[et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”55px||5px||false|false” da_disable_devices=”off|off|off” global_colors_info=”{}” custom_margin__hover_enabled=”off|desktop” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” width=”95%” max_width=”100%” custom_margin=”||-24px||false|false” custom_padding=”55px||||false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][wahi_breadcrumb _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][wahi_breadcrumb-link title=”Real Estate 101″ _builder_version=”4.18.0″ _dynamic_attributes=”link_option_url” _module_preset=”default” link_option_url=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9saW5rX3VybF9wYWdlIiwic2V0dGluZ3MiOnsicG9zdF9pZCI6IjcyMiJ9fQ==@” global_colors_info=”{}”][\/wahi_breadcrumb-link][wahi_breadcrumb-link title=”Buy” _builder_version=”4.18.0″ _dynamic_attributes=”link_option_url” _module_preset=”default” link_option_url=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9saW5rX3VybF9wYWdlIiwic2V0dGluZ3MiOnsicG9zdF9pZCI6IjE2MzIifX0=@” global_colors_info=”{}”][\/wahi_breadcrumb-link][wahi_breadcrumb-link title=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF90aXRsZSIsInNldHRpbmdzIjp7ImJlZm9yZSI6IiIsImFmdGVyIjoiIn19@” _builder_version=”4.18.0″ _dynamic_attributes=”title” _module_preset=”default” module_text_color=”#686E6E” global_colors_info=”{}”][\/wahi_breadcrumb-link][\/wahi_breadcrumb][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _dynamic_attributes=”content” _module_preset=”default” header_font_size=”3.5rem” header_line_height=”4.5rem” header_font_size_tablet=”42px” header_font_size_phone=”2rem” header_font_size_last_edited=”on|phone” header_line_height_tablet=”4.5rem” header_line_height_phone=”2.5rem” header_line_height_last_edited=”on|desktop” global_colors_info=”{}”]@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF90aXRsZSIsInNldHRpbmdzIjp7ImJlZm9yZSI6IjxoMT4iLCJhZnRlciI6IjwvaDE+In19@[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”3px||2px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][wahi_socialsharing _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][\/wahi_socialsharing][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||37px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_font_size=”24px” text_line_height=”1.5em” custom_margin=”||32px|||” global_colors_info=”{}”]<\/p>\n
[\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” text_font_size=”1.13rem” text_line_height=”1.18rem” custom_margin=”||7px|||” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n By Emily Southey<\/a> | 10 minute read<\/p>\n [\/et_pb_text][et_pb_post_title title=”off” author=”off” date_format=”M j” categories=”off” comments=”off” featured_image=”off” _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_post_title][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” width_tablet=”” width_phone=”100%” width_last_edited=”on|phone” max_width_tablet=”” max_width_phone=”100%” max_width_last_edited=”on|phone” custom_padding=”0px||0px||true|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@” align=”center” force_fullwidth=”on” _builder_version=”4.18.0″ _dynamic_attributes=”src” _module_preset=”default” custom_padding=”1px|||||” border_radii=”on|32px|32px|32px|32px” border_radii_tablet=”on|32px|32px|32px|32px” border_radii_phone=”on|0px|0px|0px|0px” border_radii_last_edited=”on|phone” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”49px|||||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.20.2″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”2rem” header_2_line_height=”2.5rem” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” custom_padding=”||38px|||” header_2_font_size_tablet=”36px” header_2_font_size_phone=”1.5rem” header_2_font_size_last_edited=”on|phone” header_2_line_height_tablet=”1.3em” header_2_line_height_phone=”2.25rem” header_2_line_height_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n Buying a home is exciting \u2013 especially if you\u2019re a first-time buyer \u2013 but house hunting in Ontario can be complicated and overwhelming if you aren\u2019t prepared. Armed with the right information, though, you can get started on finding and buying your dream home.