Resources - First Time Buyers
Purchasing your first home as be an exciting yet scary process. Knowing where to start can make that process a little bit easier. First off, if you're reading this you've already taken the first step. Understanding how you qualify for a mortgage and what you can afford will help you make a more informed buying decision. We encourage you to read the other Resource sections for information about qualifying for a mortgage.
Steps in the home buying proceess:

Step 1 - Determine what you can afford and qualify to purchase: Your mortgage advisor will be looking at your income and down payment to determine this and get you a pre-approval.
Step 2 - Connect with a realtor: Using a realtor can making finding the right home easier. Realtors have access to information and insight into the housing market that can aid your search.
Step 3 - Make an offer to purchase: Once you have found a property, you will make an offer on the property with your realtor. Be prepared to negotiate back and forth a few times. You will need do give a deposit with the accepted offer. This deposit will count towards your down payment and closing costs.
Step 4 - Convert your pre-approval to a full approval: Once your offer is accepted, make sure your mortgage advisor has a clear copy of the purchase agreement and MLS listing. They will use this information to get you a full approval from a lender. An appraisal might be require dby the lender.
Step 5 - Signing mortgage documents: Once your mortgage advisor has collected the required documents to meet the lender's approval conditions they will meet with you to sign the mortgage commitment documents. The required documents will be sent back to the lender who will then send mortgage instructions to your lawyer.
Step 6 - Signing with your lawyer: The lawyer will prepare the mortgage and registration documents once they have received the insturctions from the lender. You will then meet with the lawyer and sign the documents with them.
Step 7 - Get your keys & move in: Once the lawyer has received the funds from the lender and completed the registration on the title and mortgage they will contact you to let you know that you can pick up your keys.
First Time Buyer Benefits

As a first time buyer have 2 major benefits. The Home Buyer's Withdrawal Plan allows you to withdraw money that you have contributed to your RRSP up to a maximum of $25,000 to use towards the purchase of a qualifying home. The funds have to be repaid to your RRSP over a 15 year period starting 2 years after the withdrawal. For more information on the Home Buyer's Withdrawal Plan visit the Government of Canada's website. 
The other major benefit is that of the land transfer tax rebate. You can get more information about the land transfer tax from the Government of Ontario's website.