A first-time home buyer's guide (Ontario)
Buying your first home has a few more unknowns than moving does — financing, closing costs, and the offer process. This is a plain-language overview of how it works in Ontario, with the search tools to start. It's general information, not financial or legal advice.
Know your budget first
Before searching seriously, it helps to understand what you can afford — the price, the down payment, and the ongoing costs. Speaking with a mortgage professional to get pre-approved tells you a realistic range. Homsy does not lend or endorse any lender.
Down payment and ongoing costs
In Canada the minimum down payment depends on the purchase price, and putting less than 20% down usually means mortgage default insurance. Beyond the mortgage, budget for property tax, condo maintenance (if applicable), utilities, insurance, and upkeep.
Closing costs and first-time rebates
Closing costs include land transfer tax, legal fees, a home inspection, and adjustments. First-time buyers in Ontario may qualify for certain land-transfer-tax rebates and programs. Exact amounts depend on price and location — confirm the specifics with a professional.
Search, view, and offer
Search and save homes in your range, view the ones you like, and — with a licensed representative — make an offer with sensible conditions such as financing and a home inspection. Any affordability or mortgage figure on Homsy is an educational estimate, never a lending decision.
Common questions
It depends on the purchase price and mortgage rules; less than 20% down generally requires mortgage default insurance. A mortgage professional can confirm your specific situation.
Homsy.ca is a technology platform for searching real estate and connecting with real-estate professionals. Regulated brokerage services — including advice, representation, and paperwork — are provided by licensed professionals. Educational information here is general and not legal, financial, or tax advice.