In order

1. 1

   Find your ceiling before you look at homes

   Looking first and costing later is how people fall for a home they cannot finance. Affordability gives you a number qualified at the stress-test rate, which is what a lender will actually apply.

   Affordability calculator→
2. 2

   Work out the cash, not just the payment

   The down payment is rarely the binding constraint — the closing cash is. Land transfer tax alone is over $12,000 on a $900,000 Toronto purchase before anything else.

   Closing costs→
3. 3

   Get a real pre-approval

   A rate hold from a lender or broker, not an online estimate. It fixes your rate for a window and tells you what you are actually approved for, which may differ from any calculator.

4. 4

   Search, shortlist, compare

   Build the shortlist as you browse and compare the survivors rather than deciding one home at a time.

   Search listings→
5. 5

   Cost the front-runner properly

   Payment, property tax, condo fee if there is one, insurance and utilities. A home that is $200 a month cheaper on the mortgage and $400 more on the fee is more expensive.

   Mortgage calculator→
6. 6

   Offer, condition, close

   Conditions — financing, inspection, status certificate on a condo — are the protection you have. What is standard varies with how competitive the market is, and that is a conversation for your agent and your lawyer.

Costs people miss

• Land transfer tax, doubled inside the City of Toronto. First-time buyer rebates reduce it but rarely erase it.
• PST on mortgage default insurance. Ontario charges 8% on the premium and it is due in cash at closing — it cannot be added to the mortgage the way the premium itself can.
• The status certificate on a condo, and your lawyer’s time reviewing it.
• Adjustments at closing: property tax and utilities the seller has prepaid.
• Moving, and the first month of overlapping costs if the dates do not line up.