The Complete Ontario Home Buying Timeline: What Every Buyer Should Expect
Buying a home in Ontario is one of the biggest financial decisions you'll make. Understanding the timeline helps reduce stress and ensures you're prepared for each step.
Overview of the Ontario Home Buying Process
The typical Ontario home purchase takes **30 to 90 days** from accepted offer to closing, depending on conditions and financing arrangements. Here's what to expect at each stage.
Step 1: Offer Submitted
Once you've found your dream home, your realtor will help you prepare and submit an offer. This includes:
What Happens Next
The seller will either accept, reject, or counter your offer. In competitive markets, you may be in a multiple-offer situation.
Step 2: Offer Accepted
Congratulations! The seller has accepted your offer. But you're not done yet—most Ontario offers include conditions that must be satisfied.
Key Actions
Step 3: Conditional Period
This is a critical time window (typically 5-10 business days) where you work to satisfy your conditions:
Common Conditions
Timeline Pressure
You must waive or fulfill conditions by the condition date, or the deal falls through.
Step 4: Financing Approval
Your lender reviews your application, income documents, and property appraisal.
What You'll Need
Common Delays
Step 5: Home Inspection
A qualified home inspector examines the property for:
Making Decisions
Based on the inspection, you can:
Step 6: Firm Deal
Once all conditions are waived or fulfilled, the deal becomes **firm and binding**. At this point:
Next Steps
Step 7: Closing Day
The big day! Ownership officially transfers to you.
What Happens
What to Bring
Ontario-Specific Considerations
Land Transfer Tax
Ontario charges land transfer tax on property purchases. First-time buyers may qualify for a rebate of up to $4,000.
Toronto Municipal Land Transfer Tax
If buying in Toronto, you'll pay an additional municipal land transfer tax. First-time buyers can get a rebate of up to $4,475.
Legal Fees
Budget $1,500-$2,500 for legal fees and disbursements.
Tips for a Smooth Closing
Conclusion
The Ontario home buying process is structured to protect both buyers and sellers. By understanding each step, you can navigate the timeline with confidence and reduce the stress that comes with such a significant purchase.
Work with a realtor who keeps you informed at every step—you deserve to know what's happening with your biggest investment.