What closing costs should I budget for as a first-time buyer?

You should set aside 1.5% to 4% of the home's purchase price for closing costs. Key items include Provincial Land Transfer Tax (and Municipal LTT in Toronto), legal fees & disbursements, title insurance, home inspection fees, property tax adjustments, and moving expenses. Land transfer tax is usually the largest single closing expense.

Do first-time buyers get a land transfer tax refund in Ontario?

Yes! First-time buyers in Ontario are eligible for a rebate of up to $4,000 on Ontario Provincial Land Transfer Tax. If you're purchasing in the City of Toronto, you can also receive an additional rebate of up to $4,475 on the Toronto Municipal Land Transfer Tax, totaling up to $8,475 in rebates.

What is the difference between a pre-approval and a pre-qualification?

A pre-qualification is an informal estimate based on self-reported financial information. A full mortgage pre-approval means a lender has formally verified your income, credit history, tax documents, and down payment source, locking in an interest rate for 90 to 120 days. A pre-approval gives sellers confidence in your offer.

What government programs exist for first-time buyers in Ontario?

First-time buyers can take advantage of several key incentives: 1) First Home Savings Account (FHSA) — contributing up to $8,000/yr tax-free, 2) Home Buyers' Plan (HBP) — withdrawing up to $35,000 tax-free from your RRSP, 3) First-Time Home Buyers' Tax Credit (HBTC) — a non-refundable tax credit up to $1,500, and 4) Land Transfer Tax Rebates in Ontario and Toronto.

Should I waive the home inspection condition to win an offer?

Waiving an inspection carries significant financial risk as you inherit all hidden structural, plumbing, electrical, or roof issues. While common in heated bidding wars, Dan Mehta recommends options such as pre-offer inspections or seller-provided home inspections so you remain protected and informed.

How long does the first-time home buying process take?

On average, the process takes 2 to 4 months from your initial consultation to key handover. Initial mortgage pre-approval takes 1–2 weeks, property search and viewing takes 2–6 weeks, and the closing period between accepted offer and possession is typically 30 to 90 days.

How much do Dan Mehta's buyer representation services cost me?

As a buyer, Dan Mehta's professional representation is completely FREE to you. In Ontario real estate transactions, buyer agent fees are paid by the seller out of the sale proceeds. You get expert advice, negotiation, and contract protection at zero out-of-pocket cost.

Why work with Dan Mehta as a first-time buyer specialist?

First-time buyers face unique hurdles: stress tests, hidden costs, complex offer contracts, and competitive bidding. Dan Mehta, REALTOR® with eXp Realty Brokerage, provides step-by-step guidance, connects you with pre-vetted lenders/lawyers, and negotiates fiercely to protect your money and peace of mind.

How do I know how much mortgage I can afford comfortably?

A good rule of thumb is keeping total housing costs (mortgage principal & interest, property taxes, heating, and maintenance) under 32% of your gross monthly income (GDS ratio), and total debt payments under 44% (TDS ratio). Dan connects you with expert mortgage specialists to establish your comfortable budget.

First Time Home Buyers in Mississauga and GTA

Specialized Real Estate Guide

First-Time Home Buyers Guide

Buying your first home in Mississauga, Brampton, Toronto, or the Greater Toronto Area made simple, stress-free, and rewarding from start to finish.

Call Dedicated Line: (647) 249-8049 Text Dan Mehta

Why Work With an Agent Who Specializes in Assisting First-Time Home Buyers?

Buying your first home is likely the largest financial decision you've made to date. It comes with a new vocabulary, a tight timeline, and rules nobody teaches you in school. A specialized REALTOR® does far more than open doors — they explain every step before you reach it, flag hidden costs that catch people off guard, and make sure you never sign a contract you don't fully understand.

At Dan Mehta Real Estate (eXp Realty Brokerage), we guide first-time buyers across Mississauga, Brampton, Oakville, Toronto, and the GTA every month. We make sure conversations about land transfer tax, legal fees, inspection conditions, and mortgage stress tests happen at the very beginning — so you can make offers with total confidence.

Answers to Your Questions

Frequently Asked Questions for First-Time Buyers

Clear, practical answers about down payments, tax rebates, pre-approvals, and buying your first home in the GTA.

Buying Your First Home?

