Buying a home in the GTA involves more moving parts than most first-time buyers expect. Here is the complete sequence — from the first financial check to the day you get your keys — with what to watch for at each stage.

Step 1: Assess your financial position

Before talking to a real estate agent or browsing listings, get a clear picture of where you stand financially. Pull your credit report from Equifax or TransUnion (free at annualcreditreport.ca). Check your score and review for any errors or collections accounts that need to be addressed — lenders want to see a score above 680, and higher scores unlock better rates.

Calculate how much you have for a down payment and closing costs. Closing costs in Ontario typically run 1.5–4% of the purchase price: land transfer tax (and Toronto's additional municipal land transfer tax if buying in the city), legal fees, title insurance, home inspection, and moving costs. First-time buyers in Ontario receive a land transfer tax rebate of up to $4,000 provincially and up to $4,475 municipally — a meaningful offset.

If you have a First Home Savings Account (FHSA), confirm your contribution room. The FHSA allows first-time buyers to contribute up to $8,000 per year (lifetime limit $40,000) and withdraw tax-free for a qualifying home purchase. The Home Buyers' Plan (HBP) allows an additional withdrawal of up to $60,000 from your RRSP.

Step 2: Get a mortgage pre-approval

A pre-approval is a formal commitment from a lender that they will lend you up to a specified amount, subject to the property meeting their standards. It is not the same as a rate quote or an online calculator estimate.

To get pre-approved, you'll submit: proof of income (pay stubs, letter of employment, two years of T1 generals if self-employed), two years of Notice of Assessment, three months of bank statements showing your down payment, and a list of existing debts and monthly obligations.

The lender will pull your credit, calculate your GDS and TDS ratios, and apply the stress test — qualifying you at the contract rate plus 2%, or 5.25%, whichever is higher. The result is your maximum purchase price and a pre-approval letter valid for 90–120 days.

Working with a mortgage broker rather than going directly to one bank gives you access to multiple lenders and often better rates. Brokers are compensated by lenders, not buyers, so the advice is effectively free.

Step 3: Hire a buyer's agent

In Ontario, buyer representation is free to the buyer — the seller pays total commission, which is split between the listing agent and the buyer's agent. There is no financial reason to navigate the GTA market without representation.

A good buyer's agent provides: early notice of incoming listings before they appear publicly on Realtor.ca, guidance on what price to offer based on recent comparable sales, advice on conditions and terms that protect you, and coordination of all parties through to closing.

Interview two or three agents. Ask how many buyers they've represented in your target neighbourhood in the past year, and ask to speak with a recent client. An agent who primarily represents sellers in a different area is less valuable than one who knows your specific market deeply.

Work with your agent to set realistic parameters based on your pre-approved budget and your priorities. Be explicit about which criteria are non-negotiable (school catchment, proximity to transit, minimum number of bedrooms) versus flexible (condition, floor level, parking).

Your agent will set up automated MLS alerts so new listings hit your inbox as they're posted. In the GTA, desirable properties at fair prices often receive offers within 24–72 hours of listing. You need to be responsive — set aside time to view properties promptly and make offer decisions quickly.

Attend showings in person. Photos and virtual tours show the best version of a property. In-person visits reveal layout flow, natural light, neighbour proximity, street noise, and condition details that don't appear on screen.

Step 5: Make an offer

When you find a property, your agent prepares an Agreement of Purchase and Sale — a legally binding contract that specifies the purchase price, closing date, deposit amount, and any conditions.

Common conditions include a financing condition (typically 5 business days to confirm your mortgage approval on this specific property) and a home inspection condition (3–5 business days to conduct an inspection and either proceed or walk away). In competitive situations, buyers sometimes waive conditions to strengthen their offer — a meaningful risk that should only be taken after careful consideration and ideally a pre-listing inspection if one is available.

The deposit is due within 24 hours of the offer being accepted and is typically 5% of the purchase price. It's held in trust and applied to your down payment on closing. If you walk away after firming up (conditions removed), you forfeit the deposit.

For condos, your offer should include a condition allowing review of the status certificate — a document disclosing the condo corporation's financials, reserve fund status, bylaws, and any pending special assessments. Your lawyer needs to review this; a surprise assessment of $10,000–$30,000 per unit is not uncommon in older buildings.

Step 6: Remove conditions and firm up

Once your offer is accepted, the conditional period begins. You have the timeframes specified in your agreement to complete your home inspection and confirm your financing.

Book your home inspector immediately — a qualified home inspector charges $400–$600 and provides a detailed written report on the property's condition, including structural elements, roof, electrical, plumbing, HVAC, and any immediate or deferred maintenance concerns. The report helps you decide whether to proceed and gives you a roadmap for future repairs.

Simultaneously, send your accepted offer to your mortgage broker or lender. They'll order an appraisal on the property (at your cost, typically $300–$500). Once the appraisal confirms value and the lender issues a formal mortgage commitment, your financing condition is satisfied.

When conditions are met, you sign a waiver removing them. At that point, the deal is firm and binding. Both parties are committed.

Step 7: Work with your lawyer

Hire a real estate lawyer as soon as you have an accepted offer — ideally before, so you're not scrambling during the conditional period. Your lawyer handles the legal transfer of the property, conducts a title search to confirm the seller has clear ownership, arranges title insurance, and prepares the closing documents.

In the final week before closing, your lawyer will provide a statement of adjustments — a breakdown of what you owe on closing day, including the balance of your purchase price, land transfer taxes, adjusted property taxes, and legal fees. This is when the final numbers become concrete.

Bring a certified cheque or arrange a wire transfer for the balance owing on closing day. Your lender advances the mortgage funds directly to your lawyer, who disburses everything to the seller's lawyer and registers the transfer.

Step 8: Closing day

On the closing date, your lawyer registers the transfer of title and receives the keys from the seller's lawyer. By late afternoon, the property is legally yours. Your agent or the listing agent will arrange key handoff.

Before taking possession, do a final walk-through — typically the evening before or morning of closing — to confirm the property is in the condition specified in your agreement, that included chattels (appliances, light fixtures, window coverings) are present, and that nothing has been damaged since your last visit.

Once you have keys, arrange to change the locks. Update your address with Canada Post, your bank, CRA, and your employer. If you're in a condo, register with the property management company and obtain your fob and parking pass.

After closing: the first year

Budget for immediate setup costs beyond the purchase: movers, any immediate repairs identified in the inspection, new locks, and potentially a home warranty or appliance service plan if the systems are older. First-time buyers often underestimate these first-year costs, which can run $5,000–$15,000 depending on the property's condition and your preferences.

Set a calendar reminder 90 days before your mortgage renewal date to start shopping rates — your lender's renewal offer is rarely the best available, and brokers can often find meaningfully better rates at renewal time.