Quick Answer
30-90
Days (Typical Range)
60
Days (Most Common)
21
Days (Fastest Possible)
Timeline depends on market conditions, financing complexity, and closing date negotiated in offer.
Table of Contents
1Timeline Overview: 7 Stages
Financial Preparation
1-4 weeks
Mortgage Pre-Approval
1-3 days
House Hunting
2-12 weeks (varies widely)
Making an Offer
1-7 days
Conditional Period
5-10 days
Final Mortgage Approval
7-14 days
Closing Day
30-90 days from accepted offer
2Stage 1: Financial Preparation
Before you even start looking at homes, you need to get your finances in order. This stage can happen quickly if you're organized, or take weeks if you need to gather documents.
What Happens:
Assess Your Down Payment
Minimum 5% for homes under $500K. 10% on portion between $500K-$1M. 20% for homes over $1M.
Check Your Credit Score
Free through Equifax or TransUnion. Aim for 680+ for best mortgage rates. 600+ minimum for most lenders.
Gather Employment Documents
Recent pay stubs, T4s, employment letter, NOAs. Self-employed: 2 years of financials required.
Pro Tip
Don't make any major financial changes during this process! No new credit cards, car loans, job changes, or large purchases. Lenders will check your credit again before closing.
3Stage 2: Mortgage Pre-Approval
Pre-approval is when a lender reviews your financials and commits (conditionally) to lending you a specific amount at a locked-in rate. This is different from pre-qualification, which is just an estimate.
Pre-Approval Benefits:
Know Your Budget
Exact amount you can afford, not a guess.
Rate Hold
Lock in rate for 60-130 days (varies by lender).
Stronger Offers
Sellers take pre-approved buyers more seriously.
Identify Issues Early
Fix credit or documentation problems before finding a home.
Required Documents for Pre-Approval:
| Document | Details |
|---|---|
| Photo ID | Driver's license or passport |
| Proof of Income | Recent pay stubs (30 days), T4s (2 years) |
| Employment Letter | Confirming position, salary, tenure |
| Notice of Assessment | From CRA for past 2 years |
| Bank Statements | 90 days showing down payment savings |
| Debt Summary | Credit cards, loans, lines of credit |
4Stage 3: House Hunting
This is the most variable stage. Some buyers find their dream home in days; others search for months. In a hot seller's market, you may lose several offers before winning one.
What to Expect:
Average homes viewed before buying
10-15 homes is typical. Some buyers view 30+.
Average time to find a home
3-6 months in balanced markets. Can be weeks in slow markets or 6+ months in competitive markets.
Working with an agent
Buyer's agents are typically paid by the seller. They can access MLS, arrange viewings, and advise on offers.
5Stage 4: Making an Offer
Once you find the right home, you'll submit a formal offer through your real estate agent using an Agreement of Purchase and Sale (APS).
Key Offer Components:
| Component | Typical Terms |
|---|---|
| Purchase Price | Your offer amount (may be at, above, or below asking) |
| Deposit | 5% of purchase price (held in trust until closing) |
| Closing Date | 30-90 days from acceptance (negotiable) |
| Conditions | Financing, inspection, status certificate (condos) |
| Irrevocability | 24-48 hours for seller to respond |
| Chattels Included | Appliances, light fixtures, window coverings |
Offer Negotiation
The seller may accept, reject, or counter your offer. Counter-offers can go back and forth multiple times. In competitive situations, there may be multiple offers and a "highest and best" deadline.
6Stage 5: Conditional Period
Once your offer is accepted, you enter the conditional period. This is your window to complete due diligence and finalize financing. If conditions aren't met, you can walk away with your deposit.
Common Conditions:
Financing Condition (5-7 days)
Allows you to finalize mortgage approval. Lender will verify the property value and complete underwriting.
Home Inspection Condition (5-7 days)
Hire a licensed home inspector (~$500) to identify structural, electrical, plumbing, or safety issues.
Status Certificate Review (Condos) (3-5 days)
Have a lawyer review the condo's financial health, reserve fund, bylaws, and any special assessments.
Waiving Conditions
In competitive markets, buyers sometimes waive conditions to win offers. This is risky — you could be stuck with a home you can't finance or that has serious hidden defects. Only waive conditions if you're fully confident and have done pre-inspections.
7Stage 6: Final Mortgage Approval
After conditions are waived, your lender completes final underwriting. This may include ordering an appraisal to confirm the property's value supports the loan amount.
What Happens:
8Stage 7: Closing Day
Closing day is when ownership officially transfers. Your lawyer handles most of the work behind the scenes.
What Happens on Closing Day:
Morning
- • Lawyer receives mortgage funds
- • Final title search completed
- • Documents signed (if not already)
Midday
- • Funds transferred to seller's lawyer
- • Deed registered with Land Registry
- • Title officially transfers
Afternoon
- • Keys released by seller's agent
- • You can take possession!
Costs Due at Closing
- • Land transfer tax
- • Legal fees + disbursements
- • Title insurance
- • Property tax/utility adjustments
9Complete Documents Checklist
Have These Ready Before You Start
Identity & Status
- Government photo ID
- SIN (for lender)
- Proof of Canadian status (if applicable)
Employment
- Recent pay stubs (30 days)
- T4s (2 years)
- Employment letter
Financial
- Bank statements (90 days)
- Notice of Assessment (2 years)
- Investment account statements
Gift Letter (if applicable)
- Signed gift letter from donor
- Donor's bank statement showing funds
- Proof of relationship
10Common Delays & How to Avoid Them
Missing or outdated documents
Fix: Gather everything before you start. Use a checklist.
Appraisal comes in low
Fix: Be prepared to negotiate price, increase down payment, or walk away.
Employment or financial changes
Fix: Don't change jobs, take new loans, or make large purchases during the process.
Title issues discovered
Fix: Title insurance protects you. Your lawyer will identify issues before closing.
11Tips to Speed Up the Process
Get pre-approved first
Speeds up financing condition by days.
Have documents ready digitally
PDF scans of everything, organized by category.
Respond to lender requests immediately
Every day of delay pushes back closing.
Book inspector/lawyer early
They may be booked days out in busy markets.
12Official Sources
This guide is based on official Canadian sources:
- • CMHC — cmhc-schl.gc.ca (Mortgage insurance, homebuying resources)
- • OSFI — osfi-bsif.gc.ca (Mortgage stress test rules)
- • Ontario Real Estate Association — orea.com (Standard forms, process guides)
- • Law Society of Ontario — lso.ca (Real estate lawyer requirements)
- • Financial Consumer Agency of Canada — canada.ca/fcac (Consumer protection)
Ready to Start Your Home Search?
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