Your Home Buying Timeline
Enter your financial situation and get a personalized month-by-month action plan for buying your first home in Canada.
Your personalized plan
24-month plan
Projected Savings
$57,551
Est. Affordable Price
$395,830
Down Payment
$48,918 (12.4%)
Open a First Home Savings Account (FHSA)
Set up automatic savings transfers to your FHSA and savings accounts
$1,500/month
Pull your credit report to confirm your score
Build or top up your emergency fund (3 months of expenses)
Research housing market and prices in your target area
Continue monthly FHSA contributions
$667/month toward $8,000/year max
Contribute to RRSP for the Home Buyers' Plan (HBP)
$533/month
Check credit score — monitor for improvement and catch issues early
Check credit score — monitor for improvement and catch issues early
File taxes and reinvest your FHSA/RRSP tax refund into your down payment savings
Est. refund: $3,338
Check credit score — monitor for improvement and catch issues early
Contact a mortgage broker and start the pre-approval process
Get your mortgage pre-approval letter
Start attending open houses to understand market pricing
Identify 2-3 target neighbourhoods within your budget
Interview 2-3 buyer's real estate agents
Finalize your buyer's agent and begin active home search
Get home insurance quotes from 2-3 providers
Identify and retain a real estate lawyer
Initiate RRSP HBP withdrawal (funds must sit in RRSP for 90 days before withdrawal)
$12,792
Submit your offer, negotiate conditions, and proceed to closing
Withdraw FHSA funds for your home purchase (tax-free)
$13,336
Arrange movers, set up utilities, and forward mail
Closing day — keys in hand!
The Canadian Home Buying Timeline
From your first savings contribution to getting your keys — understand every phase and how long each step takes.
6mo–5yr
Total journey
Depending on starting point
90–120 days
Rate hold
Pre-approval validity
30–60 days
Closing period
Standard in Canada
Phase 1: Preparation (6 Months to 5 Years Before)
Open a FHSA as early as possible — even a small initial deposit starts building contribution room. Check your credit score and begin improving it.
Focus on reducing existing debts, building your down payment through consistent saving, and educating yourself about the home buying process. Most first-time buyers spend one to three years in the preparation phase.
Phase 2: Pre-Approval (2-3 Months Before)
Once your savings, credit, and debt levels are in good shape, get mortgage pre-approval. A pre-approval letter tells you exactly how much a lender is willing to offer, locks in an interest rate for 90 to 120 days, and signals to sellers that you are a serious buyer. Visit the FCAC mortgage guide for detailed information on the pre-approval process.
This is also the time to assemble your home buying team — find a real estate agent, select a real estate lawyer, and identify a reputable home inspector.
Phase 3: The Search (1-3 Months)
With pre-approval in hand and your team assembled, active property searching begins. Attend open houses, book private viewings, and evaluate neighbourhoods at different times of day. The average Canadian buyer views 10 to 15 homes before making an offer.
In competitive markets like Toronto and Vancouver, the search phase may take longer due to bidding wars and limited inventory. In more balanced markets, you may find the right home within a few weeks.
Phase 4: Offer to Closing (30-90 Days)
Once you find a home, you submit an offer. If accepted, you enter the conditional period — typically 5 to 10 business days. Your lawyer then conducts a title search, prepares closing documents, and coordinates the transfer of funds.
The standard closing period in Canada is 30 to 60 days. On closing day, your lawyer transfers the funds, registers the title, and hands over the keys. Budget for closing costs of 3% to 5% of the purchase price.
Frequently Asked Questions
Let's build your plan together
Our team can create a personalized home-buying timeline based on your specific situation — book a free call.