First-time home buyer checklist for Canada

Buying your first home has many steps, and they are easier when you take them in order. This checklist covers the path from planning to moving day.

The short version: build your down payment, get a pre-approval, choose an agent and a lawyer, make a conditional offer, inspect, arrange insurance and close.

Are you a first-time buyer?

A common test for first-time buyer status is that you have not lived in a home that you or your spouse or partner owned during the current year or the previous four calendar years. Each program sets its own definition and conditions, so check the rules for the First Home Savings Account, the Home Buyers' Plan and each tax rebate before you count on it.

Before you look

• Check your credit report and fix any errors. Your credit history affects approval and your rate.
• Build your down payment. The minimum is 5% of the first $500,000 and 10% of the rest up to $1.5 million. Open an FHSA if you qualify.
• Set a realistic budget that includes closing costs (roughly 1.5% to 4% of the price) and about 1% of the home's value a year for maintenance.
• Get a mortgage pre-approval, so you know your limit and hold a rate.

Build your team

• Real estate agent: helps you find homes, value them and negotiate.
• Real estate lawyer or notary (in Québec, a notary): reviews the contract, checks the title and handles the closing. Choose before you make offers.
• Mortgage broker or bank: compare more than one.
• Home inspector: book one in advance, since good ones fill up.

Find and offer

• View homes and compare recent sold prices, not asking prices.
• Make an offer with conditions for financing and a home inspection. See our guide on offers and conditions.
• Arrange the inspection and read the report carefully.

Between offer and closing

• Submit your documents to the lender and avoid new debt.
• Arrange home insurance, which your lender requires.
• Set up utilities and a change of address.
• Do a final walkthrough before closing.
• Bring your closing funds, in the form your lawyer asks for.

Cash you need

Your down payment, plus roughly 1.5% to 4% for closing costs, plus moving costs. On a $600,000 home with a 10% down payment, that is about $60,000 plus $9,000 to $24,000.

Example timeline

Pre-approval in month 1, house hunting in months 2 to 4, an accepted offer and a closing about 30 to 90 days later.

After you move in

Locate the water shut-off and the electrical panel, test the smoke and carbon monoxide alarms, and start a maintenance fund. Our guide on first-year maintenance covers the rest.

Taking it step by step keeps the process manageable. Our Mortgage Simulator can help you estimate your payment and closing costs at the start.