Getting Started
First Thing’s First: Find a great agent!
Finding an agent with the perfect combination of knowledge, neighbourhood insight, and negotiation power is important, but that’s not all you should be looking for. Choose an agent you click with–you’ll be working with them closely, and everything will go much smoother when you’re a good personal match.
Finances
What can you afford?
First, meet with a lender to determine how much you can afford. They’ll typically allow you to spend 32% of your gross monthly income on housing costs, aka your Gross Debt Service ratio. They’ll also determine your Total Debt Service ratio, which is the percentage of your income that covers debts including car loans, credit card payments, and other costs.
Lenders will base their decision on your GDT ratio and TDS ratio as well as other factors, including your credit history, job stability, interest rates, and the amount of your down payment.
Getting Pre-Approved
Meet with a mortgage broker to get pre-approved or qualified for a mortgage before you start searching. This will give you and your real estate agent a clear understanding of what you can afford and what mortgage option will work best for you. It will also give the seller confidence that you’re financially secure. We can recommend a mortgage broker if you aren’t already in touch with one.
Additional Costs
The cost of buying a home goes far beyond your down payment and deposit. When determining your budget, take into consideration your monthly expenses such as electricity and heating costs, insurance, and realty taxes.
Other costs that will come up during and after the home-buying process include the home inspection, appraisal fees, a termite inspection, the land survey, title insurance, land transfer tax, and more.
Rebates, Credits, and Programs
The government has created various programs to help buyers purchase a home–especially if this is their first time. We’ll walk you through all your options to make sure you get the best deal and keep as much money in your pocket as possible!
The Search
What are you looking for?
To best determine your needs and wants, make a list of the top 10 things you want in a home, starting with priority items. Keep an open mind–it’s rare to get all 10 wish list items, but renovations or compromise can lead you to your dream home. When it comes to location, keep in mind TTC access, school districts, up-and-coming vs established areas, and what neighbourhoods you already know and love.
Finding Your Property Match
We’ll set you up on a customized search program that matches you with properties that fit your criteria. Once a match is listed, it will immediately be emailed to you, 24-48 hours before the general public sees it! Let us know when you see a listing–or listings–you like and we’ll set up a time to see as many as we can together–and don’t forget the coffee!
The Offer
Once You’ve Found The One
We’ll put together an Agreement of Purchase and Sale, which will include any specific clauses or conditions you require. These can include financing, a home inspection, a firm (cash) offer, a status certificate (for condos), chattels, fixtures, a requisition date, and others.
Negotiations & Bidding Wars
Once the offer is signed, it will be presented to the seller and the listing broker. At this time, they can either reject the offer, accept the offer with no changes, or make a counter-offer. If there are multiple offers on the property, we’ll strategize to ensure yours stands out (this often requires removing conditions, submitting your absolute best price, presenting a substantial deposit cheque, and being readily available to make a decision).
Closing Time
Your Offer Is Accepted!
To complete the sale, we’ll deliver your deposit cheque and your offer to the listing office within 24 hours of acceptance. If there are conditions that you need to meet, you must fulfill those conditions. After that, you’ll sign a Waiver that will firm up the Agreement of Purchase and Sale (a copy of which will be sent to your lender and lawyer).
Closing Day & Moving On
Before the end of closing day, you’ll need to register the mortgage, acquire home insurance, and pay your legal fees and land transfer tax. Be sure to transfer your utilities, forward and change your mailing address where needed, and book a moving truck in advance!
That’s it! You’re now a new homeowner. Now, get ready and get excited to enjoy your new home!
