Quick answer: Buying a resale home in Ontario takes nine steps:
- Check your budget and credit.
- Get a mortgage pre-approval.
- Sign a buyer representation agreement with an agent.
- Tour homes and compare recent sales.
- Make an offer with the right conditions.
- Deliver your deposit, usually within 24 hours of acceptance.
- Complete your inspection, financing and condo status certificate review.
- Work with your lawyer on title and closing funds.
- Close and get your keys, usually 30–90 days after the offer.
Part of our First-Time Buyer's Guide to Buying a Resale Home in Ontario.
A resale home is any home that has been lived in before. That covers detached houses, semis, townhomes and condos bought from the current owner rather than a builder. The process moves much faster than pre-construction. You can go from first showing to keys in a couple of months, so it pays to know every step before you start.
Step 1: Know your budget
Start with three numbers:
- Down payment: at least 5% on the first $500,000 and 10% on the portion up to $1.5 million. See our down payment guide.
- Closing costs: budget about 1.5–4% of the price, mostly land transfer tax. See our resale closing costs guide.
- Monthly costs: mortgage, property tax, utilities, insurance and any condo fees.
Check your credit report with Equifax and TransUnion before you apply for a mortgage, and fix any errors.
Step 2: Get pre-approved
A pre-approval tells you how much a lender will likely lend and holds an interest rate, usually for 90–120 days. You'll be qualified using the federal stress test at the higher of 5.25% or your contract rate plus 2%. Learn more in our mortgage rates and stress test guide.
Step 3: Choose an agent and sign a buyer representation agreement
Since December 1, 2023, Ontario's Trust in Real Estate Services Act (TRESA) requires a written buyer representation agreement before an agent represents you as a client. It sets out the services, how long the agreement lasts, the geographic area and how your agent is paid. Read it carefully, and ask questions about anything that's unclear.
Step 4: Search, tour and compare
- Set up saved searches so you see new listings fast.
- Tour homes in person, and visit the street at different times of day.
- Ask your agent for recent sold prices of similar homes nearby. List prices can be set low to attract multiple offers.
- Check school zones, commute times, transit and property taxes.
Step 5: Make an offer
Your offer, an Agreement of Purchase and Sale, sets the price, deposit, closing date, what's included (appliances, fixtures) and your conditions. Common conditions are financing, home inspection, and for condos, a status certificate review. Read our guide to making an offer.
Step 6: Deliver your deposit
Once your offer is accepted, the deposit is usually due within 24 hours, often by bank draft or wire to the listing brokerage's trust account. In the GTA, deposits of about 5% of the price are common, but it's negotiable. Your deposit counts toward your down payment.
Step 7: Satisfy your conditions
- Home inspection: book a qualified inspector right away.
- Financing: your lender orders an appraisal and approves the mortgage.
- Status certificate (condos): have your lawyer review the condo's finances, reserve fund and rules.
When every condition is met, you sign a waiver or notice of fulfillment, and the deal becomes firm.
Step 8: Work with your real estate lawyer
Your lawyer searches title, arranges title insurance, registers the transfer, pays land transfer tax and prepares the statement of adjustments. You'll deliver the rest of your down payment and closing costs to your lawyer a few days before closing.
Step 9: Close and move in
On closing day, your lawyer releases the funds and registers the transfer, then you get your keys. Book movers, set up utilities and home insurance (your lender requires insurance before closing), and do a final visit if your agreement allows it.
How long does buying a resale home take?
| Stage | Typical timing |
|---|---|
| Pre-approval | A few days to 2 weeks |
| Searching and touring | Weeks to months |
| Conditional period | About 5–10 business days |
| Firm to closing | Usually 30–90 days |
Related reading: First-time home buyer programs in Ontario · Pre-construction vs resale in 2026
Frequently asked questions
How long does it take to buy a resale home in Ontario?
Most purchases close 30–90 days after the offer is accepted. Searching before that can take anywhere from a few weeks to several months.
Do I need a buyer representation agreement in Ontario?
Yes, if you want an agent to represent you as a client. Since December 1, 2023, TRESA requires the agreement to be in writing.
How much deposit do I need for a resale home?
It's negotiable, but about 5% of the price is common in the GTA. It's usually due within 24 hours of acceptance and counts toward your down payment.
Can I back out of a resale purchase?
Only through your conditions, such as financing or inspection, before they're waived. Ontario has no cooling-off period for resale homes.
When do I pay land transfer tax?
On closing day, through your lawyer.
About the author: Ola Otubu is a REALTOR® with Realty ONE Group Reveal, Real Estate Brokerage, and the founder of Buyprecon.ca. He represents buyers of new construction and resale homes across Ontario.
This article is general information, not legal or financial advice. Speak with a real estate lawyer and a mortgage professional about your purchase. Sources: Real Estate Council of Ontario (RECO); Government of Ontario; Financial Consumer Agency of Canada.
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