01 START HERE
You do not need a moving date to start learning.
A home purchase begins with understanding your options. This guide is yours whether your next move is next month, several years away, or still a question.
Just curious?
Start with the roadmap, the money pages and the glossary. You will understand the language without needing to make a decision.
Starting to plan?
Work through your monthly comfort budget and your priorities. Save the questions you cannot answer yet. Those are useful questions to bring to a conversation.
Ready to look?
Use the home comparison sheet at each showing. Revisit the offer and closing pages with your realtor, mortgage professional and lawyer.
General education focused on Ontario resale homes. Special purchases and personal circumstances need tailored advice. This resource complements the official RECO Information Guide.
Official sources for this section
- RECO Information Guide Real Estate Council of Ontario
02 THE BIG PICTURE
From an idea to your own front door.
The order can overlap. The important part is knowing your next step, who owns it, and what must be confirmed before you move on.
- 01
Find your why
Decide what a move would improve and what you can comfortably carry.
- 02
Check the money
Discuss financing and confirm the source and timing of your cash.
- 03
Choose your team
Understand representation, services, fees and professional roles.
- 04
Compare homes
Match the property, ownership costs and location to your real life.
- 05
Build an offer
Review the price, deposit, conditions, dates and included items.
- 06
Complete the checks
Follow the agreement's requirements and deadlines with your team.
- 07
Prepare to close
Arrange final financing, legal work, insurance, funds and moving details.
- 08
Take possession
Wait for confirmation that closing is complete, then collect the keys as arranged.
Official sources for this section
03 MONEY / 01
Three numbers. One comfortable decision.
A lender's possible loan amount is one input. Your own budget also needs to leave room for your life.
1. Cash you can use
Add the money available for the purchase, then set aside an emergency reserve you want to keep. Confirm when savings, gifts or sale proceeds will actually be accessible.
2. A monthly amount you can live with
Include the mortgage payment, property tax, insurance, utilities, condo or shared-property fees, maintenance and any rented equipment. Keep space for transport, childcare, debt payments, savings and ordinary enjoyment.
3. Financing a lender may approve
A preapproval helps you explore a price range. It is not a final promise to lend. The lender still needs to accept the property and confirm its requirements.
What monthly housing amount would let me sleep comfortably?
Official sources for this section
- Getting preapproved for a mortgage Financial Consumer Agency of Canada
- Buying a home: purchase costs Financial Consumer Agency of Canada
04 MONEY / 02
Your mortgage, in everyday language.
The lowest advertised rate does not explain the whole loan. Ask how the mortgage would work if your life changes.
Principal and interest
Principal is the amount borrowed. Interest is the lender's charge for lending it. Your payment usually covers both; property tax may also be collected through the lender.
Term and amortization
The term is how long the current mortgage contract lasts. Amortization is the planned time to repay the loan. A five-year term does not mean you pay off the home in five years.
Fixed and variable
A fixed interest rate stays the same during its term. A variable rate can change. Ask how a rate change would affect your payment, the amount going to principal and your remaining balance.
Down payment and insurance
You do not always need 20% down. Requirements depend on the price, loan and your eligibility. A smaller down payment commonly brings mortgage default insurance, which protects the lender.
Official sources for this section
- Choosing a mortgage Financial Consumer Agency of Canada
- Down payments and mortgage loan insurance Financial Consumer Agency of Canada
05 MONEY / 03
Your deposit is part of the purchase money.
A deposit is money paid at the time required by your agreement and credited toward the purchase on completion. It is not an extra amount to add on top of your entire down payment.
ILLUSTRATION ONLY / A MISSISSAUGA RESALE PURCHASE
Illustration only · Canadian dollars
- Purchase price
- $700,000
- Planned down payment: 20%
- $140,000
- Mortgage assumed in this example
- $560,000
- Purchase and moving expense allowance
- $16,000
- Total purchase cash planned
- $156,000
- Less deposit already paid
- $30,000
- Cash still to fund remaining items
- $126,000
$140,000 + $16,000 = $156,000
$156,000 - $30,000 = $126,000
The $16,000 is a teaching allowance, not a quote or suggested budget. It includes $10,475 Ontario land transfer tax before any refund, plus $5,525 assumed for other purchase and moving expenses. This example assumes no additional purchase taxes such as the Non-Resident Speculation Tax (NRST), no buyer-paid brokerage fee and no borrower-paid mortgage insurance premium. Emergency savings are separate. Some expenses are paid before closing, so $126,000 is not the exact amount payable to your lawyer. Your lawyer and lender confirm your figures. Costs to confirm can include legal fees and disbursements, inspections, appraisal or title-insurance charges, closing adjustments, moving costs and applicable tax on mortgage default insurance.
