The First-Time Buyer Checklist for the GTA

Buying your first home in Toronto or the GTA is exciting — and it moves fast. Here is the checklist Ibo walks every first-time buyer through.

1. Get pre-approved, not just pre-qualified

A pre-approval locks in a rate hold and tells you exactly what you can spend. It also makes your offer stronger when there is competition.

2. Budget for closing costs

Plan for roughly 1.5%–4% of the purchase price: land transfer tax (Ontario, plus Toronto’s municipal tax inside the city), legal fees, title insurance, adjustments and moving costs. First-time buyers may qualify for land transfer tax rebates.

3. Know your must-haves

Commute, schools, parking, outdoor space — rank them. It keeps you decisive when the right home appears.

4. Review the status certificate (condos)

For condos, the status certificate reveals the reserve fund, special assessments and rules. Have your lawyer review it before firming up.

5. Lean on local data

Recent sold prices on the same street matter more than list prices. Ask for comparables before every offer.

This article is general information, not legal or financial advice.