<\/p>\n –<\/span><\/p>\n Familiarizing yourself with the homebuying process in Ontario is crucial to avoiding disappointment. The most important thing to know? It can be lengthy and complex. Between finding a real estate<\/a> agent, getting pre-approved for a mortgage, making an offer (and possibly a counter-offer), and signing all the necessary paperwork, it\u2019s no walk in the park. But when you find your dream home, it\u2019ll all be worth it. To prepare you for what\u2019s ahead, check out this list of steps in the homebuying process.<\/p>\n –<\/span><\/p>\n With any purchase, you\u2019ll need to have the necessary funds to finance it (or at least for a down payment). Therefore, the first step in the homebuying process is to save money. More specifically, you should aim to save enough for a down payment on a house in your preferred neighbourhood. Depending on the price of the home, a minimum down payment will fall between 5% and 20% of the total purchase price.<\/p>\n \u00a0–<\/span><\/p>\n In March 2022, the federal government announced plans in the budget to create a new Tax-Free Home Savings Account to help Canadians save for the cost of a down payment, allowing them to save $8,000 a year to a maximum of $40,000 per person towards the purchase of a first home. In addition, we can also expect the First-Time Home Buyer\u2019s Tax Credit to double to $10,000, retroactive to any homes bought after January 1, 2022, and the First-Time Home Buyer Incentive extended until March 31, 2025. The First-Time Home Buyer\u2019s Tax Credit is a tax credit for first-time homebuyers and the First-Time Home Buyer Incentive is a shared-equity mortgage in which the government has a shared investment in the home. It\u2019s aimed at helping first-time homeowners reduce their monthly mortgage payments.<\/p>\n –<\/span><\/p>\n As you might expect, the homebuying process in Ontario requires a lot of paperwork, which begins before you ever make an offer. First, you\u2019ll need to gather documentation to apply for a mortgage. As a lot of documentation is required, we suggest getting started early. Most real estate agents will tell you that time is of the essence when house hunting, so the more prepared you are, the more seamless the process will be. A mortgage lender will confirm exactly which documents are required, but you should expect to provide the following: employment information, such as a T4, pay stub, letter from your employer, or notice of assessment (if you are self-employed), bank statements detailing your savings and investments from the last three months, a list of all assets and debts, and a void cheque. If a family member or close friend is helping you finance your home, you will also need a signed letter stating that the money is a gift and not a loan.<\/p>\n –<\/span><\/p>\n Once you\u2019ve saved up and gathered the necessary documents, the next step in the homebuying process is to shop around for and obtain a\u00a0pre-approved mortgage<\/a><\/span>. We recommend obtaining quotes from several banks or mortgage lenders to ensure you\u2019re getting the best possible rate. Next, it\u2019s time to apply for mortgage pre-approval. Please note that getting a pre-approved mortgage is free and does not tie you to the lender.<\/p>\n –<\/span><\/p>\n Now\u2019s the fun part: it\u2019s time to start house hunting. While you can represent yourself, we recommend hiring a real estate agent to help guide you through the process (more on that below). Whether you choose to work with a REALTOR\u00ae or not, it\u2019s time to schedule some\u00a0showings<\/a> <\/span>and attend some open houses. The only way to enter the housing market is to dive right in! Check out listings<\/span><\/a>\u00a0in your preferred neighbourhoods and try to book an appointment with the REALTOR\u00ae as soon as possible. Be prepared to act fast if you find a place you think could be the one.<\/p>\n –<\/span><\/p>\n Do you think you\u2019ve found your dream home? Now comes the time to make an offer. Keep in mind that Canada’s real estate market is hot, so just because you submit an offer doesn\u2019t mean it will be accepted. You may also wish to attach conditions\u00a0<\/a><\/span>to your offer to protect yourself. Manage your expectations by assuming that at least a few of your offers will be rejected and that there could be a\u00a0bidding war<\/span><\/a>. When your offer finally gets accepted you\u2019ll be required to pay a deposit, which is put towards your down payment.