Knowledge Hub · First-time buyers
Buying your first home in Toronto, explained straight.
Buying your first home is one of the biggest decisions you'll make, and most of the advice out there is either noise or pressure. This guide is neither. It's what I walk my own clients through: what you can afford, what it really costs, how offers work, and the checks we run before you commit. Read it at your own pace. When you're ready to talk, we're here.
By Christian Torok, Broker, Porchlight Realty (RE/MAX Hallmark). Reviewed October 2026.
Start here
Buying your first home in five steps
Know your numbers
Work out what you can comfortably afford, not just what a bank will approve, and how much cash you'll need on top of the down payment.
Get pre-approved
Know your budget, hold a rate and find any problems while there's still time to fix them.
Choose who represents you
Understand what you're signing and how your agent is paid.
Learn the market, then find the home
See enough homes to know what good value looks like, then check every listing that matches your narrowed criteria before you fall for it.
Make your offer and close
Know how offer nights work, when it's safe to go firm, and what we check before you commit.
Browse by topic
Every guide in one place
Down payment and savings
The money
For first-time buyers and professionals
Mortgages
And land transfer tax
Closing costs
From first call to keys
The buying process
Before you commit
Due diligence
Calculators and checklists
Tools
East End neighbourhoods
Leslieville, Riverdale, the Beaches and more
Street by street, with what each pocket is really like to live in.
Explore the East End guideTop questions
What first-time buyers ask us most
How much do I need for a down payment in Toronto?
For a home under $1.5 million, at least 5% of the first $500,000 and 10% of the rest, plus mortgage default insurance. At $1.5 million or more, you need at least 20% down. Read more: Down payment
What are closing costs on a Toronto home?
Plan for about 3% to 4% of the price on top of your down payment. Most of it is land transfer tax, which Toronto buyers pay twice: once to Ontario and once to the City. Read more: Closing costs
Do first-time buyers get a land transfer tax rebate?
Yes. First-time buyers get up to $4,000 back from Ontario and up to $4,475 from Toronto. Read more: Land transfer tax
What is an FHSA, and should I open one?
A First Home Savings Account lets you save up to $8,000 a year, to a lifetime maximum of $40,000. Contributions are tax-deductible, and withdrawals for your first home are tax-free. Room only builds once the account is open. Read more: The FHSA
Can I use the FHSA and the Home Buyers' Plan together?
Yes. You can use both for the same home: up to $40,000 from your FHSA and up to $60,000 from your RRSP under the Home Buyers' Plan. Read more: FHSA and HBP
How does the mortgage stress test work?
You have to qualify at the greater of your contract rate plus 2%, or 5.25%. It's why your approval may be lower than you expected. Read more: The stress test
How long does it take to buy a first home?
For most of our first-time buyers, about 1.5 to 3 months from our first meeting to a purchase. Read more: Step by step
How do offer nights work in Toronto?
Many sellers hold back offers for about six or seven days, then review them all on one night. Buyers often compete, sometimes with no conditions. Read more: Offer nights
When is it safe to make a firm offer?
Only when you've done the homework a condition would normally protect: financing confirmed, the home inspected and the records checked. Read more: Conditional vs. firm
Do I have to sign a buyer representation agreement?
If you want an agent to represent you, yes. In Ontario it must be in writing before you make an offer. At Porchlight, we start with two outings first. Read more: Buyer representation agreement
Who's behind this guide
Christian Torok, Broker
I'm Christian Torok, a broker with Porchlight Realty (RE/MAX Hallmark) in Toronto's East End. I've been in real estate since 2007, first in Hungary and in Ontario since 2014, and most of my clients are first-time buyers and upsizers in Leslieville, Riverdale, the Beaches and the neighbourhoods around them. I wrote this guide because the best clients are informed ones.
“As first time buyers he gave us great insight into the Toronto market and how to make the most out of our situation.”— T. Harney, Google review
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