Are you planning to buy your first home in Ontario? This milestone can be both exciting and challenging—especially given Ontario’s high average home prices and complex incentive programs. But you can make it smoother with the right prep. Here’s your ultimate First-Time Home Buyer Checklist for Ontario in 2025.
1. Confirm Your First-Time Home Buyer Status & Eligibility
To access key programs like the First Home Savings Account (FHSA), Home Buyers’ Plan (HBP), and Ontario’s Land Transfer Tax Rebate, you must generally not have owned a home—or lived in one you or your partner owned—in the current year or the four preceding years. Certain circumstances, like separation or disability, may offer exceptions.
2. Build Your Budget & Save for a Down Payment
Determine affordability — Factor in purchase price, mortgage, utilities, property taxes, insurance, and closing costs.
Understand down payment rules — For properties:
- Under $500K: Minimum 5%
- $500K–$1.499M: 5% on the first $500K + 10% on the remaining
- $1.5M+: At least 20%
3. Maximize Government Savings & Incentives
Ontario and Canada offer several incentives to help first-time buyers:
- First Home Savings Account (FHSA)
- Tax-deductible contributions; tax-free withdrawals for qualifying homes
- Annual limit: $10,000; Lifetime limit: $50,000
- Unused room can carry forward
- Home Buyers’ Plan (HBP)
- Withdraw up to $60,000 (per person) from your RRSP tax-free
- Must repay over 15 years, starting in year six
- First-Time Home Buyer Tax Credit (HBTC)
- A $10,000 non-refundable credit, reducing taxes owed by up to $1,500
- GST/HST Rebate for New Homes (2025)
- 100% rebate on GST up to $1M; partial up to $1.5M (linear phase-out)
- Ontario Land Transfer Tax (LTT) Rebate
- Increased maximum rebate from $4,000 to $6,000 in 2025
- Toronto Municipal Land Transfer Tax (MLTT)
- Additional rebate may be available if purchasing in Toronto
4. Review Your Credit & Try for Pre-Approval
Check your credit — Order your free credit reports to clean up any errors and improve your score before applying.
Get pre-approved for a mortgage — Locks in a budget range and strengthens your offer.
5. Assemble Your Home Buying Team
Ensure you have the right professionals to guide you:
- Real estate agent — Look for someone experienced with first-time buyers.
- Mortgage broker or lender, real estate lawyer, home inspector, insurance provider
- Use the CMHC or similar checklists to vet each professional carefully. (assets.cmhc-schl.gc.ca)
6. Create Your Home Feature Wishlist
Craft a detailed wishlist to stay focused during your search:
- Home type, size, lot, and age
- Proximity to work, schools, public transit, parks, and amenities
- Important features: garage, finished basement, deck, systems (HVAC), etc.
(Mistral Group)
7. Calculate & Plan for Closing Costs
Beyond the sale price, you’ll need to budget for:
- Legal fees, home inspection, appraisal, land registration
- Insurance, survey, title insurance, prepayments, adjustments
- Moving costs
8. Execute the Purchase & Prepare for Closing Day
- Submit your offer, negotiate wisely, and monitor conditions like financing and inspection.
- On closing day, pay closing costs and finalize paperwork with your lawyer.
- Set aside emergency funds for maintenance, unexpected repairs, property taxes, and insurance.
9. Final Walkthrough & Move-In Prep
Before getting the keys:
- Conduct a final walkthrough to confirm agreed-upon repairs and property condition.
- Set up utilities, change your address, and prepare for move-in smoothness.
Quick Recap — First-Time Buyer Checklist
| Step | Action Item |
|---|---|
| 1 | Confirm eligibility (first-time buyer status) |
| 2 | Budget and save for down payment |
| 3 | Access savings programs and rebates (FHSA, HBP, LTT, etc.) |
| 4 | Review your credit & secure mortgage pre-approval |
| 5 | Build your buying team (agent, lawyer, inspector, etc.) |
| 6 | Define your home wish-list |
| 7 | Estimate and budget for closing costs |
| 8 | Navigate the purchase process & closing |
| 9 | Complete final walkthrough & move-in prep |
📞 Ready to Take the Next Step?
Let’s chat! As your Ontario real estate expert, I can help guide your buying journey, point out relevant program opportunities, and tailor your strategy to your financial situation. Contact me today to book your free consultation.