June 28, 2026
Buying your first condo is exciting, and a little preparation makes it much less stressful. Here’s the checklist we go through with every first-time buyer.
1. Get pre-approved
A mortgage pre-approval tells you your real budget and holds a rate for a period of time. Your lender will apply the federal stress test, so your approved amount may be lower than you expect.
2. Use the programs available to you
First-time buyers may be able to use a First Home Savings Account (FHSA) and the RRSP Home Buyers’ Plan for their down payment. In Toronto, you may also qualify for rebates on both the Ontario and Toronto land transfer taxes.
3. Budget for closing costs
Plan for legal fees, title insurance, adjustments and land transfer tax. A good rule of thumb is 1.5% to 4% of the purchase price, depending on the price and rebates.
4. Read the status certificate
Your lawyer reviews it during the conditional period. It shows the reserve fund, any lawsuits and any planned fee increases.