How a Real Estate Transaction Works

Before you start touring homes, meet with a mortgage broker and the bank where you hold your deposit funds. On a mortgage-sized loan, even a small difference in interest rate adds up to real money over the life of the loan — it's worth shopping around before you fall in love with a place.

Prequalification gives you a solid read on your monthly budget without a hard credit check every time you shop lenders — so your credit score isn't dinged repeatedly. It's an estimate, not a guarantee, but it's usually enough to search with real confidence.

Use our mortgage calculator to see what you can realistically afford before you start looking, and carry that number straight into your search.

Once you know your buying power, search listings right here — including a directory of trusted mortgage agents and real estate lawyers. Every listing shows an estimated monthly payment that includes maintenance fees and property tax, so you're comparing true cost of ownership, not just the sticker price.

One of our agents will pick it up from there, and you'll work with them directly inside the platform — no separate signup, no cold search for a realtor.

Your mortgage broker will typically ask for: an employment letter, recent paystubs, bank statements (2–3 months), and — if you're self-employed or a business owner — a Notice of Assessment (NOA) for the last two years as proof of regular income. Also: an Equifax credit report (PDF), and photo ID or proof of legal status in Canada.

You can upload and organize all of these directly on the portal, ready to send the moment you need them.

The structure is the same as a rental offer — price, conditions, closing date — with two purchase-specific additions: your deposit can't be paid in cash, and a FINTRAC form is required (Canada's anti-money-laundering disclosure for real estate deposits).

An offer can be revised during negotiation — every change needs to be explicitly proposed and initialed by both sides, not just discussed verbally.

Your agent helps you negotiate and advises on a realistic offer price — and this matters for financing, too. If you offer meaningfully above market value, the bank's appraisal may come in lower than your offer, and the bank won't lend against that gap. You'd need to cover the difference yourself, in cash.

Once both sides sign the offer and a confirmation is issued, you have 24 hours to submit your deposit — either by wire transfer (a fee applies) or a bank draft from your own bank. Funds are deposited into the brokerage's trust account, where they're held safely until closing.

Most offers include conditions such as financing/mortgage approval, a status certificate review (for condos), and a home inspection — a professional check of the property's structural integrity and overall condition.

You typically have 5 days to satisfy each condition. As each one clears, your agent signs a waiver confirming it's been met. Once every condition is waived, the deal is firm and you're simply waiting on closing.

No later than 5 days before closing, your lawyer searches the property's title to confirm the seller has clear legal ownership — free of liens, unpaid property taxes, or other claims against the property. Finding a problem now, rather than after closing, gives everyone time to fix it before it becomes your problem.

Your lawyer handles the keys and the money: they coordinate with the seller's lawyer, transfer your mortgage funds and remaining cash, register the new title in your name, and only then release the keys.

Property tax and utility costs are adjusted (prorated) as of the closing date — so you're only charged for the days you actually own the home. From closing day forward, ongoing payments are yours.