1. Start with a comfortable budget—not your maximum

Do work out what homeownership would cost each month.

Look beyond the mortgage payment. Include property taxes, insurance, utilities, maintenance and condominium fees, where applicable. Leave room for unexpected repairs, too. These are all part of the cost of owning a home.

Don’t assume that the largest mortgage available to you is the amount you should borrow.

Ask yourself: “After paying for this home, would I still have room for groceries, transportation, savings and the things that matter to me?”

A home should fit your life—not require every part of your life to fit around the payment.

2. Get mortgage advice early—not just an online estimate

Do speak with a lender or mortgage broker before narrowing your search.

Ask what documents they need, how much you may qualify to borrow and what the payments could look like. Expect questions about your income, debts and available down payment.

Don’t treat a mortgage calculator or preapproval as final financing approval. A preapproval does not guarantee a mortgage, and the lender still needs to assess the property you choose. The Financial Consumer Agency of Canada explains how mortgage preapproval works.

Before taking on new debt, co-signing a loan or changing employment during your purchase, check with your lender about the implications.

The useful question is not only “How much can I borrow?” It is also “What still needs to happen before my financing is final?”

3. Plan for upfront costs—not just the down payment

Do ask for a written estimate of the money you will need before and on closing.

Depending on the purchase, expenses can include legal fees, title insurance, inspection costs and property tax adjustments. Budget separately for moving and immediate purchases or repairs. Review the federal government’s guide to buying a home for an overview of costs.

For a Markham purchase, ask your lawyer to calculate the applicable Ontario land transfer tax and confirm whether you qualify for a first-time homebuyer refund. Don’t assume that being a first-time buyer automatically makes you eligible. Check Ontario’s land transfer tax guidance.

Also, understand the difference between your deposit and down payment. The down payment is the portion of the purchase price not financed by your mortgage. The deposit is money provided in connection with the purchase agreement and is credited toward the purchase on completion; it normally forms part of your down payment.

Before making an offer, confirm the deposit amount, payment deadline and how you will access the funds.

4. Understand your representation—not just the paperwork

Do ask who represents you and what services you are agreeing to receive.

Before signing a buyer representation agreement, understand its scope, duration, fees and termination terms. Ask what you could owe if the seller does not cover all of your brokerage fees. These details belong in the agreement—not in assumptions. RECO explains what to review before signing a brokerage agreement.

Don’t sign something simply because it has been described as “standard.”

It is reasonable to ask: “Can you explain what this means for me, in plain language?”

Identify a real estate lawyer early as well, so you know whom to contact when questions about an agreement or property arise.

5. Explore everyday life in Markham—not just the listing photos

Do compare homes against your actual routine.

For each property, consider your commute, grocery trips, parking, outdoor space, storage and how you would use the rooms. If you expect to take transit, check the journey from the specific address—not just the distance to a station.

Visit the surrounding streets at different times when possible. Think about what an ordinary weekday would feel like, not only how the home looks during a showing.

If schools matter to your decision, verify the address and program with the relevant school board. For York Region District School Board schools, its Find My School resource is a useful starting point.

Don’t let attractive staging distract you from an awkward layout or a location that does not suit your needs.

Try separating your wish list into three groups: must-haves, nice-to-haves and deal-breakers.

6. Investigate the property—don’t rush past important checks

Do discuss appropriate offer conditions with your agent and lawyer.

Financing and inspection conditions deserve careful consideration. RECO cautions that mortgage prequalification does not safely eliminate the need for a financing condition, and that skipping a home inspection carries significant risk. Read RECO’s guidance on competing offers.

For a resale condominium, including a condominium townhouse, arrange for your lawyer to review the status certificate and supporting documents. These provide information about the unit and condominium corporation, including financial matters, rules and the reserve fund. The Condominium Authority of Ontario explains what a status certificate contains.

Don’t assume a freshly renovated home has no underlying issues, or that an attractive monthly condo fee tells the whole story.

Ask what needs to be checked, when it must be checked and what the consequences are if you proceed without that information.

7. Follow your own plan—not someone else’s timeline

Do decide your limits before you are emotionally invested in a property.

Write down your comfortable price ceiling, essential features and questions that must be answered before you proceed. Return to that list when a home feels exciting.

Don’t buy because a friend recently bought, because you feel behind, or because you are tired of searching.

A useful first-week plan is to gather your financial information, speak with a mortgage professional, identify your priorities and have a conversation about the buying process.

If the next step is more saving or more research, that is still progress.