If you’re thinking about buying a home in Toronto or the Greater Toronto Area (GTA), you’re not alone. With rising rents and population growth, many Ontarians are choosing to plant roots in one of Canada’s most dynamic real estate markets.
But the process can feel overwhelming — especially for first-time buyers. That’s why Mike Yat, a leading GTA real estate expert, has created this essential guide to help you navigate your purchase with clarity and confidence.
1. Understand What You Can Afford
Start with a realistic budget. Use online mortgage calculators to estimate monthly payments — but don’t forget about:
- Land transfer tax (Toronto has double the tax)
- Legal fees and closing costs
- Home inspection costs
- Ongoing property taxes and maintenance
Pro tip from Mike Yat:
“Always leave a 10% buffer in your budget for unexpected costs.”
2. Get Pre-Approved Before You Shop
In a competitive market like Toronto, sellers often won’t consider offers from buyers without pre-approval. A mortgage pre-approval shows:
- How much a lender is willing to offer
- Your likely interest rate
- That you’re a serious buyer
3. Choose the Right Property Type for You
There are major differences between condos, townhomes, and detached houses in the GTA:
- Condos: Lower purchase price but include monthly maintenance fees
- Freeholds: No condo fees but higher upfront cost
- Townhomes: Often a happy middle ground
Mike’s advice:
“Think about where you’ll be in five years. Will your space still fit your life?”
4. Watch Out for These Hidden Costs
Many first-time buyers forget about:
- Home insurance
- Utility setup fees
- HST on new construction
- Status certificate review (for condos)
5. Pick a Local Realtor Who Knows the Neighbourhood
Toronto is a city of micro-markets. Prices and competition vary wildly by postal code.
Whether you’re looking in Scarborough, Etobicoke, North York, or downtown Toronto, working with a realtor like Mike Yat, who understands local zoning, schools, transit, and bidding culture, gives you a major edge.
6. Be Prepared to Act Fast — But Not Blindly
In hot markets, homes may sell in days or even hours. But don’t rush into the wrong deal. Mike helps clients balance speed with strategy, ensuring due diligence without missing opportunities.
Ready to Start Your Journey?
Buying your first home is a major milestone. With the right guidance and tools, it doesn’t have to be stressful. Mike Yat has helped hundreds of buyers across the GTA navigate the market with confidence and peace of mind.
📞 Contact Mike Yat today to schedule your free buyer consultation.
