The 10 Steps to Buying a Home, Explained

Buying a home isn't one giant leap — it's a series of clear, manageable steps. Here are the 10 steps to buying a home in Ontario, in the order they actually happen, so you always know what comes next and what to prepare for.

Key takeaways

• The home-buying process breaks into 10 logical steps, from budgeting to getting the keys.
• Two early steps — affordability and pre-approval — shape everything that follows.
• Closing costs of 1.5%–4% of the price come at the end, on top of your down payment.
• Conditions like financing and a home inspection protect you between offer and closing.
• HOMEH buyers can get the industry's highest Cashback Rebate, easing the cash crunch at every step.

The 10 steps at a glance

Every successful purchase moves through the same sequence. Here's the full roadmap before we dig into the details. For the in-depth version, see our pillar guide on how to buy a house in Ontario.

1. Set your budget and check affordability.
2. Save your down payment.
3. Get a mortgage pre-approval.
4. Hire a buyer's agent.
5. Search and tour homes.
6. Make an offer.
7. Satisfy your conditions (financing, inspection, status certificate).
8. Go firm and pay your deposit.
9. Complete closing with your lawyer.
10. Get the keys and move in.

Steps 1–3: Get your money in order

The first three steps are all about money. Start by checking what you can afford with the affordability calculator — lenders generally want your housing costs at or below 39% of gross income (GDS) and total debts at or below 44% (TDS).

Next, save your down payment. The Canadian minimum is 5% on the first $500,000, then 10% on the portion between $500,000 and $1,499,999, and 20% on homes priced at $1.5M or more. Then lock in a pre-approval so you can shop with a firm budget and pass the mortgage stress test.

Steps 4–6: Find a home and make an offer

With financing sorted, bring on a buyer's agent and start touring. When you find the right place, you'll submit an offer — an Agreement of Purchase and Sale that sets your price, deposit, closing date, and conditions.

Browse current listings to get a feel for pricing, then nail the offer itself with our guide to making an offer in Ontario. If you're up against other buyers, winning a bidding war without overpaying is essential reading.

What's in an offer?

Your offer specifies the purchase price, deposit amount, requested closing date, included chattels (like appliances), and any conditions. A strong, clean offer wins more often than a sloppy high one.

Steps 7–8: Conditions and going firm

Most offers are conditional at first — meaning the sale only proceeds if certain checks pass. Common conditions include financing approval, a satisfactory home inspection, and (for condos) review of the status certificate.

Once you waive your conditions, the deal goes firm and your deposit becomes binding. Understand the trade-offs in conditional vs firm offer before you sign anything.

Conditions are your safety net

Waiving conditions to win a competitive deal can be risky. If financing falls through or an inspection turns up a major problem after you've gone firm, you may lose your deposit.

Steps 9–10: Closing and moving in

Your lawyer handles closing — registering the transfer, exchanging funds, and confirming title. Set aside 1.5%–4% of the purchase price for closing costs, the largest being land transfer tax. Get the full breakdown in closing costs in Ontario explained.

Make step 10 a payday

Eligible HOMEH buyers receive the industry's highest Cashback Rebate — turning closing day from a bill into a bonus. See your estimate with the cashback calculator.