Official sources for this section
- Down payments and mortgage loan insurance Financial Consumer Agency of Canada
- Calculating Ontario land transfer tax Ontario Ministry of Finance
- Toronto municipal land transfer tax City of Toronto
- Making an offer to purchase a home CMHC
06 PEOPLE & PAPERWORK
Know who is helping you, and how.
You can ask for a plain-language explanation of every service, agreement and fee before you sign.
Your realtor
Your buyer representation agreement sets out the brokerage's services, who represents you, the properties or area covered, fees and duration. Read the cancellation terms and any holdover clause, which may create a fee obligation after the agreement expires. Ask how your agent will help you evaluate homes and negotiate.
Your mortgage professional
Explains financing options and the documents and approvals needed. Ask for the complete cost of the proposed loan.
Your lawyer and inspector
Your lawyer advises on the legal agreement, ownership and closing. An inspector assesses the property within the agreed inspection scope and recommends further investigation where appropriate.
- Fees are negotiated. Understand what you owe, whether the seller contributes, how any shortfall is handled and whether applicable tax is included.
- Representation: ask whether the brokerage represents you, or whether specific agents are designated to represent you.
- Multiple representation can arise when one brokerage under brokerage representation, or one designated representative, represents clients with competing interests. Written disclosure and consent from every affected client are required. The representative cannot advise you on what price to offer or accept. You can decline and ask about alternatives.
Official sources for this section
- RECO Information Guide Real Estate Council of Ontario
- Signing a contract with a real estate brokerage Real Estate Council of Ontario
- Understanding multiple representation Real Estate Council of Ontario
- Buyer brokerage remuneration and shortfalls Real Estate Council of Ontario
07 LIFE BEFORE LISTINGS
Choose the life you want the home to support.
Picture an ordinary Tuesday: waking up, getting out the door, coming home, making dinner and winding down. What needs to work?
Must have
Choose a small number of needs you cannot reasonably compromise on: a workable commute, a bedroom on an accessible floor, enough parking or a particular monthly budget.
Would be nice
List features that add enjoyment but can be weighed against the rest: an island, a larger balcony, an extra bedroom or a finished basement.
Needs verification
Check school boundaries with the board, travel times at the hours you use them, municipal development plans and any intended rental or renovation use. A listing description is a starting point for questions.
08 WHAT ARE YOU BUYING?
The building style and the ownership structure are different questions.
A townhouse can be a condominium or a home with another ownership arrangement. Appearance alone will not tell you what you own, maintain or pay for.
| What you see | What to confirm |
|---|---|
| Apartment-style condo | Unit boundaries, common expenses, parking and locker rights, rules, insurance and the corporation's finances. |
| Townhouse | Whether a condo corporation or shared-property arrangement applies; who repairs the roof, windows, road and exterior. |
| Semi-detached or detached home | Property boundaries, shared driveways or rights of access, equipment contracts, maintenance and any common-element obligations. |
Ask about the exact property
Confirm the legal ownership and maintenance responsibilities with your lawyer. 'Freehold' on its own does not answer every question: some properties carry shared common-element interests and fees.
Compare the total commitment
For each option, consider both money and effort: regular fees, repair savings, outdoor work, building decisions and rules that affect everyday living.
Official sources for this section
- What is a condo? Condominium Authority of Ontario
09 THE CONDO CHECK
You are buying into a shared property, too.
A bright suite is only one part of a condo purchase. The corporation's finances, documents and rules belong in the decision.
Start with the status certificate
For a resale condo, have your lawyer review the status certificate and accompanying documents. They include information about the unit, the corporation, fees, financial statements, reserve funding and relevant legal matters.
Understand the ongoing costs
Ask what the monthly fee includes and what you pay separately. Review any disclosed increases or special assessments. A reserve fund is money set aside for major repair and replacement of common elements.
Check the fit with your life
Confirm rules affecting pets, renting, renovations and amenities. Ask about the legal rights to parking and a locker, charging an electric vehicle, visitor access and moving bookings.
Official sources for this section
- Status certificates Condominium Authority of Ontario
- Condo reserve funds Condominium Authority of Ontario
10 AT THE SHOWING
Notice. Ask. Verify.
You do not need to become a building expert. Use the showing to spot questions, then let the right people investigate them.
Notice how it lives
- Daylight, noise, smells and room layout.
- Storage, furniture fit and the route from parking to the door.
- Stairs, laundry access, outdoor space and day-to-day privacy.
Ask about the property
- Age, servicing and known issues with roof, heating, cooling and major systems.
- Signs of leaks, water entry, cracking or previous repairs.
- Included appliances, rented equipment and any warranties or records.
Verify before relying on it
- The scope and findings of an inspection.
- Permits and intended use of renovations or additional suites.
- Material listing details, boundaries and shared rights that matter to you.
