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Home Buying Tips

Everything you need to know before purchasing your home in the Greater Toronto Area.

Follow these 12 steps to make your home purchase smooth and stress-free:

1. Check your finances — Review savings, income, and debts.
2. Get pre-approved — Lock in your mortgage rate and know your budget.
3. Hire a REALTOR® — Work with Sharmilla to access all listings.
4. Create your wish list — Must-haves vs. nice-to-haves.
5. Search for homes — Browse MLS listings and attend showings.
6. Make an offer — Your agent will guide you on price and conditions.
7. Negotiate — Back-and-forth until both parties agree.
8. Home inspection — Hire a licensed inspector before removing conditions.
9. Secure your mortgage — Finalize with your lender.
10. Hire a real estate lawyer — Required for closing in Ontario.
11. Final walkthrough — Confirm the property is in agreed condition.
12. Close & get the keys! — Sign, pay, and move in.

In Ontario, buyers pay a Land Transfer Tax (LTT) at closing. Toronto buyers pay an additional Municipal LTT.

Ontario Provincial LTT Rates

0.5% on the first $55,000
1.0% on $55,001 to $250,000
1.5% on $250,001 to $400,000
2.0% on $400,001 to $2,000,000
2.5% on amounts over $2,000,000

First-Time Buyer Rebate

First-time buyers in Ontario can claim a rebate of up to $4,000 on provincial LTT — and up to $4,475 on the Toronto municipal LTT.

Use our LTT Calculator → to estimate your tax.

First Home Savings Account (FHSA)

Contribute up to $8,000/year (max $40,000 lifetime). Contributions are tax-deductible and withdrawals for a first home are tax-free.

Home Buyers' Plan (RRSP)

Withdraw up to $35,000 from your RRSP tax-free to buy your first home. Must be repaid over 15 years.

First-Time Home Buyer Tax Credit

Claim a $10,000 non-refundable tax credit = up to $1,500 in tax savings in the year you buy.

GST/HST New Housing Rebate

Recoup part of the HST paid on a newly built home if the purchase price is under $450,000.

Canada Mortgage and Housing Corp (CMHC)

Visit CMHC → for the latest first-time buyer incentives and mortgage insurance info.

Use this checklist to define exactly what you're looking for before you start touring homes.

Location

Preferred neighbourhood or city
Commute time to work
Proximity to schools, parks, transit
Walkability score

Property Features

Number of bedrooms and bathrooms
Garage or parking
Basement (finished/unfinished)
Backyard size and privacy
Property type (detached, condo, townhouse)

Interior Features

Open-concept layout
Updated kitchen and bathrooms
Main floor laundry
Home office space
Storage and closet space

Tell Sharmilla your list — Use our Dream Home Finder →

Title insurance protects you and your lender against losses from title-related issues discovered after you purchase a property.

What It Covers

Unknown liens or encumbrances on the property
Fraud and identity theft related to your title
Survey errors or encroachments
Unpaid property taxes from previous owners
Zoning violations or bylaw issues
Problems from title searches not caught before closing

Cost

Title insurance is a one-time premium paid at closing — typically $150–$400 for a residential property. It covers you for as long as you own the home.

Is It Required?

Most lenders require it. Even if not required, it is strongly recommended by real estate lawyers in Ontario.

Bring this checklist to every showing so you can objectively compare properties.

Outside the Home

Condition of the roof and gutters
Foundation cracks or water damage signs
Driveway and garage condition
Landscaping and drainage

Inside the Home

Water stains on ceilings or walls
Condition of windows and doors
Age of furnace, A/C, and water heater
Electrical panel type and capacity
Signs of mould, especially in basement
Plumbing pressure and water colour

Ask the Agent

How long has it been on the market?
Have there been any price reductions?
What are the utility costs?
Are there any outstanding work orders?

A buyer's agent works exclusively for you at no cost — the seller pays the commission. Here's what Sharmilla will do for you:

Listen to your needs and preferences
Search MLS for homes matching your criteria
Arrange and attend all showings with you
Provide a Comparative Market Analysis (CMA) before you make an offer
Write and present your offer professionally
Negotiate on your behalf to get the best price and terms
Coordinate the home inspection and lawyers
Guide you step-by-step through to closing day
Be available to answer your questions throughout

Sharmilla is bound by the REALTOR® Code of Ethics and always acts in your best interest.

Contact Sharmilla today →

When you're ready to make an offer, here's what to understand about commitment in Ontario real estate:

The Offer to Purchase

A legal document specifying the price, conditions, and closing date. Once accepted by the seller and all conditions are met, it becomes a binding contract.

Common Conditions

Financing condition — Gives you time to secure your mortgage.
Home inspection condition — Allows you to inspect before committing.
Status certificate (condos) — Review the condo corporation's financials.
Sale of existing home — If you need to sell first.

Deposit

Typically 5% of the purchase price, paid within 24 hours of acceptance. It's held in trust and applied to the purchase price at closing.

Irrevocable Period

Your offer is open for acceptance for a set time (e.g. 24–48 hours). Once signed by both parties, neither can back out without consequences.