Home Buying Guide

This guide is for anyone buying a home in Ontario, whether it is your first or your fifth. It covers how to search, how to compare homes fairly, how to write an offer, and what happens between acceptance and closing.

Before you start searching

Decide three things first:

1. Your price ceiling. Based on your pre-approval and your own comfort, not just the lender’s number.
2. Your must-haves. Location, number of bedrooms, commute, schools, transit, parking.
3. Your timeline. When you need to move and what you are leaving behind (a lease end date, a home to sell).

If you are buying your first home, start with the First Home guide. If you are selling a home to buy another, see the Home Selling Guide so the two timelines line up.

Searching well

• Search by what matters, not only by price. A slightly higher price in a better location or layout can cost less over time than a cheaper home you will outgrow.
• Visit at different times of day. Check traffic, noise, parking and how the street feels on a weekday evening and a weekend morning.
• Look past the staging. Furniture and paint make rooms look their best. Look at windows, ceilings, flooring, the basement, the roof, and signs of water.
• Keep notes and photos for every home you visit. After several visits they blur together.

Comparing homes

For each home you seriously consider, write down:

• Asking price and what similar nearby homes have recently sold for. Your agent can pull this.
• Monthly cost: mortgage, property tax, utilities, condo fees if any.
• What will need repair or replacement soon (roof, furnace, windows, flooring).
• What you would change, and what that would cost.
• Anything about the street or neighbourhood that could affect you, such as nearby construction.

Working with your agent

In Ontario, the written agreement between you and the brokerage sets out the services, the fee and when it expires. Read it before you sign. The expiry date must be displayed prominently and you initial it. If any term is unclear, ask for it in plain language.

Writing an offer

An accepted offer is a binding contract. The terms you will negotiate include:

• Price.
• Deposit. Paid with your offer and held in trust.
• Conditions. Common ones are financing, a home inspection and, for condos, a review of the status certificate. They let you walk away if something is wrong, but each one also makes your offer less attractive in a competitive situation.
• Inclusions and exclusions. Appliances, light fixtures, window coverings, a hot water tank that may be rented. Write down anything you expect to stay, and ask whether any item is rented, leased, or has a lien on it.
• Irrevocability. The date and time until which your offer stays open.
• Closing date and possession.

Multiple offers. When several buyers bid on one home, the seller usually sets an offer date. Decide your limit in advance, and think through which conditions you can safely remove. Removing the inspection can win a home, but it also removes your protection.

After the offer is accepted

1. Deposit and documents. Make sure the deposit is delivered by the deadline in the agreement.
2. Inspection. Book it right away. See the Home Inspection Guide.
3. Mortgage. Give your lender the signed agreement and any documents they request. Do not take on new debt in the meantime.
4. Lawyer. They review the agreement, search the title and prepare for closing.
5. Insurance. It needs to be in place from your closing date.
6. Satisfy or waive conditions in writing, by the dates in the agreement. Deadlines matter.

Costs beyond the price

Land transfer tax is charged in Ontario on the price, in brackets. According to the Ontario government, the rates for a property with one or two single-family residences are 0.5% up to $55,000, 1% from $55,000 to $250,000, 1.5% from $250,000 to $400,000, 2% from $400,000 to $2,000,000 and 2.5% above $2,000,000. Toronto adds a separate municipal tax. Legal fees, title insurance, adjustments and moving costs come on top. See the Mortgage & Closing Costs Guide.

Verified on 4 October 2026 against the Ontario government’s land transfer tax page, updated 22 April 2026.

Closing day

You and your lawyer will:

• Review and sign the closing documents
• Pay the balance due on closing
• Receive confirmation from your lawyer that the transfer is registered

Do a final walkthrough shortly before closing to confirm the home is in the condition agreed and that anything that was supposed to stay or be repaired has been handled.

Things to keep in mind

• A good price is not the same as a good home. Pay for what you will live in.
• Read every document you are asked to sign, and ask questions until you understand it.
• Keep your finances steady until closing.
• Ask for help when something is unclear. A few questions early are cheaper than a problem later.