Step 1: Secure Your Pre-Approval

The first step in any successful home search is knowing exactly what you can afford. A pre-approval defines your borrowing power, giving you the confidence to shop within a realistic price range.

• Rate Protection: We can typically lock in your interest rate for up to 120 days. If you are building a new home, extended rate holds of up to 18 months may be available.
• The Best of Both Worlds: If market rates drop during your lock-in period, you’ll receive the lower rate. If rates rise, your lower pre-approved rate is protected.

Step 2: Establish Your Personal Budget

While the bank tells you what you can borrow, your personal budget tells you what you should spend. It is essential to look beyond the mortgage payment and account for the full cost of homeownership, including:

• Property taxes and home insurance.
• Heating, utilities, and maintenance.
• Condo fees (if applicable).
• A “rainy day” fund for unexpected repairs.

Step 3: Find Your Home

There are three primary ways to purchase a property, each with a different process:

• Buying from a Builder: You will work directly with a sales manager. You can choose a “spec home” (nearly move-in ready) or a custom build (usually a 6–12 month timeline). Depending on the project, you’ll need either a completion mortgage or a construction draw mortgage.
• Working with a Realtor: A Realtor curates property searches and handles negotiations at no cost to you, as their commission is typically paid by the seller. They provide professional guidance on contracts and manage all viewing appointments.
• Private Sales: In a private sale (such as through Purplebricks or similar platforms), you deal directly with the seller. While these platforms provide the framework for the listing, the responsibility for viewing arrangements and price negotiations rests with you.

Step 4: Make an Offer

Once you find the right home, you will sign an Offer to Purchase. This is a legally binding document, so it must be prepared with precision. Your offer should clearly outline:

• The purchase price and deposit amount.
• Included fixtures (appliances, window coverings, etc.).
• Closing dates and the offer’s expiry time.
• A request for a current survey or Title Insurance.

 Condition Periods: Most offers include a 7–10 day condition period for financing and a professional home inspection. During this time, your initial deposit is refundable. Once you “waive” or remove these conditions, the deal becomes firm, additional deposits may be required, and the funds become non-refundable as they apply toward your down payment.

Step 5: Finalize the Paperwork

After your financing is fully approved, your lender will send the formal instructions to your lawyer. You will meet with your lawyer to sign the final documents and provide the remainder of your down payment (minus your initial deposits) plus closing costs and legal fees.

Step 6: Move-In Day

The big moment! The way you receive your keys depends on how you bought your home:

• Builders: You’ll perform a final walkthrough on closing day, and the builder will hand over the keys.
• Realtors: Your Realtor will confirm the deal has closed and coordinate the key handover.
• Private Sales: You will coordinate directly with the seller or your lawyer to collect the keys once the title has officially transferred.