final paperwork with your lawyer.
  • The down payment and remaining purchase price will be transferred to the seller.
  • You’ll receive the keys to your new home.
After closing, you can begin moving into your new property! Be sure to:
  • Set up utilities.
  • Transfer or purchase home insurance.
  • Arrange for any necessary renovations or furniture.

Get Your Dream Home With Us.

Nitish Tandon, a Toronto-based real estate expert with a finance background, offers transparent, expert guidance for seamless buying, selling, and investing.

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