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Buying a home

A complete guide to purchasing a home in Ottawa: what you can afford, how pre-approval works, the programs built for first-time buyers, and what happens between an accepted offer and the keys in your hand.

Everything to know before you buy

Purchasing a home is one of the most exciting and important financial decisions you will ever make. Whether you are a first-time buyer, moving into a larger home, or returning to the market after several years, understanding the process helps you make informed decisions with confidence.

We believe that an educated buyer is an empowered buyer. This guide walks through every stage of the journey, from working out your budget to receiving the keys.

Step 1: Work out what you can afford

Before you start viewing properties, understand what fits comfortably within your budget. Many buyers focus on the maximum amount they can be approved for, but affordability should be based on your lifestyle, your financial goals and your own comfort level. Three things shape it:

  • Income, including employment income, self-employment income, rental income and any other reliable source
  • Your down payment: the larger it is, the less you need to borrow, which lowers the monthly payment
  • Existing debt, such as car loans, student loans, credit cards and lines of credit. Lower debt levels generally improve how much you can borrow

Ask yourself the questions that matter more than the approval limit: can I comfortably afford the monthly payments, can I keep saving after buying, am I prepared for unexpected expenses, and does this fit my longer-term plans? Avoid shopping at the very top of your budget. Leaving room for financial flexibility usually makes owning a home more enjoyable.

Costs beyond the mortgage payment

Owning a home involves more than the mortgage. Budget for all of these from the start:

  • Property taxes
  • Home insurance
  • Utilities
  • Maintenance and repairs
  • Condo fees, where they apply
  • Moving expenses
  • Closing costs

Step 2: Get pre-approved

Before beginning your search, a mortgage pre-approval is strongly recommended. It shows how much you may qualify to borrow, your estimated monthly payments, the interest rate you are likely to be offered, and therefore your real purchasing budget.

It also signals to sellers that you are a serious and prepared buyer, which matters when a property attracts more than one offer.

Step 3: Save for your down payment

Your down payment is the portion of the purchase price you contribute yourself. In Canada the minimum varies with the price of the property. Alongside it, save for:

  • Legal fees
  • Land transfer tax
  • Home inspection fees
  • Moving costs
  • Utility setup costs

The more you prepare now, the fewer surprises you meet later.

Programs built for first-time buyers

Saving a down payment is the hardest part for most people. Two programs exist to help you get there sooner, and they can be used alongside each other.

  • First Home Savings Account (FHSA)

    Lets eligible Canadians save for a first home with real tax advantages: contributions are tax-deductible, growth is tax-free, and qualifying withdrawals are tax-free.

  • Home Buyers' Plan (HBP)

    Lets eligible buyers withdraw from an RRSP towards a purchase. It gives you more down payment flexibility and reduces how much you need to borrow, repaid over time under the program's rules.

Official links for both programs

Step 4: Begin your search

Now the enjoyable part. As you look, weigh location, commute times, schools, property type, the number of bedrooms and bathrooms, your lifestyle and any future family plans. The most useful thing you can do is separate your list into two:

  • Must-haves: the features you will not compromise on
  • Nice-to-haves: features you would like but can live without

Keeping those apart keeps the search focused and stops good homes being dismissed for the wrong reasons.

Condo or freehold?

One of the most common questions we are asked. Neither is better; they suit different lives.

  • Condominium

    You own your unit and share ownership of the common areas. Lower maintenance responsibility, shared amenities, often a lower purchase price. In exchange: monthly condo fees, condo board rules, and shared ownership responsibilities.

  • Freehold

    You own both the home and the land. Greater control, no monthly condo fees, more flexibility. In exchange: all maintenance and upkeep is yours, and prices are often higher.

  • What condo fees cover

    Usually snow removal, landscaping, building maintenance, building insurance, amenities, and contributions to the reserve fund.

  • Why the reserve fund matters

    It pays for future major repairs: roofing, elevators, parking structures, building repairs. A healthy reserve fund protects owners from sudden, large, unexpected costs, so it is worth reading about before you buy.

How long buying takes

Every transaction is different, but most purchases follow a similar shape.

  1. Step 1

    Week 1

    Mortgage pre-approval.

  2. Step 2

    Weeks 2 to 8

    Searching, and viewing properties.

  3. Step 3

    Offer accepted

    Negotiation, and agreement reached.

  4. Step 4

    Conditional period

    Financing approval, home inspection and document review.

  5. Step 5

    Lawyer preparation

    Title search, document review and transfer arrangements.

  6. Step 6

    Closing day

    Ownership transfers and the keys are released.

From offer to keys

  1. Step 1

    Step 5: Making an offer

    Once you find the right home, we help you analyse market value, prepare the offer, negotiate terms, review conditions and protect your interests. Common conditions cover financing and a home inspection.

  2. Step 2

    Step 6: Financing and inspections

    Before finalising: obtain final mortgage approval, complete inspections, review the conditions, arrange insurance and confirm the closing details.

  3. Step 3

    Step 7: Work with your lawyer

    Your lawyer reviews the legal documents, conducts title searches, arranges title insurance, transfers the funds, registers the property and finalises ownership.

  4. Step 4

    Step 8: Closing day

    Ownership transfers, funds are exchanged, documents are registered, and you receive the keys. Welcome home.

Closing costs in Ontario

Budget for more than the down payment. As a general guideline, set aside roughly 1.5% to 4% of the purchase price for closing costs, which commonly include:

  • Land transfer tax
  • Legal fees
  • Title insurance
  • Home inspection
  • Mortgage-related fees
  • Property tax adjustments
  • Utility setup costs
  • Moving expenses

Many buyers save diligently for a down payment and then underestimate these. Planning for them ahead of time avoids an unwelcome surprise in the final fortnight.

First-time buyer checklist

Before you start:

  • Review your finances
  • Check your credit score
  • Save for a down payment
  • Get a mortgage pre-approval
  • Define your needs and wants
  • Research neighbourhoods
  • View properties and compare your options
  • Complete an inspection
  • Secure your financing
  • Hire a lawyer
  • Obtain home insurance
  • Plan your move
  • Transfer the utilities and update your address
  • Arrange internet and other services

Questions about buying a home?

Ask us for a complimentary consultation and a home-buying plan built around your own situation. There is no cost and no obligation.

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101-14 Chamberlain Ave
Ottawa, OntarioGet directions (opens Google Maps in a new tab)

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