The home buying process

The seven stages of buying in Ontario

Stage 1 comes first on purpose. Timelines below are typical for GTA resale purchases.

1. 1

   Hire a buyer's agent you trust

   Before you shop seriously

   In Ontario, registrants must explain agency — who they represent — in writing. When you work with a buyer's agent, you sign a Buyer Representation Agreement (BRA). It defines the term, geographic area, services, and how your agent is compensated. Read it before you sign; ask questions until it is clear.

   The homes you see on MLS are listed by seller's agents. If you contact the listing agent directly, that agent may offer to help you — but they represent the seller unless you have a separate buyer representation agreement with them (multiple representation). Many buyers do not realize whose interests come first in that situation.

   In most GTA resale transactions, the seller pays the listing brokerage a commission, and a portion is offered to the buyer's brokerage if your agent brings the buyer. That means buyer representation often costs you nothing out of pocket at closing — but the structure is not universal. Your agent must explain what happens if the seller's side does not cover the full amount.

   • Interview at least two agents — compare communication, local experience, and how they analyze sold data
   • Ask how many buyers they have helped in your target areas and price range in the last 12 months
   • Confirm availability for showings, offer nights, and the conditional period — not just the search phase
   • Understand the BRA term, holdover clause, and cancellation process before signing
   • Never feel rushed to waive conditions because an agent says it is required to win
2. 2

   Build your financial foundation

   1–3 weeks

   Your agent should align your search with what you can actually afford — not just your maximum pre-approval. Before you tour homes, know your comfortable monthly payment including property taxes, condo fees if applicable, utilities, and maintenance.

   Gather documents for your lender or broker: pay stubs or business financials, two years of tax filings (NOA), bank statements showing down payment, and a list of debts. If part of your down payment is a gift, the lender will require a signed gift letter stating it is not a loan.

   • Get pre-approved (not just pre-qualified) and understand the rate hold period
   • Budget closing costs on top of down payment — often 1.5%–4% of purchase price
   • Avoid new car loans, credit card balances, or job changes until you close
   • Share your pre-approval ceiling with your agent so showings stay realistic
3. 3

   Search, compare, and narrow — with your agent

   2–10 weeks

   Your agent sets up MLS searches, books showings, and interprets sold data so you are not relying on list prices alone. Search is not scrolling photos — it is ruling areas in or out and learning what your budget buys in each neighbourhood.

   Sign in on our site to review sold prices on comparable homes with your agent. They should walk you through why a home sold above or below asking and what that means for your offer strategy.

   • Visit neighbourhoods at rush hour, after dark, and on weekends
   • Tour with a critical eye: layout, light, noise, storage, parking, and smell
   • For condos, your agent should flag fee trends, reserve fund issues, and rule restrictions early
   • Debrief after each showing — what you liked, what you would not live with
4. 4

   Write and negotiate an offer

   1–7 days per attempt

   In Ontario, offers use the Agreement of Purchase and Sale (APS) — a binding contract when accepted. Your agent drafts it; you decide price, deposit, closing date, inclusions (appliances, fixtures), and conditions.

   The deposit is typically 5% of the purchase price in the GTA, paid within 24 hours of acceptance unless otherwise written — usually by certified cheque or bank draft to the listing brokerage's trust account. It is not the same as your down payment, though it forms part of it at closing.

   In multiple-offer situations, price is only one lever. Closing date flexibility, deposit size, and fewer conditions may matter as much. Decide your walk-away number before the presentation begins.

   • Common conditions: financing, home inspection, status certificate (condos), sale of buyer's property
   • Irrevocable period — how long the seller has to accept, reject, or counter
   • Closing date — usually 30–90 days out; must align with your lease, movers, and lender
   • Chattels and fixtures — confirm what stays (washer, fridge, window coverings)
5. 5

   Work through the conditional period

   5–10 business days typical

   Conditions protect you while you verify the home and your financing. Until they are waived or fulfilled, you can exit under the condition without losing your deposit — if the APS is written correctly. Your lawyer should review the agreement within this window.

   Book the home inspection immediately after acceptance. For condos, your lawyer orders and reviews the status certificate — a document covering fees, rules, lawsuits, and the reserve fund. Financing condition gives your lender time to approve the specific property.

   • Attend the inspection; read the full report, not the verbal summary
   • Use inspection findings to negotiate repairs, credits, or a price adjustment — or walk away
   • Do not waive conditions to win a bidding war unless you accept the full risk
   • Your lawyer flags unusual clauses before you go firm
6. 6

   Firm deal to closing day

   30–90 days

   Once all conditions are waived, the deal is firm — both parties are legally committed. Your lender completes underwriting on the property. Your lawyer searches title, registers the mortgage, prepares the statement of adjustments, and coordinates with the seller's lawyer.

   Arrange home insurance effective at 12:01 a.m. on closing day; your lender and lawyer require proof. Confirm how you will deliver the balance of the down payment and closing costs — usually bank draft or wire, never cash.

   • Statement of adjustments — prepaid taxes, utilities, condo fees split between buyer and seller
   • Land transfer tax — provincial, plus municipal if purchasing in Toronto
   • Title insurance — often purchased through your lawyer
   • Final walkthrough — usually within 24 hours of closing; verify repairs, inclusions, and vacant possession
7. 7

   Close and take possession

   Closing day

   You may not need to attend the lawyer's office in person — many closings are remote. Keys are released once funds are transferred and the deed is registered. Possession time is written in the APS (often 6:00 p.m. on closing day unless negotiated).

   After closing, transfer utilities, update your address, and keep your closing documents indefinitely. You will need them for tax purposes and future resale.

   • Bring government ID to any signing appointment
   • Do not plan renovations before you have keys and insurance in place
   • Condo buyers: register with property management and order fobs/parking