The First-Time Home Buyer Checklist for Ontario (2026)

By Jatin Dua · Broker of Record, RE/MAX Quantum Realty · Updated 5 October 2026 · 12 min read — every step from twelve months out to the first month after closing, each tied to the 2026 rule or number behind it and a deeper guide if you need one.

How to use this checklist

This is the order I walk first-time buyers through, from the first conversation to the month after you get the keys. Each item has the rule or number behind it and, where you need more, a link to the deeper guide. Print it, tick things off, and come back to it before each phase. These are the numbers that drive almost every step:

Payments and incomes in the linked posts use an illustrative 4.0% rate and are my arithmetic, not a quote.

Phase 1: twelve to nine months out — know your number

1. Write down what you earn, owe and have saved. Lenders look at gross income and every monthly debt payment. Car loans and credit card minimums count against the 44% TDS limit, so list them now.
2. Work out the income your target home needs. Qualification is set by the stress-test rate, not your contract rate. The city-by-city table in income needed to buy a home in the GTA shows the household income for the median condo and townhouse in each city.
3. Match the budget to a home type and a place. See what $500K, $700K and $900K buy a first-time buyer in the GTA for the down payment, premium and land transfer tax at each tier, and the most affordable places to buy a first home in the GTA for the cities and districts where the median sits lowest.
4. Buying alone? Plan for it. A single income changes the maximum and the risk. Buying your first home on one income runs the numbers for incomes from $70,000 to $150,000.
5. Check your credit. Pull both credit reports and fix errors early; corrections take time. Read what credit score you need for a mortgage.
6. Confirm you count as a first-time buyer. The FHSA, Home Buyers’ Plan and land transfer tax refunds each use their own test. The four-year rule and the never-owned rule are explained in first-time home buyer programs in Ontario, 2026.

Phase 2: nine to six months out — build the down payment and the paper trail

7. Set your down payment target with the federal rule. $25,000 on a $500,000 home, $35,000 on $600,000, $55,000 on $800,000 and $75,000 on $1,000,000, by my arithmetic from the FCAC rule. Below 20% down, the mortgage must be insured. The detail is in the minimum down payment in Ontario.
8. Use the tax-sheltered accounts in the right order. The FHSA and the RRSP Home Buyers’ Plan can be combined; FHSA vs Home Buyers’ Plan: which first explains the sequence.
9. Look for local help. Some municipal and non-profit ownership programs are open to GTA buyers; others are paused. Down payment assistance programs in the GTA lists what is actually open and how to apply.
10. If family is helping, decide how. A gift needs a signed gift letter and a paper trail; a parent on title or on the mortgage is a different thing with different consequences. Read the gift letter guide and co-signer vs guarantor on an Ontario mortgage before anyone signs.
11. Keep several months of statements for every account. Lenders want to see where the down payment came from. Large unexplained deposits slow approvals.

Phase 3: six to three months out — get pre-approved

12. Get a written pre-approval. Compare a bank and a broker; see mortgage broker vs bank. A pre-approval is not a guarantee: what a pre-approval does and does not guarantee.
13. Know your stress-test rate. At an illustrative 4.0% contract rate you qualify at 6.0%, because the minimum is the greater of the contract rate plus 2 points or 5.25%. The rule is set out in the mortgage stress test in 2026.
14. Ask for the 30-year amortization if it helps. First-time buyers can take 30 years on an insured mortgage. It lowers the payment and adds a 0.20% premium surcharge.
15. Price the CMHC premium. On $600,000 with $35,000 down, the loan is $565,000 at 94.2% loan-to-value; the premium is 4.00%, or 4.20% with 30 years, which is $23,730 added to the loan (my arithmetic).
16. Decide fixed or variable on your own risk, not a headline. Fixed or variable in 2026 walks through it.

Before you shop, run your own numbers in the GTA mortgage affordability calculator: it applies the stress test, the insured-mortgage rules and land transfer tax for the city you pick, and shows the cash you need on closing day.

Phase 4: three months out to your first offer — shop with the rules in hand

17. Price the closing cash before you see a home. On $600,000, Ontario land transfer tax is $8,475, or $4,475 after the first-time buyer refund. Toronto adds municipal tax of $8,475, or $4,000 after its refund. Peel, Halton, York and Durham have no municipal tax. Add 8% sales tax on the CMHC premium, $1,898 on the example above, in cash. The full list is in closing costs when buying a home in Toronto.
18. Budget the first year, not just the payment. Property tax rates in 2026 run from 0.722889% in Markham to 1.575342% in Oshawa, and assessments still use 2016 values. What the first year of owning a home really costs has the tax, fees and insurance by city.
19. Choose the home type deliberately. Condo vs townhouse vs semi compares them on price and running costs.
20. Compare at least two areas. If you are looking west, the first-time buyer guide to Mississauga has medians and closing cash with no municipal land transfer tax. If you are looking east, the first-time buyer guide to Durham Region covers Oshawa, Whitby, Ajax, Pickering and Clarington.
21. Resale or new? First-time buyers of new builds face different deposits, timelines and taxes. New construction vs resale sets out the trade-off.
22. Know the difference between a deposit and a down payment. The deposit is paid on or shortly after acceptance, at the time your agreement sets, and counts toward your down payment; see deposit vs down payment.