A showing does not replace an inspection. Ask the inspector what is and is not covered, including areas that cannot be accessed.
Official sources for this section
- Buyer's checklist Real Estate Council of Ontario
- Home inspections Office of Consumer Affairs, Government of Canada
11 THE OFFER / 01
An offer has more than one number.
The asking price invites a conversation. Your offer should reflect the property, relevant evidence, your comfort level and the terms you need.
Use relevant comparisons
Discuss recent comparable sales, condition, location, size, ownership type and current competing choices. Ask what makes a comparison genuinely similar and what needs adjusting.
Read the whole package
Review the price; deposit amount, holder and deadline; conditions; closing and possession arrangements; included or excluded items; and any equipment contracts you would assume.
Know when your offer expires
The irrevocable time sets the period in which an offer cannot be withdrawn by the party bound by it. Have your agent or lawyer explain how the specific wording applies.
What is the most I can responsibly offer for this particular home, on these particular terms?
Official sources for this section
- Making an offer to purchase a home CMHC
- Competing offers Real Estate Council of Ontario
12 THE OFFER / 02
A condition is a written checkpoint.
It sets out what needs to happen, by when, and how the agreement proceeds or ends. Its exact wording matters.
Financing
Give your lender the agreement and property details promptly. Confirm the required approval for this purchase, including any appraisal and outstanding requirements.
Inspection
Allow time to review the findings, ask follow-up questions and seek relevant specialist advice. The condition determines your options; the report does not automatically change the contract.
Condo review or another need
A lawyer's status-certificate review, the sale of another property or another circumstance may need tailored wording and a realistic deadline.
- Who must complete the task?
- What date and exact time apply?
- What notice or document is required?
- What happens if the condition is not met?
Official sources for this section
- Getting preapproved for a mortgage Financial Consumer Agency of Canada
- Making an offer to purchase a home CMHC
- Competing offers Real Estate Council of Ontario
- Deposit handling and payment verification Real Estate Council of Ontario
13 THE FINAL STRETCH
Accepted does not mean finished.
Keep one list of the remaining tasks, the person responsible and the due date. Your agreement sets the timetable.
- 01
Immediately after agreement
Meet the deposit deadline. Send the signed documents to your lawyer and lender. Arrange the checks required by the conditions.
- 02
Before closing
Complete financing requirements, arrange property insurance and review your lawyer's statement of adjustments and funds request. Confirm any buyer visits permitted by the agreement.
- 03
Prepare the move
Arrange utilities, addresses, movers and any elevator or loading booking. If renting, check your lease and required notice before choosing a move-out date.
- 04
On closing day
Stay reachable. Collect keys when your lawyer confirms completion and the agreed possession arrangements allow it. Do not assume an early-morning handover.
- 05
After you arrive
Keep closing papers and warranties together. Make a first-month maintenance list and report any concern promptly to the appropriate professional.
Official sources for this section
- Homebuying Step by Step CMHC
- Making an offer to purchase a home CMHC
- Deposit handling and payment verification Real Estate Council of Ontario
14 FIRST HOME & SPECIAL SITUATIONS
Know which questions need a tailored answer.
Programs can help eligible buyers, but the definition of 'first-time buyer' is not identical across every program.
First Home Savings Account / FHSA
An eligible person can use this registered account to save for a qualifying first home. Contributions are generally deductible and qualifying withdrawals are tax-free. Check opening eligibility, contribution room and withdrawal rules before acting.
Home Buyers' Plan / HBP
Eligible buyers may withdraw RRSP funds for a qualifying purchase under the program. Repayment obligations apply. Ask about eligibility, permitted withdrawals, timing and the repayment schedule for your withdrawal year.
Land transfer tax refunds
Ontario has a refund for qualifying first-time buyers. Toronto has a separate municipal tax and rebate framework. Have your lawyer verify eligibility and the amount before counting on it.
Use the current official links on the resources page. This guide does not assume you qualify for a program or that a proposed policy has become law.
Official sources for this section
- First Home Savings Account Canada Revenue Agency
- Home Buyers' Plan Canada Revenue Agency
- Ontario first-time buyer land transfer tax refund Ontario Ministry of Finance
- Toronto land transfer tax rebate opportunities City of Toronto
15 WORKSHEET / 01
My comfort budget.
Use estimates to start. Replace them with confirmed figures as your plan develops. Keep this private; you do not need to share financial account details to ask a question.
Your planning space. Entries stay on this page and are not sent to Prashanth or saved by this website. Use the downloadable PDF to keep a copy of your plan.
Purchase cash needed = down payment + purchase/moving expenses
Remaining purchase cash = cash needed - deposit - other amounts already paid
Official sources for this section
- Buying a home: purchase costs Financial Consumer Agency of Canada
- Down payments and mortgage loan insurance Financial Consumer Agency of Canada
- Signing a contract with a real estate brokerage Real Estate Council of Ontario
16 WORKSHEET / 02
Compare three homes.
