The seven steps
Get clear on what you want and what you can spend
Start with the monthly payment you're comfortable with, not the biggest number a lender will approve. Then list your must-haves: bedrooms, commute, schools, lot size, a walkout or a garage.
Budget for more than the down payment. Land transfer tax, legal fees and adjustments usually add a few percent of the price. The closing cost calculator shows your number.
Get pre-approved for a mortgage
A pre-approval tells you your real price range and usually holds an interest rate for a set period. Lenders qualify you at a higher rate than the one you'll actually pay, so the approval amount is often lower than people expect.
Bring recent pay stubs, a job letter, two years of tax assessments if you're self-employed, and proof of your down payment.
Sign a buyer representation agreement
In Ontario, a REALTOR® needs a written agreement with you before representing you as a buyer. It sets out what I'll do for you, for how long, and how I'm paid. I'll walk you through it line by line before you sign.
Search and tour homes
Get new listings sent to you the day they hit the market, or search every home for sale yourself. When something looks right, we book a showing. Good homes in popular price ranges can move in days, so it pays to see them early.
Make an offer
An offer sets the price, the deposit, the conditions and the closing date. The deposit is usually due within 24 hours of acceptance and is held in trust by the listing brokerage.
Common conditions are financing and a home inspection, often with five business days to complete them. When several buyers are interested, the seller may set an offer date, and you'll need to decide how strong to make your offer. I'll show you recent sales so you know what the home is actually worth.
Firm up the deal
During the condition period, finalize your mortgage, book the inspection and review any condo documents. Once conditions are met, you sign a waiver and the deal is firm. Then hire a real estate lawyer and arrange home insurance, which your lender will require before closing.
Closing day
A few days before closing, you meet your lawyer to sign documents and provide the balance of your down payment and closing costs. On closing day, the lawyer transfers the funds, registers the property in your name and pays the land transfer tax. Then you get your keys.
What to budget beyond the down payment
- Ontario land transfer tax: about $9,475 on a $650,000 home. First-time buyers get up to $4,000 of it back. Barrie and Simcoe County have no extra municipal land transfer tax; that only applies in Toronto.
- Legal fees and disbursements: your lawyer handles the title search, registration and closing funds.
- Title insurance, a home inspection and adjustments: adjustments repay the seller for property taxes or utilities they've prepaid past your closing date.
- Mortgage insurance tax: if you put down less than 20%, the insurance premium is added to your mortgage, but Ontario's 8% sales tax on it is due in cash at closing.
Calculate your closing costs →
First-time buyer programs
Ontario land transfer tax refund
For buyers who have never owned a home anywhere, and whose spouse hasn't owned one while you've been together. You must live in the home within nine months.
RRSP Home Buyers' Plan
Withdraw from your RRSP toward your down payment and repay it over time. Couples can combine for up to $120,000.
First Home Savings Account (FHSA)
Tax-deductible contributions up to $40,000 lifetime, and tax-free withdrawals for your first home.
Longer amortization
First-time buyers can take a 30-year insured mortgage, which lowers the monthly payment. The insurance premium is 0.20% higher.
New-home GST/HST relief
Federal and Ontario rebates for buying a newly built home have been announced, with some still being finalized. If you're looking at new construction, ask your lawyer which apply to your agreement.
Minimum down payment
5% on the first $500,000 and 10% on the portion above, for homes under $1.5 million. At $1.5 million or more, it's 20%.
Knowing the area
Barrie
The south end has the newest subdivisions and the quickest access to Highway 400 and the Barrie South GO station. The north and east ends have established neighbourhoods with mature trees and larger lots. Downtown and the Allandale waterfront put you near Kempenfelt Bay, the GO train and restaurants.
Innisfil
Alcona and Lefroy sit along Lake Simcoe, with beaches and newer homes. Cookstown has a small-town main street and fast access to the 400 and 89.
Springwater, Midhurst and Elmvale
Bigger lots just north of Barrie. Midhurst has newer executive homes; Elmvale and Minesing feel more rural.
Oro-Medonte
Rural, acreage and waterfront properties between Barrie and Orillia, close to Horseshoe Resort and the Lake Simcoe shoreline.
Orillia
A lakeside city between Lake Simcoe and Lake Couchiching, with a walkable downtown.