The Home Buying Process Timeline in Canada

Whether you're just starting to think about buying or actively searching, understanding the full home buying timeline helps you plan effectively and avoid costly surprises along the way.

Overview: How Long Does It Take?

From "thinking about it" to moving in:

• Minimum: 3-6 months (if everything aligns)
• Typical: 6-12 months
• With challenges: 12-24+ months

Let's break down each phase.

Phase 1: Preparation (1-12 Months Before Buying)

Assess your finances:

• Check credit score (aim for 680+)
• Calculate savings for down payment and closing costs
• Review your debt-to-income ratios

See our GDS/TDS ratio guide for calculations.

Build your down payment:

• Minimum 5% for purchases under $500K
• 10% on portion over $500K
• Don't forget closing costs (1.5-4% of purchase)

Improve credit if needed:

• Pay down credit cards
• Don't open new accounts
• Fix any errors on credit report

Our credit improvement guide has detailed strategies.

Phase 2: Pre-Approval (1-2 Weeks)

Getting pre-approved:

• Submit income, employment, and debt documents
• Lender verifies your information
• Receive pre-approval letter with maximum amount
• Lock in a rate hold (90-120 days)

Why it matters:

• Know your budget before you shop
• Sellers take you seriously
• Rate protection if rates rise

Phase 3: House Hunting (1-6+ Months)

Timeline varies based on:

• Market conditions (hot vs balanced)
• Your flexibility on location/features
• Price point and competition
• Your patience level

During this phase:

• Work with a real estate agent
• Tour properties (in-person and virtual)
• Research neighborhoods
• Make offers (sometimes multiple before success)

Phase 4: Offer and Conditions (1-2 Weeks)

Making an offer:

• Submit offer with your agent
• Negotiate terms and price
• Acceptance (or rejection/counter-offer)

Conditional period (typically 5-10 days):

• Home inspection
• Financing confirmation
• Status certificate review (condos)
• Other conditions (insurance, survey, etc.)

Removing conditions:

• Once satisfied, conditions are waived
• Your offer becomes firm
• Deposit is typically delivered

Phase 5: Firm Offer to Closing (30-90 Days)

Typical closing timeline:

• Standard: 30-60 days after conditions waived
• Fast: 2-3 weeks (rare)
• Extended: 60-90 days (new construction or complex)

During this period:

• Lender orders appraisal (if required)
• Final mortgage documents prepared
• Lawyer receives documents and prepares for closing
• Home insurance arranged
• Moving preparations begin

Phase 6: Closing Day

What happens:

• Sign final mortgage documents
• Lawyer registers mortgage and transfers title
• Funds are transferred
• You receive keys

Who's involved:

• Your lawyer
• Lender
• Seller's lawyer
• Real estate agents

Costs due at closing:

• Down payment (balance not already deposited)
• Closing costs (land transfer tax, legal fees, etc.)
• Property tax and utility adjustments

The Closing Costs Checklist

Budget for:

FAQ

Q: Can I speed up the process?
A: Getting pre-approved early, being flexible on preferences, and having documents ready helps. Market conditions are the biggest variable.

Q: What delays closing most often?
A: Financing issues, title problems, and inspection surprises. Working with experienced professionals minimizes delays.

Q: Do I need a real estate agent?
A: Not legally required, but highly recommended. Agents are typically paid by the seller.

Q: When should I give notice to my landlord?
A: Only after conditions are removed and your purchase is firm. Most provinces require 60 days notice.

Q: What if my pre-approval expires before I find a home?
A: You can renew the pre-approval, though the rate may change. Consider multiple rate holds for protection.

What's Next

Understanding the timeline is the first step. Now, learn about specific challenges like the stress test and down payment strategies to prepare fully.