A step-by-step action plan for buying your first home in Canada
Buying your first home is exciting — and overwhelming. This checklist breaks the entire process into clear phases so nothing falls through the cracks, from saving your down payment to getting the keys on closing day.
Check your credit score (aim for 680+). Calculate how much you can afford including the mortgage stress test. Open a First Home Savings Account (FHSA) — contributions are tax-deductible and withdrawals for a first home are completely tax-free. Get a mortgage pre-approval before you start shopping — most sellers won't take an offer seriously without one. Pre-approval verifies your income, locks a rate for 90–120 days, and sets your real budget.
Hire a buyer's agent — their commission is paid by the seller, not you. Before your first showing, write out your must-haves vs nice-to-haves. Research neighbourhoods: walk scores, transit, schools, and any future development plans. Attend open houses and track recent sold prices — not list prices — for comparable homes. Sold data is your anchor; list prices are marketing.
Review comparable solds from the last 90 days with your agent. Decide on conditions: a financing condition protects you if your mortgage falls through; an inspection condition lets you negotiate repairs or exit the deal. Include a realistic deposit (typically 5% of the purchase price). Confirm your closing date aligns with your mortgage commitment period.
Complete your home inspection — attend in person and ask every question you have. Review the title search your lawyer provides. Confirm your mortgage is fully committed. Arrange home insurance before closing day — your lender requires proof. Do a final walkthrough 24–48 hours before closing to confirm the property is in the agreed condition.
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Read All ReviewsThese guides are written for Canadian buyers, sellers, renters, and landlords and are kept current for 2026. They are for informational purposes only — not legal, tax, or financial advice. Rules vary by province; confirm details with your lawyer, accountant, or licensed real estate professional before making decisions.