Your Home Buying
Checklist

Check Your Credit Score

Your credit score directly affects your mortgage rate and approval amount. Obtain a free copy of your credit report from Equifax or TransUnion and review it for errors. Aim for a score of 680 or higher for the best rates. Pay down outstanding balances and avoid new credit applications in the months before applying.

Save for Your Down Payment

In Canada, the minimum down payment is 5% on the first $500,000 and 10% on the portion between $500,000 and $1,500,000. Homes over $1.5M require 20% down. Consider a First Home Savings Account (FHSA) or the Home Buyers' Plan (HBP) to withdraw from your RRSP tax-free. Factor in at least 1.5% to 4% of the purchase price for closing costs as well.

Get Pre-Approved for a Mortgage

A pre-approval tells you exactly how much you can borrow and locks in an interest rate for 90 to 130 days. It also shows sellers you are a serious, qualified buyer. Compare rates from at least three lenders including a bank, a credit union, and a mortgage broker. We can recommend trusted local lenders who know the Durham Region market.

Understand Your Budget

Your mortgage pre-approval is just one piece. Factor in property taxes, home insurance, utilities, maintenance (budget 1% of the home value annually), and condo fees if applicable. Use our online mortgage calculator to get a clear picture of your monthly carrying costs before you start looking.

Hire a Buyer's Agent

A buyer's agent represents your interests, not the seller's. In Ontario, buyer representation is typically at no direct cost to you. The seller pays the commission. We handle market research, schedule showings, advise on offers, and negotiate on your behalf every step of the way.

Define Your Must-Haves

Create a clear list of what you need versus what you want. Consider: number of bedrooms and bathrooms, preferred communities in Durham Region, lot size, parking, commute time to Toronto or your workplace, school district, and must-have features like a main-floor laundry or a fenced yard. Rank them so you know where you can compromise.

Research Neighborhoods

Durham Region offers a wide variety of communities, from the urban convenience of Whitby and Ajax to the small-town charm of Port Perry and Uxbridge, to the rural beauty of Brock and Clarington. Research each community's amenities, schools, transit options, and future development plans. Visit at different times of day to get a real feel for the area.

Start Viewing Properties

We will set up a custom MLS search that sends you new listings as soon as they hit the market. Attend open houses, schedule private showings, and take notes and photos (with permission) to compare properties later. Do not rush. Seeing 10 to 20 homes before making an offer is completely normal.

Evaluate Each Home Objectively

Look beyond the staging. Check for signs of water damage, the age of the roof and furnace, window condition, and basement moisture. Ask about the neighbourhood noise levels, neighbours, and any known issues. We can help you spot red flags you might miss on your own.

Work With Your Agent on Offer Strategy

We will prepare a comparative market analysis (CMA) to determine a fair offer price. Together we will decide on your initial offer, deposit amount, and any conditions to include. In a competitive market like Durham Region, your agent's negotiation experience is invaluable.

Include the Right Conditions

Conditions protect you. Common conditions in Ontario include home inspection, financing, and status certificate review (for condos). Some sellers prefer firm offers, but always consult your agent before waiving conditions. Your protection comes first.

Negotiate With Confidence

The seller may counter your offer. We will guide you through each counter, explaining the implications and advising on next moves. Stay focused on your budget and priorities. Multiple rounds of negotiation are common. Patience and clear communication win the day.

Schedule a Home Inspection

A certified home inspector will examine the property's structure, roof, electrical, plumbing, HVAC, and more. Attend the inspection if possible. It is an education in your future home. If significant issues are found, you can negotiate repairs or a price reduction, or walk away if the condition allows.

Confirm Your Mortgage Financing

Your lender will order an appraisal to confirm the property's value matches the purchase price. Provide all requested documents quickly. Pay stubs, bank statements, tax returns. to avoid delays. Once the mortgage is approved, the lender issues a commitment letter.

Review All Documents

Work with your real estate lawyer to review the purchase agreement, title search, and any applicable conditions. For condos, review the status certificate carefully. It reveals the building's financial health, reserve fund, and any pending special assessments.

Arrange Home Insurance

Your lender will require proof of home insurance before closing. Shop around for policies that cover replacement cost, contents, and liability. If you are buying a waterfront or rural property, check for specific coverage needs like well water or septic systems.

Complete the Final Walkthrough

Walk through the property 24 to 48 hours before closing to ensure it is in the agreed-upon condition. Check that all fixtures, appliances, and chattels included in the offer are present. Verify that any requested repairs have been completed and that the property is broom-swept and empty of the seller's belongings.

Transfer Funds for Closing

Your lawyer will provide a closing statement detailing the final amount due. This includes the down payment, closing costs, and adjustments for property taxes and utilities. Arrange a bank draft or wire transfer for the required amount.

Sign the Documents

Your lawyer will walk you through the mortgage documents and transfer of ownership paperwork. Read everything carefully and ask questions. Once signed, the lawyer registers the property in your name with the provincial land registry.

Get the Keys!

Once the transaction is registered (typically late afternoon on closing day), your lawyer releases the funds and you get your keys. Change the locks, set up your utilities, and celebrate. You are officially a homeowner. Welcome to the neighbourhood!