Updated 2026-11-04
Buying in Ontario follows a clear sequence. Knowing it in advance helps you move quickly when the right home comes up, without skipping the checks that protect you.
1. Set your budget and get pre-approved
A lender reviews your income, debts, credit history and down payment, then tells you how much you can borrow. Federally regulated lenders must qualify you at the higher of 5.25% or your contract rate plus 2% (the "stress test"), so your approved amount is usually lower than you expect.
- A pre-approval typically holds a rate for 90 to 120 days.
- Minimum down payment is 5% of the first $500,000 and 10% of the rest; homes of $1.5 million or more need 20%.
- Use the mortgage calculator to estimate your monthly payment.
2. Sign a buyer representation agreement
Since December 1, 2023, Ontario's Trust in Real Estate Services Act (TRESA) requires a written agreement between you and your brokerage before an offer is made. It sets out the services you will receive, how the agent is paid, and how long the agreement lasts. Read it and ask questions before you sign.
3. Search and view homes
Agree on your must-haves: area, school boundaries, commute and home type. For a condo, ask for the status certificate early; it shows the building's finances, reserve fund and any legal issues.
4. Make an offer
Your offer is an Agreement of Purchase and Sale. The main terms are:
- Price and deposit. The deposit is often around 5% and is usually delivered within 24 hours of acceptance.
- Closing date. The day ownership transfers and you get the keys.
- Conditions. Common ones are financing, home inspection, lawyer review and, for condos, status certificate review.
When several buyers compete, the seller may set an offer date. Since TRESA, sellers can also choose to have offer details shared with competing buyers. Ontario has no cooling-off period for resale homes, so once your offer is firm you are committed.
5. Remove conditions
Complete your inspection, confirm financing and finish any reviews before the condition deadline, then sign a waiver to make the deal firm.
6. Work with your lawyer and close
- Your lawyer searches title, arranges title insurance and prepares the mortgage documents.
- Arrange home insurance; your lender will require it.
- A few days before closing, send your lawyer the rest of the down payment plus closing costs.
- On closing day the deed is registered and land transfer tax is paid. You get the keys, usually in the afternoon.
First-time buyers can claim land transfer tax rebates; your lawyer applies them at closing. Estimate yours with the land transfer tax calculator.