Phase 5: the offer and the conditional period

23. Write the right conditions. Financing, inspection and, for a condo, status certificate review are the usual three. What conditions to put in an offer explains each one.
24. Price the offer from sales, not from emotion. How much over asking to offer in 2026 uses TRREB sale-to-list data.
25. For a condo, order the status certificate. The corporation must deliver it within 10 days of the request and may charge up to $100. Read the reserve fund, special assessments and litigation sections; what to look for in a status certificate.
26. Get insurance quotes on the address now. Your lender will want proof of insurance before it funds, and an insurer can raise issues such as wiring or roof age while you can still walk away.
27. Send your lender everything the same day. The agreement, MLS listing and, for a condo, the status certificate. Then waive conditions only when the written approval is in hand.

Phase 6: firm deal to closing day

28. Retain your real estate lawyer early. Give them the agreement, your lender’s details and your first-time buyer status so the land transfer tax refunds are claimed.
29. Move the closing funds into one account. The balance of the down payment, the land transfer tax, the sales tax on the premium and legal fees go to your lawyer by certified funds or wire before closing.
30. Do not change jobs or take on new debt. Lenders can re-check employment and credit before funding. A car loan now can change your TDS.
31. Bind the insurance policy to start on closing day and send the confirmation to your lawyer.
32. New build? Book the pre-delivery inspection and record every deficiency on the form.
33. Book the final visit allowed in your agreement and check that the chattels and fixtures listed are there and working.

Phase 7: keys, and your first month as an owner

34. Closing day. Your lawyer registers the transfer and the funds move; keys are released once both are complete. What happens on closing day walks through the hours.
35. Set up utilities in your name for water, hydro and gas from the closing date, and read the first bills against your budget.
36. Register for property tax. Confirm your city has your name and mailing address, set up pre-authorized payments, and note the instalment dates. If your lender pays the tax, confirm it has the account.
37. Watch for an MPAC notice on a new or improved home. MPAC can issue a supplementary or omitted assessment when value rises by 5% or $10,000 or more, and the city may then bill extra tax for the current year and up to two previous years. Set money aside for it.
38. Read the condo’s rules and set up fee payments. Note the next AGM and budget date.
39. Start a repair fund in the first month. A fixed monthly transfer to a separate account, before you buy furniture.

Where I fit

Most of my first-time buyer conversations start somewhere in Phase 1 or 2. I help you set a realistic budget, check it against the cities and home types that fit, and run each property through the same numbers before you offer: assessment, tax, fee, reserve fund and closing cash. If you are already in Phase 4, read the first-time buyer mistakes I see most before your first offer.

If you want this done for your own numbers, fill in the form below and I will send you a written first-time buyer plan: the price range your income and savings support, the rebates you qualify for, your closing-day cash and your first-year running costs in the cities you are considering. Or book a call, or phone 833-330-1925. I work with first-time buyers across Toronto and the whole GTA, from Mississauga and Brampton to Vaughan, Markham and Durham.

Frequently asked questions

Sources

• Financial Consumer Agency of Canada — Down payment and mortgage loan insurance — 5% of the first $500,000, 10% of the portion to $1.5 million, 20% at $1.5 million or more
• Department of Finance Canada — Boldest mortgage reforms in decades come into force today (15 Dec 2024) — insured price cap $1.5 million; 30-year amortization for first-time buyers and new builds
• CMHC — Premium information for homeowner and small rental loans — premium by loan-to-value; 0.20% surcharge beyond 25 years; Ontario sales tax on the premium
• CMHC — Calculating GDS / TDS — 50% of condominium fees counted; 39% / 44% limits
• OSFI — Minimum qualifying rate for uninsured mortgages
• Government of Ontario — Calculating land transfer tax — provincial brackets
• Government of Ontario — Land transfer tax refunds for first-time homebuyers — up to $4,000
• City of Toronto — Municipal Land Transfer Tax rates and fees — Toronto only
• Government of Ontario — Retail sales tax on insurance and benefit plans — 8% on insurance premiums
• Condominium Authority of Ontario — Status certificates — 10 days, up to $100, Condominium Act s. 76
• MPAC — Supplementary and omitted property assessments — current year plus up to two previous years

Related reading

• What the first year of owning a home really costs
• What $500K, $700K and $900K buy a first-time buyer
• Income needed to buy a home in the GTA
• Down payment assistance programs in the GTA
• How to buy a house in Toronto, step by step
• First-time home buyer programs in Ontario
• Closing costs when buying a home in Toronto
• First-time home buyer hub