Buying Your First Toronto Home or Condo

There’s nothing quite like the excitement of receiving the keys to your very first home in Toronto. That moment—standing in your new living room, envisioning your future—is unforgettable. But getting there is a journey that involves planning, decision-making, and sometimes a little stress. The good news? With the right guidance, it can be an enjoyable and empowering experience. Below are some essential tips and steps to help you make the most of your first home-buying adventure.

1. Set Your Goals

Start by identifying what you're looking for in your first home. Think about:

• What type of home or condo suits your lifestyle?

• Which areas of Toronto align with your preferences and budget?

• What nearby features are important—schools, parks, transit, amenities?

• What price range is realistic for you?

Your iListRealEstate agent will help you map this out and explore any available first-time buyer incentives or financing programs. Our experienced team is dedicated full-time to helping you reach your real estate goals with confidence, professionalism, and care. Partnering with a seasoned Toronto real estate broker adds tremendous value to your home-buying experience.

2. Know Your Limits

Understanding what you can afford is essential. A good rule of thumb is to keep your Total Debt Service (TDS) ratio under 40% of your monthly gross income. This includes:

• Mortgage principal and interest

• Property taxes and heating

• Half of any condo fees

• Additional monthly debts (e.g., credit cards, car loans)

Don’t forget to budget for closing costs, which may include:

• Legal fees

• Land transfer tax

• Title insurance

• Home inspection

• CMHC fees (if applicable)

• Utility setup charges

Your iListRealEstate agent will guide you through all these details to avoid any surprises.

3. Get Pre-Approved for a Mortgage

One of the most important steps is getting pre-approved before you start your search. This not only gives you peace of mind but also strengthens your position when making an offer.

As part of our service, we connect you with trusted mortgage professionals who will:

• Offer free pre-approvals

• Shop the best rates and terms

• Provide mortgage solutions tailored to your needs

We ensure this process is simple, smooth, and stress-free.

4. Start House Hunting

Now for the exciting part—finding your dream home! Your iListRealEstate agent will:

• Search daily for properties that match your criteria

• Filter listings to find the best value and fit

• Email you handpicked listings

• Set up private viewings or provide a list of open houses

• Help you stay organized with notes and comparisons

Once you’ve found the one, we’ll prepare a written offer and begin negotiating on your behalf to secure the best possible price and terms.

5. The Negotiation Process

Negotiation is a strategic dance—both sides want the best deal. Your iListRealEstate agent will guide you through:

• Making your initial offer

• Handling counter-offers

• Competing in multiple-offer situations (if applicable)

• Knowing when to hold firm or walk away

With our expertise, you’ll always feel informed and supported.

6. Sealing the Deal

Congratulations—your offer has been accepted! Now the closing process begins. Your lawyer will work with the seller’s lawyer to:

• Finalize the transfer of ownership

• Register the property in your name

• Handle the legal documents and disbursements

On closing day, once everything is complete, you’ll receive the keys to your new home—and your homeownership journey officially begins!

Ready to take the first step toward owning your own home in Toronto?
Let the experienced team at iListRealEstate guide you every step of the way.

📞 Call us at 416-901-8777 or visit www.iListRealEstate.ca

Let’s make your dream home a reality!