What do I need to know as a first-time home buyer?

1. Down Payment: Typically, you'll need a minimum down payment of 5% of the home's purchase price for homes under $500,000. For homes above $500,000, the down payment requirement is 5% for the first $500,000 and 10% for the remaining amount.

2. Land Transfer Tax: Ontario has a land transfer tax that you'll need to pay when purchasing a home. There are both provincial and municipal components to this tax, and first-time homebuyers may be eligible for a rebate to help offset this cost.

3. Home Buyer's Plan (HBP): The HBP allows you to withdraw up to $35,000 from your Registered Retirement Savings Plan (RRSP) to use towards the purchase of your first home. This withdrawal is tax-free as long as you repay it within a certain period.

4. Mortgage Pre-Approval: Getting pre-approved for a mortgage will give you a better idea of how much you can afford and make you a more serious buyer in the eyes of sellers.

5. Closing Costs: In addition to the purchase price, you'll need to budget for closing costs, which can include legal fees, home inspection fees, appraisal fees, and more. These costs can add up to around 1.5-4% of the purchase price.

6. Home Inspection: It's highly recommended to get a professional home inspection before finalizing the purchase. This can help identify any hidden issues with the property.

7. HST on New Builds: If you're buying a newly constructed home, the Harmonized Sales Tax (HST) is applicable. However, you may be eligible for an HST rebate on a portion of the tax.

8. Property Tax: Property taxes are an ongoing expense associated with homeownership. You'll need to budget for these costs, and they can vary based on the municipality.

9. Home Insurance: Home insurance is essential to protect your investment. It covers damages to the property and its contents, as well as liability for accidents that may occur on your property.

10. Resale Home vs. New Build: Consider the pros and cons of buying a resale home versus a new build. Resale homes may have more character but could require renovations, while new builds offer modern features but may have a higher purchase price.

Remember that real estate processes and regulations can change, so it's a good idea to consult with professionals such as real estate agents, mortgage brokers, and legal advisors who are up-to-date with the latest information and can provide guidance tailored to your specific situation.