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Comprehensive Guide

The Complete Ontario Home Buying Process

Everything you need to know about buying a home in Ontario, from submitting an offer to receiving your keys on closing day.

Overview

The typical Ontario home purchase takes 30 to 90 days from accepted offer to closing, depending on conditions and financing arrangements. This guide walks you through each step so you know exactly what to expect.

7

Key Steps

30-90

Days Average

5-10

Days Conditional

1

Offer Submitted

Same day to a few days

Your realtor prepares and submits an offer on your behalf. This includes the purchase price, deposit amount, conditions, and proposed closing date.

Key Actions:

  • Work with your realtor to determine a competitive offer price
  • Decide on conditions (financing, inspection, etc.)
  • Prepare your deposit (typically 5% of purchase price)
  • Set a realistic closing date
2

Offer Accepted

Immediate

The seller has accepted your offer. The deal is now conditional on fulfilling the conditions specified in your offer.

Key Actions:

  • Contact your mortgage broker immediately
  • Schedule your home inspection
  • Begin gathering documents for financing
  • Review the signed Agreement of Purchase and Sale
3

Conditional Period

5-10 business days typically

This critical window (typically 5-10 business days) is when you satisfy conditions like financing approval and home inspection.

Key Actions:

  • Financing condition: Mortgage approval from your lender
  • Inspection condition: Satisfactory home inspection results
  • Status certificate (for condos): Review condo documents
  • Sale of property (if applicable): Your current home sale
4

Financing Approval

3-5 business days

Your lender reviews your application, verifies your income, and appraises the property before granting final mortgage approval.

Key Actions:

  • Provide proof of income (pay stubs, T4s, NOAs)
  • Employment verification letter
  • Down payment confirmation
  • Property appraisal (arranged by lender)
5

Home Inspection

2-3 hours (inspection), same day (report)

A qualified inspector examines the property for structural issues, electrical/plumbing systems, and other potential problems.

Key Actions:

  • Hire a licensed home inspector
  • Attend the inspection if possible
  • Review the inspection report carefully
  • Decide whether to proceed, negotiate, or walk away
6

Firm Deal

Condition waiver date

All conditions have been satisfied and waived. The deal is now legally binding and both parties are committed to completing the sale.

Key Actions:

  • Hire a real estate lawyer if you haven't already
  • Arrange home insurance (required before closing)
  • Begin planning your move
  • Don't make major purchases that could affect your mortgage
7

Closing Day

As specified in your offer (30-90 days from acceptance)

Ownership officially transfers to you. Your lawyer handles the final paperwork, money transfers, and title registration.

Key Actions:

  • Bring government ID to your lawyer's office
  • Provide certified cheque for closing costs
  • Confirm home insurance is in effect
  • Do a final walkthrough of the property
  • Receive your keys (typically mid-afternoon)

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.

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