In Ontario, the timeline varies. Once your offer is accepted, closing usually takes 30 to 90 days, depending on conditions like financing and inspection, and the closing date you negotiate. The search itself can take anywhere from a few weeks to several months. For investment properties, allow extra time for due diligence — reviewing leases, expense statements, and rental income. Getting pre-approved before you start searching keeps things moving quickly when you find the right property.

Pre-qualification is a rough, informal estimate of what you might be able to borrow, based on unverified information you give a lender. Pre-approval is a formal commitment from a lender for a specific amount at a specific rate — usually locked in for 90 to 120 days — after the lender verifies your income, credit, and debts. Sellers take pre-approved buyers far more seriously. For investment properties, lenders apply stricter rules: expect a larger down payment (typically 20% or more for rental properties) and a close review of the property's income and expenses.

In Ontario, plan for closing costs of roughly 2% to 4% of the purchase price on top of your down payment. That includes Ontario land transfer tax (plus Toronto's additional municipal land transfer tax if you're buying in the city), legal fees, title insurance, and adjustments for prepaid items like property tax. First-time buyers may qualify for an Ontario land transfer tax refund of up to $4,000. Investors should also budget for immediate repairs, potential vacancy between tenants, and property management costs if you won't be managing the property yourself.

Your credit score is a three-digit number (300–900 in Canada) that summarizes your credit history — how reliably you've paid debts. Lenders use it to decide whether to approve your mortgage and at what rate. In Canada, a score of 680 or higher generally qualifies you for the best mortgage rates, though approval is possible with a lower score. You can check your score for free through Equifax, TransUnion, or many Canadian banks. Paying bills on time and keeping credit card balances low are the fastest ways to improve it.