The first-time buyer playbook for Ontario, start to keys

Buying your first home in Ontario is not complicated once you see the whole map. Here is the order it actually happens in.

Step 1: Know your real down payment

Minimums are 5 percent on the first $500,000, 10 percent on the portion from $500,000 to $999,999, and 20 percent at $1,000,000 and up. On a $750,000 home that is $50,000 down. Budget another 1.5 to 2.5 percent for closing costs: Ontario land transfer tax, legal fees, and a home inspection.

Step 2: Get pre-approved, then brace for the stress test

The federal stress test qualifies you at your contract rate plus 2 percent (or 5.25 percent, whichever is higher). That can reduce your approved amount by $50,000 to $70,000 compared to what the sticker rate suggests. Better to learn your real number before you fall for a listing.

Step 3: Shop with an agent (it costs you nothing)

In Ontario the seller typically pays the buyer agent's commission, so representation is free to you. You get someone who has read hundreds of offers, knows which conditions to keep and which to drop, and gets paid the same whether you pay asking or 5 percent under.

Step 4: Offer, conditions, waiver, firm

A normal offer today includes conditions: financing and inspection, usually a 3 to 5 business day window. You satisfy them, waive, and the deal goes firm. Closings run 30 to 90 days out.

Step 5: Closing

Your lawyer handles title, the land transfer tax, and the final money movement. You get keys.

That is the whole path. If you want a real number and a calm walk through your first purchase, text or call me at 519-000-0000.