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First Time Home Buyers

First Time Home Buyers

Step-by-Step Guide

Step 1

Financial Preparation

* Check your credit score (minimum 600–680 recommended).


* Save for down payment: 5% for homes under $500k; 10% for $500k –$999,999; 20% if over $1M.


* Prepare for closing costs (3–5% of purchase price: land transfer tax, legal fees, inspections).


* Get mortgage pre-approval to know your budget.


Step 2

Define Your Needs & Wants

  1. * Choose preferred Toronto neighbourhoods.


  1. * Decide property type: condo, townhouse, semi, detached.


* Prioritize features: size, bedrooms, parking, yard, etc.

Step 3

Hire Professionals

  1. * Real Estate Agent (buyer representation is free).


  1. * Mortgage Broker/Bank for financing.


  1. * Lawyer for closing.


  1. * Home Inspector for property review.


Step 4

Start the Home Search

  1. * Tour homes with your agent.

  3. * Compare prices with recent sales.

  5. * Stay within your budget and pre-approval.


Step 5

Make an Offer

  1. * Prepare Agreement of Purchase and Sale (APS).


  1. * Include conditions (financing, inspection, status certificate).


  1. * Negotiate price, closing date, inclusions.


Step 6

Secure Financing

  1. * Provide lender with signed offer and documents.


  1. * Receive final mortgage approval.


First-Time Home Buyer

Self-Check Questionnaire

Financial Readiness

  1. [ ] Do I know my credit score and is it in good standing?

  3. [ ] Do I have enough saved for a down payment?

  5. [ ] Have I budgeted for closing costs (3–5%)?

  7. [ ] Have I been pre-approved for a mortgage?

  9. [ ] Do I have a stable source of income?


Home Needs & Lifestyle

  1. [ ] Do I know which Toronto neighbourhoods fit my lifestyle?

  3. [ ] Am I clear on the type of property I want (condo, house, townhouse)?

  5. [ ] Do I need parking, extra bedrooms, or a home office?

  7. [ ] Am I open to commuting if it means lower prices?


Decision Confidence

  1. [ ] Am I ready for homeownership responsibilities (maintenance, taxes, utilities)?

  3. [ ] Am I comfortable with my monthly budget after mortgage + bills?

  5. [ ] Do I have a lawyer, agent, and mortgage professional I trust?


CONTACT

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© 2025. LYRA All rights reserved. Information is deemed reliable but not guaranteed. Sourced in part from the Toronto Regional Real Estate Board (TRREB). Provided solely for consumers with a bona fide interest in the purchase, sale, or lease of real estate. Unauthorized use, reproduction, or distribution is strictly prohibited.