First-Time Home Buyer Guide in Ontario (2026 Edition)
Buying your first home is a big step. It’s exciting. It’s emotional. And if we’re being honest… it can feel overwhelming.
Between down payments, credit scores, and mortgage rules, most first-time buyers aren’t sure where to start.
Let’s simplify it.
Step 1: Know What You Can Afford
Before looking at listings, understand your numbers.
This includes:
How much a lender will approve
What monthly payment feels comfortable
Property taxes and condo fees (if applicable)
Closing costs (typically 1.5–4% of purchase price)
Approval amount and comfort level are not always the same thing. The goal is a payment that fits your life — not stretches it.
Step 2: Understand Down Payment Rules in Canada
Minimum down payment requirements:
5% on homes up to $500,000
10% on the portion above $500,000 (up to $999,999)
20% minimum for $1.5M+ homes
Sources for your down payment can include:
Personal savings
A gifted down payment from family
RRSP withdrawal under the Home Buyers’ Plan
Planning this early makes everything smoother later.
Step 3: Strengthen Your Credit
Your credit score can impact:
Your interest rate
Your lender options
Your overall borrowing power
Quick wins:
Pay everything on time
Keep credit card balances under 50% of limits
Avoid opening new loans before buying
Small adjustments can save thousands over time.
Step 4: Get Pre-Approved
A mortgage pre-approval:
Confirms your buying range
Makes your offer stronger
Can hold an interest rate for up to 130 days
It turns “maybe” into a clear plan.
Step 5: Build Your Buying Team
You’ll typically need:
A mortgage professional
A real estate agent
A real estate lawyer
A home inspector
The right team makes the process feel organized instead of chaotic.
Step 6: Making the Offer
Once you find the right home:
Your agent structures the offer
Conditions are added (financing, inspection, etc.)
Negotiations happen
This is where preparation pays off.
Step 7: Closing Day
Closing includes:
Final mortgage signing
Transferring funds
Paying legal fees and land transfer tax
Getting your keys
Yes, it’s worth it.
Ready to Buy Your First Home in Ontario?
If you’re thinking about buying (even if it’s 6–12 months away) now is the right time to plan.
A short strategy call can help you:
• Understand your true buying power
• Map out a down payment plan
• Improve your approval strength
• Avoid common first-time buyer mistakes
You don’t need to have all the answers.
You just need to start the conversation.
👉 Reach out and let’s build your plan.