Your first home, step by step.
Buying your first home in the GTA can feel overwhelming. It's also less mysterious than it looks. Here's the actual process, in the order it happens.
STEP 1
Figure out your real budget.
Before you fall in love with a kitchen on Zillow, get clear on what you can actually afford. Lenders look at three things: your gross household income, your debts (car loans, student loans, credit card balances), and how much you've saved for a down payment. From there they calculate a maximum mortgage amount. The number you can borrow is often less than you think. Closing costs add another 2 to 4 percent of the purchase price on top of the down payment. Land transfer tax in Toronto alone can be $20,000 to $40,000 on a typical home, even after the first-time buyer rebate. Plan for it.
A useful number to know
For a $700,000 home with 5% down, your monthly mortgage payment sits roughly in the $3,800 to $4,200 range at current rates, plus property tax, condo fees if applicable, and home insurance. Add about $1,000 a month for the carrying costs beyond the mortgage itself.
Use the affordability calculator →STEP 2
Get pre-approved before you start looking.
A pre-approval is a written statement from a lender saying how much they'll lend you, at what rate, for how long. It's not a guarantee. It is the closest thing to one. The rate gets locked for up to 120 days, which protects you if rates rise while you're house hunting. Sellers take pre-approved buyers more seriously, especially in competitive markets. Talk to a mortgage broker rather than just your bank. A broker shops multiple lenders and often finds better rates than any single bank.
What you'll need
Two years of tax returns, recent pay stubs, a list of debts, proof of down payment funds, and a credit pull. The whole process takes a few days. Once you have a number, you'll know exactly what range to shop in.
Find a mortgage broker →STEP 3
Define what you actually want.
Most first-time buyers start by saying "I'll know it when I see it." That's how you end up looking at 40 homes without ever making an offer. Get specific upfront. Write down your non-negotiables (number of bedrooms, parking, commute time) and your nice-to-haves (renovated kitchen, fenced yard). Decide what neighbourhoods you can actually afford in. Sort the rest into "would consider" and "no thanks."
Detached, semi, town, or condo?
Each comes with trade-offs. Detached homes give you full ownership of the land and zero shared walls, but cost more per square foot. Townhouses and semis split the difference. Condos are the cheapest entry point but come with monthly fees and a building's politics. Think about what fits your life in 3 to 5 years, not just today.
Browse listings by neighbourhood →STEP 4
House hunting, the right way.
A buyer's agent costs you nothing directly. In Ontario, the seller pays the commission for both sides. So there's no reason to go without representation. A good buyer's agent will line up showings, pull comparable sales for any home you're serious about, point out things you'd miss, and negotiate on your behalf when it's time to offer.
The "seen 12 homes" rule
Most first-time buyers want to see every listing in their range. That's exhausting and not actually useful. After roughly 8 to 12 showings you'll have a clear sense of what $X gets you in a given neighbourhood. From there, focus your energy on the 2 or 3 homes that genuinely fit. Quality of showings matters more than quantity.
Search current listings →Found a house you want to see? A Saint Aubyn Hill agent can book a private showing or walk you through any listing on hombek.com. No pressure, no obligation.
STEP 5
Make an offer.
Once you find a home you want, your agent prepares an offer. The price is the headline number, but the offer is more than that. It also includes the deposit (usually 5% of the offer price, held in trust), the closing date, the conditions you want to attach, and any items included in the sale (appliances, light fixtures, etc.).
Bidding wars
If multiple buyers want the same home, the listing agent usually sets an offer presentation date. Everyone submits at the same time. The seller picks one or counters. You don't see what other people are offering. The hardest part of a bidding war is staying disciplined on price. Set your maximum before you start and stick to it.
STEP 6
Conditions: your protection.
A typical offer includes conditions that protect you. The most common are financing (your lender approves the mortgage), home inspection (a professional inspector looks for major defects), and for condos, a status certificate review (your lawyer reviews the building's financials and rules). If any condition fails, you can walk away and get your deposit back.
The home inspection
A licensed inspector spends a few hours going through the property. They check the roof, foundation, plumbing, electrical, HVAC, and major systems. You should be there. Ask questions. The inspector gives you a written report afterward listing anything they found. A clean report doesn't mean zero issues, just that nothing major showed up. An inspection costs $400 to $700 and is almost always worth it.
STEP 7
Closing day and beyond.
Once all conditions are met, the offer becomes firm. From that day until closing (typically 30 to 90 days later), your lawyer handles the paperwork, your lender finalizes the mortgage, and you arrange home insurance, movers, and utility hookups. On closing day, your lawyer transfers funds, you receive the keys, and the home is yours. The next few weeks are the busiest. Change your address with the CRA, banks, and ServiceOntario. Set up internet. Forward your mail. Meet your neighbours.
After closing
Most first-time buyers underestimate the first six months of ownership costs. Property tax bills come quarterly. Utility deposits, condo fee adjustments, and small repairs add up fast. Keep an emergency fund of at least 1% of your home's value per year for unexpected maintenance. Your future self will thank you.
Get help with your move →