Buying your first home is one of the biggest financial decisions you'll ever make. The process can feel overwhelming, especially in a competitive market like the GTA. Here are five essential things every first-time buyer should know before starting their journey.
1. Get Pre-Approved Before You Shop
A mortgage pre-approval tells you exactly how much you can borrow and locks in your interest rate for up to 120 days. It also signals to sellers that you're a serious buyer, which can give you an edge in multiple-offer situations.
2. Budget for Closing Costs
The purchase price is just the beginning. Plan to set aside 1.5%-4% of your purchase price for closing costs, which include:
- Land Transfer Tax (Ontario + Toronto if applicable)
- Legal fees and disbursements
- Home inspection
- Title insurance
- Property tax adjustments
3. Understand the First-Time Buyer Incentives
Ontario offers several programs to make ownership more affordable for first-timers — including the Land Transfer Tax Rebate (up to $4,000), the First Home Savings Account (FHSA), and the Home Buyers' Plan (HBP). These can save you tens of thousands of dollars.
4. Don't Skip the Home Inspection
Even in a hot market, a home inspection protects you from inheriting expensive surprises. I recommend always including an inspection clause whenever possible, and using a licensed inspector with a strong reputation.
5. Work With a REALTOR® Who Listens
Your agent should understand your priorities, your budget, and your timeline — not push you into a quick sale. As a first-time buyer myself once, I know how important it is to feel heard. I take time to walk every client through the process, answer questions, and make sure they feel confident at every step.
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