Home Buyer’s Checklist

First Time Home Buyers

  • Get a Copy of Your Credit Report. If you have no credit history or a poor credit history, you may need to reinstate good credit before getting a mortgage. Speak to your mortgage lender for more options.  some of the most common:
  • Get a Pre-approval mortgage
  • Hire a Realtor
  • Provide your Realtor with  a search criteria (location, type of property, features, etc…) and inform broker of your pre approved amount.
  • R.R.S.P withdrawal up to $25,000 per person for your first home’s down payment
  • Down Payment (minimum of 5% for the first $500,000 and 10% for the remaining portion under $1,000,000. 20% down payment for $1,000,000 and up)
  • Home Inspection Fees
  • Land Transfer Tax
  • G.S.T / H.S.T (new property)
  • Legal Fees
  • First time home buyer’s tax credit
  • Any tax rebates
  • There are many up-front costs when you buy a home. Early planning will help make sure things go smoothly.
  • Deposit (a small amount to hold your offer of purchase. It will be deducted from the remainder of your mortgage)
  • Appraisal fees (given to mortgage lender to appraise the estimated value of your home. Average cost is abou $300)
  • Mortgage loan insurance premium (applies to those who are putting less than 20% down payment)
  • Mortgage Broker Fees
  • Home Inspection fee
  • Survey fees
  • Title insurance
  • Land registration fees
  • Water testing/septic tank testing (if applicable)
  • Estoppel certificate fee
  • Other costs include: moving costs, purchasing appliances, renovations or repairs