7 essential items for your first-time buyer checklist in Ontario
How to use this checklist and what makes it Ontario-specific
This first-time buyer checklist is written as seven ordered actions you can complete now. Follow the list in sequence to reduce risk and avoid delays. Items 1, 4 and 6 focus on finance and closing that are common to resale and pre-construction purchases. Items 2, 3, 5 and 7 highlight pre-construction specifics you will not see in a typical resale purchase, such as worksheet submissions, staged deposits, inspections at occupancy, and VIP registration for early pricing and incentives. For another relevant comparison point, review first time home buyer checklist.
For general federal and newcomer guidance on standard homebuyer steps, review the CMHC Homebuyers Checklist and newcomers workbook for worksheets and practical forms: CMHC homebuyers checklist.
1. Get mortgage-ready: pre-approval, affordability and incentives
What to do now
Before you tour projects or submit a worksheet, get mortgage pre-approved. A pre-approval confirms how much a lender will lend based on your income and credit, and it clarifies what you can comfortably afford when you add closing costs. Lenders commonly request proof of income, a credit history check, and documentation for your down payment. Book a meeting with a mortgage broker to compare lenders and secure a written pre-approval letter that states rate hold conditions and any expiry dates.
Also check eligibility for federal or provincial first-time buyer incentives and tax rebates and factor those into affordability calculations. Create a closing-cost buffer for legal fees, land transfer tax where applicable, and adjustments on closing day.
- Get a written pre-approval and confirm the rate hold period.
- Work with a broker to compare mortgage products and required documentation.
- Budget for closing costs and any first-time buyer incentives you may qualify for.
2. Understand deposit structure and payment timelines for pre-construction and resale
Key differences and practical checks
Deposit schedules for pre-construction projects are usually staged. You will often sign a worksheet or agreement with an initial deposit then pay additional deposits at defined milestones before occupancy. A resale deposit is typically a single deposit held in trust until closing. For pre-construction purchases, always confirm the deposit schedule, where funds are held, and the refund or assignment rules before you sign a worksheet.
Practical actions include asking where your deposit will be held, getting written receipts for each payment, and checking whether the contract allows assignment or refund under specific conditions. If you are deciding between keeping savings liquid or locking them into a GIC, discuss timing and liquidity with your lawyer or mortgage broker before transferring funds.
3. Do developer and project due diligence before you sign a worksheet
Seven checks to run on any builder or project
For pre-construction purchases evaluate both the developer and the project. Check the builder’s completion history, previous project quality, and any public complaints or lien filings. Request disclosure documents and the proposed condominium budget if you are buying a condo. Review warranty coverage and the developer’s track record for meeting occupancy dates. For a list of common building documents and what to request, see the Pre-Construction Homes Guide: Pre-Construction Homes Guide: What Ontario buyers should know.
- Request references and, where possible, visit completed buildings from the same developer.
- Obtain the proposed condo budget and ask how common areas and reserves are funded.
- Watch for unusually aggressive incentives or contract clauses that limit buyer rights.
4. Hire an Ontario real estate lawyer early and follow a closing checklist
When to engage a lawyer and what they will do
Hire a lawyer as soon as you have an accepted offer or before you submit a pre-construction worksheet for contract review. A lawyer performs a title search, holds deposits in trust when required, reviews the Builder Agreement of Purchase and Sale, and prepares closing documentation. Ask your lawyer to explain refund conditions for deposits, the consequences of missed payments, and any required mortgage instructions well before closing so you avoid last-minute surprises.
Many Ontario law firms publish closing checklists that show the documents you will need and the timing of mortgage instructions, adjusted closing statements, and the final transfer. Prepare identification, certified funds where required, and mortgage documents as listed by your lawyer.
