Purchasing a home is likely going to be one of the largest purchases you will make in your lifetime, which is why it is so important to follow the right steps when starting on your home-buying journey to ensure that the entire process goes smoothly from start to finish! We’ve put together a step-by-step guide to buying a home, to help you get off on the right foot when it comes to buying a home.
1. Set your budget and timeline
Estimate how much you can afford, including down payment, closing costs (land transfer tax, legal fees, title insurance, adjustments), and an emergency buffer for maintenance. Start saving early and map out your move‑in timing.
2. Get mortgage pre‑approval
Compare lenders or work with a mortgage broker. A pre‑approval clarifies your price range and can hold a rate (often up to ~120 days), strengthening your offer readiness.
3. Choose an experienced, professional real estate agent
Interview a few real estate agents and select someone experienced in your target neighbourhoods and property types, with responsive communication and a solid negotiation track record.
4. Define needs vs. nice‑to‑haves
List your must‑haves and nice‑to‑haves. These include essentials like price ceiling, bedrooms, parking, commute, school catchments, versus renovation potential, yard size, finishes. This tightens your search and prevents “scope creep.”
5. Search and tour homes
Use online searches, instant alerts, and private showings. Compare options across style (condo, townhouse, semi, detached), maintenance, fees, and rules (e.g., condo status/strata details).
6. Evaluate market conditions
Review recent comparables, days on market, and list‑to‑sale ratios to gauge value and offer strategy. Your agent will identify red flags and advise when to walk away.
7. Make an offer
Your agent drafts the offer terms: price, deposit, inclusions, closing date, and conditions (financing, inspection, status certificate for condos). The deposit is typically due shortly after acceptance and forms part of your down payment.
8. Negotiate
Expect counter‑offers on price, dates, or conditions. Your agent manages the back‑and‑forth to secure the best possible terms under current market dynamics.
9. Satisfy conditions (due diligence)
Complete the home inspection, finalize mortgage approval, obtain an appraisal, and (for condos) review the status certificate/strata docs. If satisfied, you waive conditions and the deal becomes firm.
10. Closing preparations with your lawyer
Your real estate lawyer conducts title searches, reviews documents, coordinates with your lender, calculates adjustments, and prepares closing funds. You arrange home insurance effective on closing day.
11. Close and move in
On closing, the property transfers to your name and you receive keys. Update utilities, set up services, plan your move, and enjoy your new home.