Compare each home against your own priorities. Use 'confirmed', 'estimated' or 'unknown' beside costs and important facts.
Your planning space. Entries stay on this page and are not sent to Prashanth or saved by this website. Use the downloadable PDF to keep a copy of your plan.
| My priorities | Home A | Home B | Home C |
|---|---|---|---|
| Address / asking price | |||
| Ownership and property type | |||
| Estimated total monthly housing cost | |||
| My essential need 1 | |||
| My essential need 2 | |||
| My essential need 3 | |||
| Commute / daily routines | |||
| Condition / repairs to investigate | |||
| Parking / storage / accessibility | |||
| Rules or shared obligations | |||
| One tradeoff I can accept | |||
| One question still unanswered |
A missing answer is a research task. Avoid treating 'unknown' as 'probably fine'.
Back to guide contents ↑17 WORKSHEET / 03
My next-step decision card.
Complete this for yourself before a serious conversation or offer. It is a planning aid, not a test of whether you should buy.
Your planning space. Entries stay on this page and are not sent to Prashanth or saved by this website. Use the downloadable PDF to keep a copy of your plan.
18 PLAIN-ENGLISH REFERENCE
The words you will hear.
Keep this page nearby when reading listings or talking with your team. Your signed documents provide the exact terms.
- Agreement of Purchase and Sale / APS
- The written contract setting out the purchase terms.
- Deposit
- Money due as the agreement specifies and credited toward the purchase on completion.
- Down payment
- The portion of the purchase price you fund rather than borrow through the mortgage.
- Closing
- Completion of the legal and financial transfer of the property.
- Condition
- A contract requirement with specific wording, deadlines and consequences.
- Appraisal
- A professional estimate of value; a lender may require one.
- Equity
- The property's value less debts secured against it. Selling costs affect what you could receive.
- Adjustment
- A closing calculation allocating an expense, such as prepaid property tax, between buyer and seller.
- Status certificate
- Information about a resale condo unit and its corporation for review with your lawyer.
- Reserve fund
- Condo funds set aside for major repairs and replacement of common elements.
- Special assessment
- An additional amount a condo corporation requires owners to pay.
- Inclusion / exclusion
- An item the agreement says stays with the home or is left out of the sale.
Official sources for this section
- Choosing a mortgage Financial Consumer Agency of Canada
- Down payments and mortgage loan insurance Financial Consumer Agency of Canada
- Making an offer to purchase a home CMHC
- Status certificates Condominium Authority of Ontario
- Condo reserve funds Condominium Authority of Ontario
19 KEEP LEARNING
Your next move can begin with one question.
You are welcome to ask whether you are browsing, building a plan or preparing to buy. Bring the question you have; we can work out the next useful step.
Prashanth Prabakaran, REALTOR® | The Pinder Singh Team | Royal LePage Meadowtowne Realty, Brokerage
Talk with PrashanthWorking with an agent
- RECO Information Guide Real Estate Council of Ontario
- Signing a contract with a real estate brokerage Real Estate Council of Ontario
- Understanding multiple representation Real Estate Council of Ontario
- Buyer brokerage remuneration and shortfalls Real Estate Council of Ontario
- Competing offers Real Estate Council of Ontario
- Deposit handling and payment verification Real Estate Council of Ontario
Money and the purchase process
- Homebuying Step by Step CMHC
- Getting preapproved for a mortgage Financial Consumer Agency of Canada
- Buying a home: purchase costs Financial Consumer Agency of Canada
- Choosing a mortgage Financial Consumer Agency of Canada
- Down payments and mortgage loan insurance Financial Consumer Agency of Canada
- Calculating Ontario land transfer tax Ontario Ministry of Finance
- Toronto municipal land transfer tax City of Toronto
- Making an offer to purchase a home CMHC
Property and condo checks
- What is a condo? Condominium Authority of Ontario
- Status certificates Condominium Authority of Ontario
- Condo reserve funds Condominium Authority of Ontario
- Buyer's checklist Real Estate Council of Ontario
- Home inspections Office of Consumer Affairs, Government of Canada
First-home programs
- First Home Savings Account Canada Revenue Agency
- Home Buyers' Plan Canada Revenue Agency
- Ontario first-time buyer land transfer tax refund Ontario Ministry of Finance
- Toronto land transfer tax rebate opportunities City of Toronto
Reviewed October 2026. General education focused on Ontario resale homes. Read the current official resources and your agreements; obtain personal legal, mortgage and tax advice for your circumstances. Downloading or reading this guide does not create a representation agreement.
Back to guide contents ↑