You’ll need available funds for your deposit - 5 percent of your offering price which comes from your down payment. If you are not a first time home buyer, you will owe Property Transfer Tax - 1% on the first $200,000 and 2% on the balance. You will want to have a home inspection and and then closing costs for a Lawyer or Notary, plus adjustments for monthly fees and taxes already paid by the homeowner. Save some backup money for moving expenses and immediate repairs, if necessary.

The minimum down payment depends on the home price.

• Homes up to $500,000: a minimum down payment is 5% of the purchase price.
• Homes $500,001–$1,499,999 a minimum down payment is 5% on the first $500,000 plus 10% on the remaining amount.
• Homes $1,500,000 and above a minimum down payment is 20% of the purchase price.

If you have less than 20%, and your are purchasing up to $1,000,000, you must purchase mortgage default insurance. The premium is added to your mortgage and amortized over time, increasing your monthly payments and total interest, but it allows you to enter the market with as little as 5% down.

• You may be fully exempt from Property Transfer Tax if you qualify, all requirements are met and the home is a maximum of $835,000. Homes valued between $835,000 and $860,000, may apply for a partial exemption.
• The Home Buyers’ Plan (HBP) is a federal program allowing you to withdraw up to $60,000 tax-free from RRSPs to help with a down payment.
• Rebate on the GST/HST paid on new homes.

Your affordability depends on your income, debts, credit score, and the current interest rate. A mortgage professional at your lending institution or a Mortgage Broker/Specialist can run a pre-approval assessment to give you a realistic budget. Be careful not to do many credit checks as this can contribute to your score.

Pre-approved gives you a preliminary estimate of what you may qualify for.

Pre-qualified gives you a formal mortgage approval and confirms your loan terms after your income, assets, and property details are fully reviewed. This is the route to go as early on in the process so you are confident when you offer on a home.

Yes, especially for older homes. A home inspection can reveal hidden issues and help you decide whether you can proceed confidently and what you are comfortable taking on or not.

Closing costs include fees for:

• Legal services
• Title insurance, if needed
• Adjustments for property taxes, utilities, or condo fees
• Potential appraisal fees
  
  These can add up to a few thousand dollars beyond the purchase price.

This depends on each person's wants vs. needs, the current market conditions and personal situation. From finding a home to closing, the timeline can be:

• Anywhere from a month to a year, or more to find a home. Typically we see a few months for most people.
• Once you find the right home you should have 1–2 weeks to do your research and finalize financing
• Your Completion date (the day you become the owner) is typically a couple months after you reach the initial agreement. It varies based each parties needs.

Focus on:

• Overall condition (roof, foundation, windows)
• Layout and flow
• Outlook and exposure
• Location
• Natural light and noise levels
• Hidden issues like water stains, cracks, or uneven flooring
• Bring a checklist

It's nearly impossible to time the market and most often we see people going ahead when things are shifting into a sellers' market. Something you want to avoid. Timing also depends on your personal situation, local market trends, and interest rates. In many cases, buying when you’re ready financially—rather than waiting for a perfect market—is the right move.

Here's a brief summary after your offer is accepted:

• You’ll finalize your mortgage
• Complete a home inspection
• Review all paperwork
• Conduct your due diligence
• If you are ready to proceed, you will need a Lawyer or Notary to prepare for closing
• Move-in on the agreed closing date