5. Plan for inspections, statutory warranties and occupancy timing
Inspection moments and how to document deficiencies
For resale homes you will typically arrange a home inspection after an accepted offer. For pre-construction units expect a different set of inspection checkpoints. Attend the pre-delivery inspection at occupancy, bring a checklist, and record deficiencies clearly. Request the developer’s written process and timeline for remedying defects after the final walkthrough. Review the warranty coverage described in your contract and any provincial new home warranty programs that apply.
- Attend the pre-delivery inspection and document all deficiencies with photos and dates.
- Obtain the developer’s promised completion and repair timeline in writing.
6. Manage common first-time buyer risks: deposits, assignments and financing gaps
Practical mitigations
Common concerns for first-time buyers include deposit protection, assignment rules, and the risk that mortgage terms change before closing. If construction is delayed, confirm how your deposit is protected and whether the developer offers interim solutions. If you plan to assign the contract, understand the contract language and potential tax or closing consequences. If your mortgage pre-approval expires before closing, update your lender or ask your mortgage broker to negotiate an extension.
- Keep copies of all receipts and communications about deposits and contract amendments.
- If financing terms change, consult your mortgage broker and lawyer immediately.
- Have your lawyer review any assignment or transfer language and advise on tax implications.
7. Register for Platinum/VIP access, submit the project worksheet, and who to contact next
How to secure early access and what to expect from your broker
If you are buying pre-construction, register for Platinum or Diamond VIP access to receive early pricing, floor plans, availability, and builder incentives before public launch. The Realty Bulls offers Platinum/VIP registration and support to request price lists, review floor plans, and submit project worksheets so buyers can secure priority allocations and builder incentives. Use VIP access to compare units and complete your worksheet with the guidance of your broker, then arrange a review with your mortgage broker and lawyer before making any staged deposit payments.
Disclosure. The Realty Bulls provides VIP registration and brokerage services for buyers. The site notes it does not represent builders directly and recommends independent verification of builder claims and project documents. Use your lawyer to review any worksheet or agreement before you sign.
- Register for Platinum/VIP access, request the price list and floor plans, and schedule a worksheet review.
- After worksheet submission, follow up with your mortgage broker and lawyer to confirm timelines for deposits and closing.
Frequently asked questions
How is a pre-construction deposit different from a resale deposit in Ontario
Pre-construction deposits are usually staged and tied to construction milestones. Resale deposits are commonly a single payment held in trust until closing. For pre-construction purchases, confirm where deposits are held, what triggers subsequent payments, and refund or assignment rules in your contract.
What does Platinum/VIP access actually give me and is there a fee
Platinum or VIP access generally provides early access to pricing, floor plans, and builder incentives before public launch. Some brokerages include VIP registration as a complimentary service for buyers. Ask the brokerage how they handle registrations, whether there is a fee, and how they manage worksheet submission and priority allocations.
When should I hire a lawyer and what will they charge for a first-time buyer closing in Ontario
Hire a lawyer as soon as you have an accepted offer or before signing a pre-construction worksheet. Legal fees vary by firm and by complexity. The lawyer will do a title search, review agreements, hold deposits when required, and handle closing disbursements. Review an Ontario closing checklist with your lawyer to understand the tasks and expected fees.
Can newcomers to Canada use the CMHC newcomer checklists and apply for first-time buyer incentives
Yes, CMHC publishes a dedicated Homebuyers Checklist and a newcomers workbook that walk through the steps new Canadians can take when buying a home. Eligibility for specific first-time buyer incentives may vary, so confirm program requirements with your mortgage broker and the relevant program administrator.
What are the warning signs that a developer or project may be risky
Warning signs include an unclear or missing construction history, inconsistent disclosure documents, unusually aggressive incentive timelines, or lack of a transparent deposit refund policy. If you encounter conflicting information about past projects or difficulty obtaining a proposed condo budget or builder references, pause and request independent verification or legal review.
Key next step: If you are ready to review price lists, floor plans, or submit a worksheet for a pre-construction project, register for Platinum/VIP access or request a worksheet review from The Realty Bulls to secure early allocations and incentives. For details and to book a consultation visit The Realty Bulls.
