Ontario Real Estate Guides

Buying & Selling in Ontario

Know what to check before you buy, list, or close. Start with the guide that matches your next decision.

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Buying a Property

Start with your numbers, know the steps, and get advice on your specific deal before you commit. Know your budget before you shop, get pre-approved, and budget for closing costs — then search with your criteria and verify the deal before you offer.

  • Know your budget before you shop. Work out the price range you can actually afford, including your down payment and monthly costs, before you look at homes.
  • Get pre-approved and check the mortgage stress test. A pre-approval tells you what a lender will offer and what rate you can count on. Your approval is also tested at a higher qualifying rate, so plan for that payment, not just the advertised one.
  • Budget for closing costs, not just the price. On top of the purchase price, Ontario buyers pay costs such as land transfer tax, legal fees and a home inspection. Build these into your budget so there are no surprises at closing.
  • First-time buyer? Check what help is available. First-time buyers may be able to use programs such as the Home Buyers' Plan and provincial incentives — check what applies to you.
  • Search with your criteria, then verify the deal. Search listings by price, area and property type, and review each property's numbers — price, taxes, condition and comparable sales — before you offer.

Selling a Property

Pricing starts with evidence: recent comparable sales in your area, your home's condition and current market conditions. Get a current estimate before you set a price, understand your costs as a seller, and read every offer carefully.

  • Find out what your home is worth first. Pricing starts with evidence: recent comparable sales in your area, your home's condition and current market conditions. Get a current estimate before you set a price.
  • Understand your costs as a seller. Sellers also have closing costs, including legal fees and any mortgage discharge costs, and your sale proceeds are what remain after your mortgage and those costs are paid.
  • Present the home well. Declutter, fix small visible issues, and make sure the home photographs well. First impressions — online and at the door — decide whether buyers book a showing.
  • Read the offer carefully. Price is only part of an offer. Conditions, deposit, closing date and what is included all matter, and a higher price with risky terms is not always the better deal.
  • Use a real estate lawyer for closing. In Ontario, a real estate lawyer handles the closing, title search and transfer of funds. Your lawyer protects your interests through the closing process.

Investment Considerations

Judge a deal on real cash flow — monthly cash flow, cash to close, and return, on your numbers — not a computer estimate. If the numbers do not work, Sim will tell you. No pressure to buy.

  • Run the full cash-flow analysis. Monthly cash flow, cash to close, and return, on your numbers — not a computer estimate.
  • Use your rent assumption, not ours. Tell Sim the rent you are underwriting. He will not assume a market rent for your property. Your number is the starting point.
  • Include closing costs. Land transfer tax, legal, and the other costs buyers miss — build them into the deal before you decide.
  • Verify the deal before you offer. Review each property's numbers — price, taxes, condition and comparable sales — before you offer.

Closing & Ownership

Budget for closing costs, not just the price. On top of the purchase price, Ontario buyers pay costs such as land transfer tax, legal fees and a home inspection — and sellers have closing costs too. After closing, plan for the ongoing costs of owning.

Upfront — at closing

  • Land transfer tax
  • Legal fees
  • Home inspection
  • For sellers: mortgage discharge costs

Ongoing — after you own

  • Home insurance
  • Utilities
  • A maintenance reserve
  • Budget for closing costs. On top of the purchase price, Ontario buyers pay costs such as land transfer tax, legal fees and a home inspection. Build these into your budget so there are no surprises at closing.
  • Sellers have closing costs too. Sellers also have closing costs, including legal fees and any mortgage discharge costs, and your sale proceeds are what remain after your mortgage and those costs are paid.
  • Use a real estate lawyer for closing. In Ontario, a real estate lawyer handles the closing, title search and transfer of funds. Your lawyer protects your interests through the closing process.
  • Real estate lawyer
  • Home insurance
  • Utilities
  • Maintenance reserve

Who you're working with

Sim Sahota

Sim Sahota, CPA, CA

Investment-focused real estate in Ontario. I help buyers and sellers work through the numbers and trade-offs before they commit.

Coldwell Banker The Real Estate Centre, Brokerage

647-632-0871
sim@simsahota.com

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