Call Our Dedicated First-Time Buyer Hotline

(647) 249-8049

Dan Mehta, REALTOR® · eXp Realty Brokerage

In Canada, minimum down payments are tiered based on purchase price: 5% on the first $500,000, 10% on the portion between $500,000 and $999,999, and 20% for homes $1,000,000 and over. Putting down less than 20% requires mortgage default insurance (CMHC/Sagen/Canada Guaranty), which is added to your mortgage amount.

Specializing in First-Time Buyers Across All GTA Communities:

Mississauga First-Time Buyers Oakville First-Time Buyers Burlington First-Time Buyers Milton First-Time Buyers Brampton First-Time Buyers Downtown Toronto First-Time Buyers Etobicoke First-Time Buyers North York First-Time Buyers Scarborough First-Time Buyers Markham First-Time Buyers

Dan Mehta

REALTOR® · eXp Realty Brokerage

Client-First Approach

Turning Questions Into Confidence

First-time buyers have unique concerns: affordability, hidden fees, inspection risks, and navigating competitive bidding wars. Dan Mehta provides transparent answers, structured checklists, and clear guidance at every milestone.

Also planning other life transitions? Explore our complimentary Downsizing Guide or Upsizing Guide.

Book a Free First-Time Buyer Consultation

Your Step-by-Step Roadmap

Starting Your Homeownership Journey

A structured 6-step roadmap designed to navigate financing, property search, offers, and closing with ease.

Step 1

Check Your Financial Health & Save Down Payment

Review your monthly budget, credit score (aim for 680+), and existing debts.
Open a First Home Savings Account (FHSA) to contribute up to $8,000/yr tax-free.
Calculate down payment targets: 5% under $500k, 10% portion $500k–$999k, 20% over $1M.
Set aside an extra 1.5% to 4% for closing costs (land transfer tax, legal, inspection).

Step 2

Get a Full Mortgage Pre-Approval

Gather pay stubs, T4s, NOAs, and bank statements for lender verification.
Understand the mortgage stress test (qualifying at contract rate + 2% or 5.25%).
Lock in your interest rate for 90 to 120 days to shield against rate hikes.
Obtain an official written pre-approval letter to strengthen future offers.

Step 3

Assemble Your Specialist Professional Team

Select a dedicated First-Time Buyer REALTOR® — Dan Mehta, eXp Realty Brokerage.
Connect with a licensed real estate lawyer specializing in Ontario property law.
Line up a certified home inspector for pre-offer or conditional inspections.
Work with an experienced mortgage specialist or broker for tailored terms.

Step 4

Identify Needs vs. Wants & Target Communities

Distinguish fixed features (location, layout, school district) from cosmetic updates (paint, fixtures).
Explore GTA communities: Mississauga, Brampton, Oakville, Milton, Toronto, Markham, etc.
Evaluate condo vs. townhome vs. semi-detached based on maintenance fees and lifestyle.
Access Dan's MLS portal and off-market listings tailored to your exact budget.

Step 5

Make a Strategic Offer & Satisfy Conditions

Dan analyzes recent comparable sales to construct a competitive, data-backed offer.
Include key protective conditions: Financing, Home Inspection, and Status Certificate (if condo).
Deposit 2% to 5% of purchase price in trust upon offer acceptance.
Work with lawyer and lender to satisfy all conditions within 5 business days.

Step 6

Finalize Closing & Collect Your Keys

Sign final mortgage and title transfer documents with your real estate lawyer.
Apply for Ontario & Toronto First-Time Home Buyer Land Transfer Tax Rebates.
Conduct a final pre-closing walkthrough inspection with Dan Mehta.
Receive keys on closing day and move into your brand new home!

Explore Communities Dan Serves

Click any community below for detailed market reports, neighbourhood insights, and active home listings:

Mississauga Real Estate Oakville Real Estate Burlington Real Estate Milton Real Estate Brampton Real Estate Downtown Toronto Real Estate Etobicoke Real Estate North York Real Estate Scarborough Real Estate Markham Real Estate Richmond Hill Real Estate Vaughan Real Estate Pickering Real Estate Hamilton Real Estate Kitchener Real Estate Cambridge Real Estate Waterloo Real Estate Guelph Real Estate

Ready to Take the First Step?

Call or Text Dan Mehta Today

Have questions about your mortgage budget, down payment programs, or available homes? Get friendly, confidential advice with zero pressure.

Call (647) 249-8049 Text Dan