A simple Guide
The Home Buying Process in Ontario
Buying a home is one of the biggest financial decisions you’ll ever make—no pressure! But don’t worry, we’ve got your back. Here’s your step-by-step guide to homeownership.
Step 1: Determine your Budget
Before you start swiping right on every house listing, figure out what you can actually afford. This includes two steps:
- Reaching out to a mortgage broker: this will help you determine what you can afford based on your current income and any existing financial comittments.
- Having a downpayment ready: How much do you have saved?
If you want to know how much downpayment you need – you can read our blog post here! We also have a list of mortgage brokers we trust that we can refer you to get the pre approval process going!
Step 2: Find the right realtor
A great realtor (like us!) makes the whole process easier. We help you find homes, negotiate on your behalf, and prevent you from making emotional and uninformed decisions.
We also know good neighbourhoods, schools and upcoming projects in the area so that you are making a good investment and not only getting the perfect house, but also the perfect location.
Most realtors will set up a buyers consult where they will go over the process, your wants and needs and answer any questions you have before you get started. If you’re not sure how to spot a good realtor, check out our blog on picking a good agent here!
Step 3: Start house hunting
Once you have your pre-approval in place and a rockstar realtor, its time for the fun (and sometimes exhausting) part! Agents will set up a personalized home portal and send you homes that meet your criteria. You will then arrange showings to go and see your favourites in person.
As you tour homes, keep these things in mind:
Location matters—its the only thing you cant change about a home!
What are your needs vs your wants? No home is perfect so make sure you are clear on your must haves.
Take your time to really look at all the details. This is a big investment and you don’t want to rush.
Step 4: Make an offer
You found “the one”—now it’s time to put a ring (or an offer) on it. Your offer includes:
The price you’re willing to pay
Any conditions (like financing or home inspections—aka your safety net).
A deposit to show the seller you’re serious, not just window shopping. (more on this here)
- A completion or closing date – this is when the property would be officially yours
Once you have submitted your offer to the sellers, there are 3 outcomes:
- They accept the offer as is – now its time to do your due diligence and meet the conditions (Home inspection, financing etc)
- They sign the offer back – the sellers wanted to change something about the offer and have now given you a counter offer.
- They decline the offer – the seller is not happy with the offer and does not wish to work with your offer. The deal is dead. Generally this only happens if the seller is very offended by an extremely low offer or in multiple offer scenarios when they choosing to work with another offer.
Step 5: Close the deal
Congrats! Your offer was accepted! If you have conditions now is the time to:
- Fulfill any conditions from the offer (Financing, home inspection etc)
Hire a lawyer to handle the closing
Prepare for closing day— packing, address changes, moving truck
Step 6: Move in and celebrate!
Grab some boxes, bribe your friends with pizza, and start packing. Once you move in, set up your utilities, update your address, and get to know your new neighbours (or at least learn which ones have the best Halloween candy).
Buying a home in Ontario may seem overwhelming, but with the right team, it’s a lot smoother—and even a little fun. Thinking about buying? Let’s chat!
We promise to make the process as painless as possible (and maybe even crack a joke or two along the way). 🏡
You can download our full buyers guide here!