Goal: Avoid Costly Mistakes, Buy With Confidence, and Protect Your Money
1. Financial Preparation
✔️ Know your true budget: income, expenses, savings, and debt.
✔️ Get pre-approved by a lender before you start shopping.
✔️ Factor in hidden costs (closing costs, lawyer fees, land transfer tax, moving).
✔️ Build a 3–6 month emergency fund separate from your down payment.
2. Mortgage Strategy
✔️ Compare A lenders, B lenders, and private options.
✔️ Ask about fixed vs. variable — which suits your risk tolerance?
✔️ Understand stress test rules and how they affect your approval.
✔️ Consider portability if you might upgrade homes in a few years.
3. Choosing the Right Property
✔️ Define your non-negotiables (location, size, parking, schools).
✔️ Research neighbourhood trends — not just the property.
✔️ Understand property tax, utilities, and maintenance costs.
✔️ Always factor in future resale potential.
4. Due Diligence
✔️ Never skip a home inspection (even in hot markets).
✔️ Include financing and inspection conditions in your offer when possible.
✔️ For condos: review the status certificate with your lawyer.
✔️ Confirm zoning, permits, and any restrictions before firming up.
5. Making the Offer
✔️ Work with your realtor to understand local pricing trends.
✔️ Be ready for multiple offers in hot markets.
✔️ Don’t get emotional — have a walkaway price in mind.
✔️ Consider closing date flexibility as a negotiation tool.
6. Closing Smoothly
✔️ Retain a real estate lawyer early in the process.
✔️ Arrange home insurance before closing.
✔️ Transfer utilities and set up mail forwarding.
✔️ Review your lawyer’s Statement of Adjustments carefully.
Pro Tip: Real estate should be bought with a 7–10 year horizon to ride out market corrections. Think long-term wealth, not quick flips.
If you have any questions about the buying process, feel free to comment below.
Check out Module 3 for the in-depth crash course for buying real estate in Ontario:
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