First home buyers in Toronto face significant costs

Buying your first home involves several steps, including saving for a down payment and getting mortgage pre-approval. As of March 2025, the average house price in Toronto is about $1.1 million, making budgeting essential. Working with a trusted real estate agent is important. Buyers should check the agent's credentials and be aware of buyer representation agreements, which can last from 90 days to six months. A holdover period may also apply, affecting commission fees. Buyers should prepare for various closing costs, including legal fees, inspection costs, and land transfer taxes. Additional expenses may arise after moving in, such as property tax adjustments and utility bills.