<\/p>\n –<\/span><\/p>\n Last but not least, you\u2019ll seal the deal by making the necessary down payment, securing your financing from the mortgage lender, and signing a contract that transfers the property title to you. Don\u2019t be surprised if this process takes up to two months. Once you\u2019ve signed on the dotted line and everything is complete, you\u2019ll be given the keys to the house and it\u2019s officially yours!<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.24.2″ _module_preset=”default” min_height=”35px” custom_padding=”0px||0px||true|false” da_disable_devices=”off|off|off” global_module=”1002″ saved_tabs=”all” locked=”off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”42px||42px||true|” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||17px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.20.2″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”2rem” header_2_line_height=”2.5rem” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” header_2_font_size_tablet=”36px” header_2_font_size_phone=”1.5rem” header_2_font_size_last_edited=”on|phone” header_2_line_height_tablet=”1.3em” header_2_line_height_phone=”2.25rem” header_2_line_height_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n –<\/span><\/p>\n Buying a house is a major purchase, so it\u2019s important to weigh your options before taking the plunge. We encourage all potential buyers to consider whether\u00a0renting or buying<\/a><\/span>\u00a0is the right move. While renting does not offer the same investment, it is less of a financial commitment and comes with far fewer responsibilities. So if you don\u2019t have the savings to buy a home, you\u2019re not sure how long you plan to live in your current city, or you crave flexibility, renting might be a more suitable option. To determine whether buying a home is the right decision, ask yourself questions like \u201cCan I afford to buy a house<\/span><\/a>?\u201d and \u201cIs now the right time to buy a home?\u201d Carefully consider which path is right for you. If buying comes out on top, then let the homebuying process begin!<\/p>\n –<\/span><\/p>\n Navigating the Canadian housing market can be overwhelming. For this reason, it\u2019s recommended that buyers work with a REALTOR\u00ae to guide them through the homebuying process. Partnering with a REALTOR\u00ae will ensure the house-hunting process is as seamless as possible. Since REALTORS\u00ae know the ins and outs of the market, they can help you find the home of your dreams at the best possible price. When choosing a REALTOR\u00ae, check that they are registered with your province\u2019s regulatory body (in Ontario, this would be the Real Estate Council of Ontario). Remember that you get to choose who you want to work with. Meet in person or chat over the phone to see if they\u2019re the right fit.<\/p>\n –<\/span><\/p>\n Most buyers in Canada will need to take out a mortgage to finance their homes. As with any major purchase, it’s crucial to shop around to obtain the best rate. After all, finding a lower mortgage rate could save you thousands, if not tens of thousands of dollars in interest. When shopping for a mortgage, you can reach out to various banks and lenders to obtain a quote directly, or you can work with a mortgage broker who will do the work for you. No matter which route you choose, this is a critical step in the homebuying process that must not be overlooked.<\/p>\n –<\/span><\/p>\n Once you\u2019re pre-approved for a mortgage, it\u2019s time to start house hunting! Thanks to your mortgage lender, you\u2019re now aware of the maximum amount you can spend on a home, which will instantly help narrow down your search. Get in touch with your REALTOR\u00ae and start setting up and keeping track of showings<\/a><\/span>. Consider your preferred neighbourhood and make a list of the \u201cmust-haves\u201d and \u201cnice-to-haves\u201d for your future home. A backyard with a pool? A two-car garage? Walk-in closets? An open concept living space? Whatever your heart desires, write it down so you can review your list at each house you visit.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” background_color=”#f0faf4″ custom_padding=”15px||3px|||” da_disable_devices=”off|off|off” global_module=”882″ saved_tabs=”all” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row custom_padding_last_edited=”on|phone” _builder_version=”4.18.0″ _module_preset=”default” custom_margin=”21px|auto||auto||” custom_margin_tablet=”” custom_margin_phone=”” custom_margin_last_edited=”on|phone” custom_padding=”49px||61px||false|false” custom_padding_tablet=”” custom_padding_phone=”” locked=”off” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” header_2_text_align=”center” header_2_text_color=”#38505b” header_2_font_size=”2.63rem” header_2_line_height=”3.2rem” custom_margin=”||25px|||” custom_margin_tablet=”” custom_margin_phone=”|5px||5px|false|true” custom_margin_last_edited=”on|phone” custom_padding=”||0px||false|false” header_2_font_size_tablet=”2.63rem” header_2_font_size_phone=”2rem” header_2_font_size_last_edited=”on|phone” header_2_line_height_tablet=”3.75rem” header_2_line_height_phone=”2.5rem” header_2_line_height_last_edited=”on|desktop” locked=”off” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_divider show_divider=”off” _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||0px|||” locked=”off” global_colors_info=”{}”][\/et_pb_divider][et_pb_text admin_label=”Text” _builder_version=”4.18.0″ _module_preset=”default” text_text_color=”#e8db3a” text_font_size=”20px” text_orientation=”center” min_height=”35.8px” custom_margin=”-24px||32px||false|false” custom_padding=”||||false|false” global_colors_info=”{}”]<\/p>\n Join Wahi today and find out how easy it is to get real estate in the GTA.<\/span><\/p>\n [\/et_pb_text][et_pb_divider show_divider=”off” disabled_on=”off|off|off” admin_label=”Divider” _builder_version=”4.18.0″ _module_preset=”default” height=”5px” height_tablet=”” height_phone=”1px” height_last_edited=”on|phone” custom_padding=”||0px|||” locked=”off” global_colors_info=”{}”] [\/et_pb_divider][wahi_wahiButton url=”\/ca\/en\/real-estate\/sign-up” button_font_color=”#000000″ button_color=”#EB7161″ circle_color=”#000000″ border_color=”RGBA(255,255,255,0)” focus_color=”#000000″ is_white_hover_text=”on” _builder_version=”4.18.0″ _module_preset=”default” locked=”off” global_colors_info=”{}”]<\/p>\n GET STARTED<\/p>\n [\/wahi_wahiButton][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”33px||7px|||” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||17px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.20.2″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”2rem” header_2_line_height=”2.5rem” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” header_2_font_size_tablet=”36px” header_2_font_size_phone=”1.5rem” header_2_font_size_last_edited=”on|phone” header_2_line_height_tablet=”1.3em” header_2_line_height_phone=”2.25rem” header_2_line_height_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n Most buyers are aware that they will have to make a down payment when buying a home. However, they may not be aware of just how much this down payment will cost. Therefore, before you start house hunting, it\u2019s important to assess your savings and determine your overall\u00a0budget<\/a><\/span>, taking into account the maximum down payment you are comfortable making. Generally speaking, homeowners should prepare to make a minimum down payment of 5% of the total purchase price. This is a legal requirement in Canada for homes that are $500,000 or less. For homes between $500,000 and $1,000,000, a 10% down payment is mandatory. Finally, for homes priced over $1,000,000, you will need to put down 20%. These rules apply no matter what type of property you\u2019re buying, whether it be a semi-detached home, detached home, condo, or townhouse. You may wish to consult with a financial planner and mortgage lender to determine a down payment amount within your budget. While a large down payment may seem intimidating, it will likely save you money in interest down the line.<\/p>\n –<\/span><\/p>\n The purchase price of the home is a major factor to consider when buying a house. Saving for the down payment is crucial. The mortgage you are pre-approved for and the down payment you can afford will determine your overall budget. Once you know this, try to only see properties within your budget. Your REALTOR\u00ae can also advise you on market conditions. For example, if the market is hot, they may recommend looking at houses beneath your budget under the assumption that you will have to offer above asking. Alternatively, if it\u2019s a buyer\u2019s market, you may be able to look at properties at the higher end of your budget in the hopes of paying less.<\/p>\n –<\/span><\/p>\n Many buyers aren\u2019t aware of the out-of-pocket expenses, or\u00a0closing costs<\/a><\/span>, that come with buying a home. They\u2019re so focused on saving for the down payment that they forget about the other costs, like the home inspection, legal fees, and moving costs. Another type of expense that must be considered and budgeted for when buying a house is the land transfer tax. The Land Transfer Tax (LTT) or Property Transfer Tax (PTT) is a type of tax that most provinces and territories have in Canada (with the exceptions of Alberta, Saskatchewan, Nunavut, and Yukon). The tax rate depends on the province. However, if an LTT is required, it must be paid to the province or territory in which you reside. In addition, some municipalities, like Toronto<\/a>, have a municipal land transfer tax that must be paid on top of the provincial LTT. For example, on a $500,000 home in Ontario located outside Toronto, 0.5% is paid on the first $55,000, 1% on the next $195,000, 1.5% on the next 150,000, and 2% on the final $100,000. This equals a total of $6,475 that must be paid to the province, in addition to any sales tax, deposits, or down payments. Therefore, when purchasing a home in Canada, buyers must remember to calculate and budget for any applicable provincial or municipal land transfer taxes.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”70px||54px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text module_class=”BaseTitle” _builder_version=”4.18.0″ _module_preset=”default” header_2_font=”||||||||” header_2_font_size=”2rem” header_2_line_height=”2.5rem” header_2_font_size_tablet=”2rem” header_2_font_size_phone=”1.5rem” header_2_font_size_last_edited=”on|phone” header_2_line_height_tablet=”2.5rem” header_2_line_height_phone=”2.25rem” header_2_line_height_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_toggle title=”What is the required down payment in Ontario?” closed_toggle_background_color=”#ffffff” icon_color=”#BC4E40″ toggle_icon=”C||divi||400″ use_icon_font_size=”on” icon_font_size=”32px” open_icon_color=”#BC4E40″ open_toggle_icon=”B||divi||400″ open_use_icon_font_size=”on” open_icon_font_size=”32px” _builder_version=”4.18.0″ _module_preset=”default” title_text_color=”#000000″ title_level=”h2″ title_font=”|700|||||||” body_text_color=”#686e6e” body_line_height=”2em” custom_margin=”||3px|||” custom_padding=”||17px|||” border_width_all=”0px” border_width_top=”1px” global_colors_info=”{}”]<\/p>\n The minimum down payment in Ontario depends on the price of the home you\u2019re buying. Buyers must be prepared to pay 5% of the total purchase price upfront for homes that are $500,000 or less. This down payment goes up to 10% for Ontario homes between $500,000 and $1,000,000. For homes priced over $1,000,000, which is common in Ontario, buyers need to put down 20%. These rules apply to all types of properties \u2014 semi-detached homes, townhouses, condos, you name it.\u00a0\u00a0<\/p>\n [\/et_pb_toggle][et_pb_toggle title=”How much money do I need to buy a house in Ontario?” closed_toggle_background_color=”#ffffff” icon_color=”#BC4E40″ toggle_icon=”C||divi||400″ use_icon_font_size=”on” icon_font_size=”32px” open_icon_color=”#BC4E40″ open_toggle_icon=”B||divi||400″ open_use_icon_font_size=”on” open_icon_font_size=”32px” _builder_version=”4.18.0″ _module_preset=”default” title_text_color=”#000000″ title_level=”h2″ title_font=”|700|||||||” body_text_color=”#686e6e” body_line_height=”2em” custom_margin=”||3px|||” custom_padding=”||17px|||” border_width_all=”0px” border_width_top=”1px” global_colors_info=”{}”]<\/p>\n The answer largely depends on the property you want to buy, the price of which will be determined by several factors like its size and location. For example, homes in the Greater Toronto Area (GTA) will likely cost more than those in rural parts of the province. Therefore, when calculating how much money you need to save to buy a house in Ontario, you should first consider the size and type of property you\u2019d like to buy, as well as the specific location. From there, contact a REALTOR\u00ae or do some independent research into the housing market in that region. As many factors determine the money needed to purchase a home, we recommend obtaining free quotes from banks or mortgage lenders near you. This will give you an idea of\u00a0how much you can afford<\/span><\/a>\u00a0to spend on a home given the amount of money you have in savings.\u00a0<\/p>\n [\/et_pb_toggle][et_pb_toggle title=”What factors should I consider when buying my first home?” closed_toggle_background_color=”#ffffff” icon_color=”#BC4E40″ toggle_icon=”C||divi||400″ use_icon_font_size=”on” icon_font_size=”32px” open_icon_color=”#BC4E40″ open_toggle_icon=”B||divi||400″ open_use_icon_font_size=”on” open_icon_font_size=”32px” _builder_version=”4.18.0″ _module_preset=”default” title_text_color=”#000000″ title_level=”h2″ title_font=”|700|||||||” body_text_color=”#686e6e” body_line_height=”2em” custom_margin=”||3px|||” custom_padding=”||17px|||” border_width_all=”0px” border_width_top=”1px” border_width_bottom=”1px” global_colors_info=”{}”]<\/p>\n There is a multitude of factors first-time homebuyers should consider before purchasing a home. Some of these factors relate to the homebuying process, such as choosing a mortgage lender and\u00a0getting pre-approved for a mortgage<\/span><\/a>, finding a real estate agent to help you, the purchase price and down payment you can afford, and the additional,\u00a0out-of-pocket expenses<\/span><\/a>. Important factors about the property range from buyer to buyer, but could include commute time to the office, local schools, square footage, age of the home, and the local community.\u00a0<\/p>\n [\/et_pb_toggle][et_pb_blurb title=”Emily Southey” image=”https:\/\/wahi.com\/wp-content\/uploads\/2022\/11\/Screen-Shot-2022-11-02-at-7.46.57-PM.png” icon_placement=”left” image_icon_width=”64px” _builder_version=”4.18.0″ _module_preset=”default” header_font=”|700|||||||” header_font_size=”24px” header_line_height=”18px” body_font_size=”20px” body_line_height=”2em” max_width=”350px” module_alignment=”left” custom_margin=”||48px|||” custom_padding=”55px||||false|false” global_colors_info=”{}”]<\/p>\n Wahi writer<\/p>\n [\/et_pb_blurb][wahi_socialsharing module_class=”wahi_socialsharing_2″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][\/wahi_socialsharing][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||3px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” header_2_font_size=”2.5rem” header_2_line_height=”3.5rem” header_2_font_size_tablet=”2.5rem” header_2_font_size_phone=”2rem” header_2_font_size_last_edited=”on|phone” header_2_line_height_tablet=”3.5rem” header_2_line_height_phone=”2.5rem” header_2_line_height_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_blog fullwidth=”off” posts_number=”3″ include_categories=”21,22″ show_author=”off” show_excerpt=”off” show_pagination=”off” module_class=”zoom-blog” _builder_version=”4.18.0″ _module_preset=”default” header_font_size=”24px” header_line_height=”1.3em” border_width_all=”0px” border_radii_image=”on|12px|12px|12px|12px” global_colors_info=”{}”][\/et_pb_blog][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"Understanding the Homebuying Process<\/h2>\n
Save Money<\/b><\/h3>\n
Gather the Necessary Documents<\/b><\/h3>\n
Shop for a Mortgage (and Get Pre-Approved)<\/b><\/h3>\n
Schedule Showings<\/b><\/h3>\n
Make an Offer<\/b><\/h3>\n
Sign on the Dotted Line<\/b><\/h3>\n
Considerations When Buying a House<\/h2>\n
Renting vs. Buying<\/b><\/h3>\n
Finding a Real Estate Agent<\/b><\/h3>\n
Choosing A Mortgage Lender<\/b><\/h3>\n
House Hunting<\/b><\/h3>\n
We put the real<\/em> back in real estate.<\/span><\/h2>\n
Saving for the Down Payment<\/b><\/h3>\n
The Purchase Price of the Home<\/b><\/h3>\n
The Land Transfer Tax<\/b><\/h3>\n
Frequently Asked Questions<\/h2>\n
You might also like<\/h2>\n