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First Time Buying a Home in Ontario? Start Here.

May 5, 2025
First Time Buying a Home in Ontario? Start Here. main image

Buying your first home is exciting — and, let’s be honest, a little overwhelming. Between budgeting, rising rates, and figuring out where to live, it can feel like there’s a lot to unpack.

Good news? You’re not alone — and you don’t have to figure it out by yourself.

Here’s a clear, step-by-step guide for first-time buyers in Ontario to help you get started with confidence.


✅ Step 1: Know What You Can Afford

Before you scroll MLS listings or fall in love with a condo downtown, take a hard look at your finances.

It’s not just about the sticker price. Your monthly budget should also include:

  • Property taxes
  • Utility bills
  • Condo fees (if applicable)
  • Home insurance
  • Closing costs (more on that below)

💡 Tip: Talk to a mortgage broker or bank early. Pre-approval gives you clarity — and leverage. Check out my Blog post: How First-Time Buyers Can Save for a Down Payment and Budget for Ontario Homeownership in 2025


💸 Step 2: Budget Without Burnout

Avoid overextending yourself by following this rule of thumb:
👉 Your total monthly housing cost should be no more than 32–39% of your gross monthly income.

Still renting? Don’t forget that owning comes with extra responsibilities — maintenance, repairs, and long-term planning. You have made an excellent consideration on home ownership! Check out my Blog Post: Renting vs. Owning in GTA 5-Year Cost Breakdown to see if owning is right for you.


🔍 Step 3: Watch for Hidden Costs

Buying a home in Ontario means you’ll need to budget for more than the down payment.

Here are a few upfront costs many buyers miss:

  • 🏷️ Land Transfer Tax (provincial + possibly municipal in Toronto)
  • 💼 Legal Fees
  • 🔍 Home Inspection
  • 📑 Title Insurance

🎁 Good news: First-time buyers may qualify for rebates — ask your realtor for details. Here is the detail on the recent announcement of New GST Exemption for First-Time Homebuyers! Check out my Blog Post: Renting Vs Owning to see the detail break down of closing expenses for a starter home in Ontario.


🏙️ Step 4: Pick a Neighbourhood That Fits YOU

Forget “best” neighbourhoods. You want the right one for your lifestyle.

Ask yourself:

  • Do I need to be close to transit or work?
  • Do I want nightlife, quiet streets, or dog parks?
  • Am I okay with a smaller space in the city, or do I want more room in the suburbs?

🌟 Your home should fit your life — not the other way around.


📉 Step 5: Is Now a Good Time to Buy?

It depends on your situation. Right now, Ontario’s market is seeing:

  • Some steep discounts in certain areas. Why?
  • More listings = more choice for buyers
  • Mortgage rates are stable (but still higher than pre-2022)

Let’s sit down and look at the numbers for your specific goals. Every buyer’s “right time” is different.


👋 Let’s Get You Started

As a real estate broker, I love helping first-time buyers make smart, confident decisions — without stress or pressure. Let’s turn your first home dream into a plan. 📩 Feel free to reach out to explore ideas together! 🖋️Email: opel@opelou.com. Real Estate made clear, one smart move at a time!

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