Everything You Need to Know as a First-Time Home Buyer in Ontario

Buying your first home is a big step, but it shouldn’t feel scary. Whether you’re a single parent buying on your own, a young professional ready to invest, a couple starting a future together, a newcomer to Canada, or someone rebuilding after a separation, the right guidance makes all the difference.

1. Get Pre-Approved So You Know Your Budget

A pre-approval tells you exactly how much you can afford and what your monthly payments will look like. Lenders look at:
• Your income
• Your debts
• Your credit score
• Estimated taxes and condo fees (if applicable)With this number, you can shop confidently and avoid falling in love with something out of reach.

2. Understand Your Down Payment

In Ontario:
• 5% down for homes under $500,000
• 5% on the first $500,000 + 10% on the rest up to $1MNew Canadians may have slightly different requirements depending on residency and credit history. We walk you through what applies to you.

3. Know Your Closing Costs

Many first-time buyers are surprised by these. Budget for:
• Legal fees
• Land Transfer Tax (minus first-time buyer rebates)
• Home inspection
• Appraisal
• Moving costsPlan for 1.5%–4% of the purchase price so there are no last-minute surprises.

4. Understand the Offer Process

Your offer includes:
• Price
• Deposit
• Conditions (financing, inspection, status certificate for condos)
• Closing dateWe explain each part in plain language so it feels manageable, not intimidating.

5. Don’t Skip Conditions

Conditions protect you. Common ones include:
• Financing – making sure your mortgage is approved
• Inspection – checking the home’s condition
• Status certificate (for condos) – confirming the building is financially healthyWe help you decide what conditions make sense in today’s market.

6. Know the First-Time Buyer Incentives

Ontario has several programs that help first-time buyers, including:
• Land Transfer Tax rebate
• RRSP Home Buyers’ Plan
• First-Time Home Buyer Incentive (shared equity program)We calculate what you qualify for so you don’t leave money on the table.

7. Understand What a Buyer’s Agent Actually Does

A great agent:
• Helps you stay within budget
• Spots red flags you may not notice
• Educates you on neighbourhoods and schools
• Negotiates on your behalf
• Guides you from offer to keys
• Makes sure you never feel lost or pressuredAnd for first-time buyers, this guidance is priceless.

8. Expect an Emotional Roller Coaster and Know It’s Normal

You might second-guess yourself. You might worry you’re not ready. You might get excited one day and nervous the next. That’s perfectly normal. Our job is to steady the process, explain every step, and help you feel confident in your decision.

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The Bottom Line

You don’t need to know everything about buying a home , you just need someone who does. With the right support, buying your first place becomes clear, calm, and empowering, no matter your story or starting point.Key words:First time home buyer Ontario, how to buy your first home, first time buyer guide Canada, buying your first home alone, new Canadian home buyer support, home buying tips for young couples, first time buyer mortgage approval, first time buyer, incentives Ontario, home buying after separation, single parent buying a home, first time home buyer Collingwood, first time home buyer Wasaga Beach, Southern Georgian Bay real estate, Wasaga Beach real estate agent, Collingwood REALTOR® for first time buyers, Midland Ontario homes for sale, Tiny Township first time buyer support,  Oro Ontario homes for sale, Georgian Bay home buying tips, mortgage pre approval Ontario, down payment rules Canada, closing costs Ontario explained, RRSP Home Buyers Plan, Ontario land transfer tax rebate, first time buyer mortgage programs