The first-time buyer roadmap
Eight clear steps from "I think I want to buy" to "I have the keys in my hand." Each step tells you exactly what to do and what to watch for.
Get honest about your finances
Before you look at a single listing, you need a clear picture of where you stand. That means knowing your credit score, your total monthly debt payments, your take-home income, and how much you have saved. Pull a free credit report from Equifax or TransUnion. A score above 680 puts you in good shape for most lenders; above 720 unlocks the best rates. If your score is lower, spend a few months paying down balances and correcting any errors before applying for a mortgage. The time you spend here saves money for the entire life of your loan.
Open an FHSA and start saving
The First Home Savings Account is the single best tax tool available to Canadian first-time buyers. Contributions are tax-deductible (like an RRSP), growth is tax-free (like a TFSA), and withdrawals for a qualifying home purchase are also tax-free. You can contribute up to $8,000 per year with a $40,000 lifetime cap. The sooner you open one, the sooner that contribution room starts accumulating. If you already have an RRSP with savings, you can also plan to use the Home Buyers' Plan to withdraw up to $60,000 tax-free (repayable over 15 years). These two programs together can give a couple access to up to $200,000 in savings with significant tax advantages.
Get pre-approved for a mortgage
Pre-approval is different from pre-qualification. Pre-qualification is an informal estimate based on income you tell the lender. Pre-approval involves submitting actual documents — pay stubs, T4s, bank statements, Notice of Assessments — and the lender commits to a rate and amount, usually for 90 to 120 days. With pre-approval in hand, you know exactly what you can borrow, you're taken seriously by sellers, and you have rate protection while you search. Most lenders apply the mortgage stress test, which qualifies you at the higher of your contract rate plus 2%, or 5.25% [verify current figures with a licensed agent or at realtor.ca]. Visit a mortgage broker before going to your bank — brokers have access to multiple lenders and often find better rates.
Find a buyer's agent
A buyer's agent represents your interests, not the seller's. Their commission is typically paid by the seller (though this is evolving — confirm the arrangement upfront). A good buyer's agent knows the local market, flags overpriced listings, helps you structure a competitive offer, and negotiates on your behalf. They've seen hundreds of deals and can read a market situation you'll encounter for the first time. Ask friends for referrals, read reviews, and interview two or three agents before committing. Look for someone who works primarily with buyers and knows the specific neighbourhoods you're targeting. You want someone who will tell you when a house has problems, not just close the deal.
Search seriously and take notes
Once you have your pre-approval and your agent, the search begins. In a competitive market, it's easy to feel rushed into a decision. Build a simple scoring system for every house you view: neighbourhood, condition, layout, outdoor space, commute time, and anything that would need immediate work. Use the house-hunting checklist at every viewing. After seeing ten houses, your notes are what you'll compare against, not your memory. Don't skip a viewing because photos look mediocre — photos rarely capture the full picture. And don't make an offer on a house you've only seen once in ideal lighting.
Make an offer
When you find the right house, your agent will help you prepare an Agreement of Purchase and Sale. This is a legal contract. Your offer includes the purchase price, the deposit amount (typically 5% of the purchase price, payable within 24 hours of acceptance), your closing date, and any conditions you want included. Conditions give you an exit if something goes wrong: a financing condition protects you if your mortgage falls through; a home inspection condition lets you walk away if the inspection reveals serious problems. In a competitive market you may face pressure to waive conditions. That's a real risk — understand it before you do. More on this at the offer process page.
Complete your due diligence
If you have conditions on your offer, the conditional period (usually 5 to 10 business days) is your window to confirm everything. Book your home inspection within the first day or two — good inspectors book up quickly. Your mortgage broker will finalize your financing and submit to the lender. If you're buying a condo, order the status certificate immediately and have your lawyer review it. A status certificate reveals the condo corporation's financial health, any outstanding lawsuits, and the building's reserve fund status. If anything comes back with serious red flags, your conditions allow you to back out and get your deposit returned.
Close and get your keys
In the weeks before closing, your real estate lawyer takes over. They handle the title search, prepare the transfer documents, calculate the land transfer tax (and any first-time buyer rebates you qualify for), and coordinate the final payment. You'll need to bring a bank draft for the closing costs on closing day — usually 1.5–4% of the purchase price, on top of your down payment. Your lawyer will give you a Statement of Adjustments a few days before, showing the exact breakdown. On closing day, money transfers, title transfers, and your agent picks up the keys. The house is yours.
Keep reading
Each of these steps has its own detailed guide on GoHouses: