First-time buyer checklist for the GTA

Buying your first home in the Greater Toronto Area is exciting — and easy to underestimate. List prices, bidding wars, Toronto land transfer tax, and condo status certificates all hit harder here than in smaller markets.

Use this checklist with your buyer's agent, lender or broker, and real estate lawyer. It is not legal or tax advice; your professionals confirm what applies to your situation.

1. Get representation before you shop seriously

• Hire a buyer's agent you trust — interview at least two and compare local experience, communication, and sold-data analysis.
• Read the Buyer Representation Agreement (BRA) before signing: term, geographic area, services, and how your agent is compensated.
• Understand agency — the listing agent on MLS represents the seller unless you have your own buyer representation.
• Share your timeline — lease end date, school year, job relocation, or rate hold expiry shapes your search window.

2. Build your budget (down payment + closing costs)

• Get pre-approved (not just pre-qualified) and know your comfortable monthly payment — taxes, condo fees, utilities, and maintenance included.
• Budget closing costs on top of down payment — often 1.5%–4% of purchase price in the GTA.
• Estimate land transfer tax — provincial tax applies everywhere in Ontario; Toronto buyers pay municipal LTT too. Use our land transfer tax calculator and toggle Toronto when the property is in the city.
• Confirm first-time buyer rebate eligibility with your lawyer — prior ownership anywhere can affect rebates; rules have tightened in recent years.
• Explore FHSA and RRSP (Home Buyers' Plan) if eligible — plan contribution and withdrawal timing before you write an offer.
• Do not open new credit or change jobs between pre-approval and closing unless your broker approves first.

3. Define your GTA search

• Pick corridors, not just cities — Durham, Halton, Peel, Toronto, and York each have distinct pockets; commute time and GO/transit access matter daily.
• Visit neighbourhoods at rush hour, after dark, and on weekends before you fall in love with a listing photo.
• Decide freehold vs condo early — condos add status certificates, reserve funds, and monthly fees to your due diligence.
• Sign in on our site to review sold prices with your agent — list price alone rarely tells you what to offer in a competitive pocket.
• Set realistic must-haves vs nice-to-haves — first-time budgets in the GTA often mean trade-offs on size, parking, or location.

4. Pre-approval document checklist

Gather these before your first lender or broker meeting:

• Government photo ID for every borrower on title
• Recent pay stubs or two years of self-employment tax filings (T1s and NOAs)
• Letter of employment on company letterhead
• List of debts with balances and monthly payments
• 90 days of bank and investment statements showing your down payment
• Signed gift letter if any down payment is gifted (not a repayable loan)
• Separation agreement or court order if support payments apply

5. Offer day in the GTA

• Know your walk-away number before multiple-offer night — price is only one lever (deposit, closing date, conditions).
• Typical GTA deposit is about 5% of purchase price, payable within 24 hours of acceptance unless otherwise written.
• Common conditions: financing, home inspection, status certificate (condos), sale of buyer's property.
• Do not waive conditions to win unless you accept the full risk — your lawyer should review the Agreement of Purchase and Sale within the conditional period.
• Confirm chattels and fixtures — appliances, window coverings, and parking lockers should be written in the offer.

6. Conditional period (5–10 business days typical)

• Book the home inspection immediately after acceptance — attend the inspection and read the full report.
• Condo buyers: your lawyer orders and reviews the status certificate (fees, rules, lawsuits, reserve fund).
• Financing condition gives your lender time to approve the specific property — do not assume pre-approval covers every home.
• Negotiate repairs, credits, or price from inspection findings — or walk away if the APS allows.

7. Firm deal to closing day

• Home insurance effective at 12:01 a.m. on closing day — lender and lawyer require proof before funding.
• Lawyer handles title search, mortgage registration, and statement of adjustments — prepaid taxes and utilities are split between buyer and seller.
• Confirm how you will deliver closing funds — usually bank draft or wire; never cash.
• Final walkthrough within 24 hours of closing — verify repairs, inclusions, and vacant possession.
• Possession time is in the APS — often 6:00 p.m. on closing day unless negotiated.

8. After you get the keys

• Transfer utilities and update your address with CRA, banks, and employer.
• Condo buyers: register with property management and collect fobs, parking, and locker access.
• Keep closing documents indefinitely — you need them for taxes and a future sale.

Go deeper

This checklist is a starting point. For full Ontario timelines, costs, and negotiation detail, read our home buying process guide and financing guide. Questions about your search or a specific neighbourhood? Contact Savie Wander — you get a personal reply.