First-Time Home Buyer’s Guide
Buying your first home is exciting, but it can feel overwhelming. This guide will walk you through the process, explain the costs, and show you the incentives available to first-time buyers in Ontario.
Step-by-Step Process
-
Mortgage Pre-Approval – Know your budget before shopping.
-
Hire a REALTOR® – I’ll guide you through every step.
-
Search for Homes – Tour properties that match your needs.
-
Make an Offer – I’ll help you negotiate the best price.
-
Conditions & Inspection – Protect your purchase.
-
Closing Day – Sign documents, pay closing costs, and get your keys!
Costs to Budget For
-
Down Payment (minimum 5%)
-
Land Transfer Tax (Ontario + Ottawa rebate available)
-
Lawyer Fees ($1,500–$2,500)
-
Home Inspection ($400–$600)
-
Closing Costs (approx. 2–3% of purchase price)
Government Incentives
-
First-Time Home Buyer Incentive – Shared equity with CMHC.
-
RRSP Home Buyers’ Plan – Withdraw up to $60,000 tax-free.
-
Land Transfer Tax Refund – Up to $4,000 back in Ontario.
-
First-Time Home Buyers’ Tax Credit – Claim $1,500 on your taxes.
Tips for Success
-
Don’t max out your budget – think about long-term affordability.
-
Keep an emergency fund for unexpected costs.
-
Always get a home inspection.
-
Work with professionals – REALTOR®, lawyer, mortgage broker.
Why Work With Me?
-
Knowledge of Ottawa neighborhoods
-
Guidance through financing & paperwork
-
Negotiation skills to save you money
-
Support from your first viewing to your first key handoff