Buyer guide · Canada
Buying a home in Canada, step by step
Pre-approval, offers, conditions and closing — with land transfer tax and the federal foreign-buyer rules.
CurrencyC$ CADDefault unitsq ft; m² also usedListingsMLS® via REALTORS®Minimum down payment5% (tiered)
How buying works
- 1Get pre-approvedLenders apply the mortgage stress test; you may get a rate hold.
- 2Work with a REALTOR®Sign a buyer representation agreement in most provinces.
- 3Make an offerInclude a deposit and conditions (financing, inspection, status certificate).
- 4Remove conditionsFirm up the deal once inspection and financing are cleared.
- 5Lawyer or notary closesTitle search, land transfer tax, and funds transfer (notary in Québec).
- 6Take possessionOn the closing date, keys are released.
Costs to budget for
Land transfer taxSet by province; Toronto adds a municipal taxVaries by province
First-time buyer rebatesAvailable in some provinces and TorontoCheck eligibility
Mortgage default insuranceRequired with under 20% downPremium on loan
Legal / notary feesIncluding title insuranceC$[X]
GST/HST on new homesNew construction only; rebates may applyVaries
Condo / strata feesMonthly, for condosMonthly
Who can buy
AllowedCitizens & permanent residentsAny residential property.
Prohibited until 1 Jan 2027Most non-CanadiansFederal ban on buying residential property, with exceptions (e.g. some work-permit holders).
Extra taxesForeign nationals (where allowed)Provincial taxes such as Ontario’s NRST and BC’s speculation tax may apply.
Documents to check
- Agreement of purchase and sale
- Status certificate — condos (Form B in BC)
- Property survey / RPR — freehold homes
- Home inspection report
- Mortgage commitment — and insurance approval
- Statement of adjustments — from your lawyer
Terms you’ll see on listings
- MLS®
- Trademark of CREA for the listing system used by REALTORS®.
- Freehold
- You own the land and building outright.
- Status certificate
- Condo corporation’s financial and legal summary.
- Conditional offer
- Offer that depends on conditions being met.
- Closing date
- When ownership transfers.
- Maintenance fee
- Monthly condo fee for common costs.
Recent rule changes
Until 1 Jan 2027Foreign-buyer prohibitionThe ban on most non-Canadians buying residential property was extended to 1 January 2027.
Dec 2024Insured mortgage cap raisedInsured mortgages became available on homes up to C$1.5M, with 30-year amortisation for first-time buyers.
General information, not legal, tax or financial advice. Rules change — confirm with a qualified professional. Last reviewed [DATE].