The First-Time Home Buyer Checklist (Ontario)

Buying your first home is a series of steps, not one giant leap. The buyers who feel calm are the ones working from a checklist. This Ontario-specific guide walks you through every stage — budgeting, financing, searching, offering, and closing — with the programs and numbers that matter most for first-timers. Print it, bookmark it, and tick the boxes as you go.

Key takeaways

• Start with your budget and credit before you look at homes, not after.
• Get a mortgage pre-approval to lock a rate and learn your true price ceiling.
• Budget for closing costs (1.5%–4%) on top of your down payment.
• First-time buyers can use the FHSA, the RRSP Home Buyers' Plan, and land transfer tax rebates.
• HOMEH gives eligible first-time buyers the industry's highest Cashback Rebate.

Stage 1: Get your money in order

Before you tour a single listing, build the financial foundation. This is where deals are won or lost.

• Check your credit — review your report and fix errors; see how credit affects mortgage approval.
• Pay down debt — lower debt means a bigger mortgage and easier qualification.
• Open an FHSA — up to $8,000/year, $40,000 lifetime, tax-deductible.
• Plan your RRSP HBP — withdraw up to $60,000 per person tax-free for a down payment.
• Set a savings target — total cash needed in how much money to buy your first home.

Stage 2: Get pre-approved

A pre-approval confirms how much you can borrow and usually holds your rate for 90–120 days. Remember the stress test: federally regulated lenders qualify you at the greater of your contract rate + 2% or 5.25%. Walk through the steps in how to get pre-approved as a first-time buyer.

Know your ratios

Lenders aim for a Gross Debt Service ratio at or below 39% and a Total Debt Service ratio at or below 44%. Test yours with the affordability calculator.

Stage 3: Search and make an offer

With financing sorted, the fun part begins — but stay disciplined.

• Define your must-haves — location, home type, bedrooms, commute.
• Browse live listings — explore current homes on HOMEH listings.
• Book a home inspection — budget $300–$600 to avoid costly surprises.
• Make a smart offer — with conditions that protect you.

Stage 4: Budget for closing

Closing costs are separate from your down payment. Budget 1.5%–4% of the price, with land transfer tax usually the largest item. First-time buyers can claim rebates of up to $4,000 provincially and $4,475 in Toronto.

See the full breakdown in closing costs in Ontario explained, or run your numbers with the closing cost calculator.

Stage 5: Claim your cashback

The final box on your checklist is the one that pays you back. HOMEH gives eligible first-time buyers the industry's highest Cashback Rebate — money that can cover closing costs or boost your down payment. See your first-time buyer incentives and estimate your cashback with the cashback calculator.