If you have already downloaded our 2017 Buyers Guide, the next step is to educate yourself on finances, assistance programs, and the other professionals involved in the transaction.

First Time Home Buyers Plan (HBP)


The federal government’s Home Buyers Plan allows a buyer to withdraw money for a down payment from their Registered Retirement Savings Plans (RRSPs). The money withdrawn from your RRSP is not subject to tax, but you have to pay it back within 15 years from withdrawal. A buyer can withdraw $25,000. A couple could each withdraw $25,000.00, for a combined $50,000.00.

Government-Funded Down payment Assistance Programs


Certain cities in Ontario offer low-income families down payment assistance. These assistance programs run on a first come, first serve basis. They are aimed at assisting low-income families enter the real estate market. Usually the program requires the family to retain the residence for a set amount of years.

Closing Costs


Closing costs are always approximate, below is an example of the average closing costs of a detached home.
Purchase price owing minus deposits.
Property Appraisal ($400 avg.)
Home Inspection ($420 avg.)
Legal Fees (1200avg)
Title Insurance (300-400avg)
Survey (if required, $1000-$2000)
Land Transfer Tax : click here for a calculator
Property Tax adjustment: (pay back the seller for prepaid property taxes)
Adjustments for utilities, etc: (pay back the seller for prepaid utilities)
Utility connection charges: (Some utility companies charge new clients setup fees)

Note: Preconstruction, or newly built properties may be subject to additional closing costs, and taxes

Other Professionals Involved In The Transaction


The first step to homeownership is securing financing, from a mortgage broker or bank. The second step is contacting a real estate agent and searching for a suitable property. Once you have found a suitable property, you are responsible to hire a real estate lawyer to facilitate the closing. A few weeks prior to moving in, you need to have your home insurance completed because the lender will not provide you with the mortgage until they have proof of insurance. A few weeks before closing, it’s also very important to call the utility companies to transfer the accounts into your name.