tep 1: Financial Preparation

💡 Review your credit score (a minimum of 600–680 is generally recommended).

💡 Save for your down payment — 5% for homes under $500K, 10% for $500K–$999,999, and 20% for homes priced above $1M.

💡 Budget for closing costs (typically 3–5% of the purchase price, including land transfer tax, legal fees, and inspection costs).

💡 Obtain a mortgage pre-approval to clearly understand your purchasing power.

Step 2: Define Your Needs and Preferences

💡 Identify your preferred Toronto neighbourhoods.

💡 Decide on your ideal property type — condo, townhouse, semi-detached, or detached.

💡 List your must-have features such as bedrooms, square footage, parking, and outdoor space.

Step 3: Build Your Professional Team

💡 Real Estate Agent – Buyer representation is typically free for purchasers.

💡 Mortgage Broker or Bank – To secure financing options that suit your needs.

💡 Lawyer – To manage legal documentation and closing.

💡 Home Inspector – To ensure the property is in good condition before purchase.

Step 4: Begin Your Home Search

💡 View properties with your real estate agent.

💡 Compare asking prices with recent local sales.

💡 Stay focused on your financial limits and pre-approved range.

Step 5: Make an Offer

💡 Draft and submit an Agreement of Purchase and Sale (APS) with your agent’s guidance.

💡 Include essential conditions such as financing, inspection, or status certificate review.

💡 Negotiate price, closing date, and any included items (appliances, fixtures, etc.).

Step 6: Finalize Financing

💡 Provide your lender with the accepted offer and required documents.

💡 Receive your final mortgage approval.

Step 7: Closing Day

💡 Your lawyer completes the title search, prepares closing documents, and coordinates with all parties.

💡 Pay the remaining balance, including down payment and closing costs.

💡 Receive your keys — welcome to your new home! 🎉