Real Estate FAQ for Newcomers, Buyers & Families

Choose for both language ability and professional competence. A Korean-speaking realtor should be able to explain important Ontario real estate concepts clearly in the language you prefer—not simply translate listing descriptions.

Start by confirming that the agent is currently registered to trade in Ontario using the Real Estate Council of Ontario (RECO) public register. RECO also recommends interviewing agents about their experience, neighbourhood knowledge, services, fees and references.

Ask practical questions: How many transactions have you handled in my target area and property type? How will you explain a buyer representation agreement? What happens with financing, inspection or status-certificate conditions? How do you handle competing offers? If you prefer Korean, ask the agent to explain these concepts in Korean during the interview so you can judge both fluency and clarity.

Before signing, read the representation agreement carefully. RECO explains that the agreement should describe the services you will receive, duties owed to you, fees, duration and cancellation terms in its guidance on signing a contract with a real estate brokerage.

Often yes, but “newcomer” by itself does not determine eligibility. Your citizenship or immigration status, the federal non-Canadian purchase rules, Ontario taxes, the property's location and your mortgage qualification all need to be checked separately.

Canadian citizens and permanent residents are not subject to the federal prohibition on non-Canadians purchasing residential property. The federal government extended that prohibition to January 1, 2027, while the law provides exceptions for certain people and circumstances. The current federal Act and Regulations should be checked before a non-permanent resident signs an offer.

For example, the current regulations provide an exception for a qualifying work-permit holder who has at least 183 days of validity remaining on the work permit or work authorization on the purchase date and has not purchased more than one residential property under that exception. Other exceptions also exist.

Even when a purchase is federally permitted, a foreign national can face Ontario's 25% Non-Resident Speculation Tax (NRST). A qualifying purchase in the City of Toronto can also be subject to Toronto's 10% Municipal Non-Resident Speculation Tax (MNRST). Exemptions or rebates may apply in some situations.

Important: Before making an offer, have a real estate lawyer and mortgage professional confirm your current eligibility, tax exposure and financing. A realtor can help organize the process, but immigration, tax and legal conclusions should be confirmed by the appropriate professional.

Be ready to show who you are, how the rent will be paid and reliable references—but there is no single universal document package for every rental.

A Toronto or GTA rental application commonly asks for government-issued identification, employment information or an employment letter, recent income documentation, references, rental history and credit information. Depending on the situation, a landlord or listing representative may ask for additional supporting information that is lawful and relevant to assessing the application.

A newcomer may have little or no Canadian credit or rental history. Ontario's Human Rights Commission specifically says that a lack of rental or credit history should not automatically be treated as evidence that someone cannot pay rent. It also explains how rental history, credit references/checks and income information may be considered. See the OHRC's Policy on Human Rights and Rental Housing.

If you do not yet have Canadian credit history, prepare strong alternative evidence where appropriate—for example, a signed employment contract, pay information, bank or financial documentation, references, or other evidence that helps establish reliability. For condominium rentals, also review the building's rules because tenants must comply with the condominium's governing documents; the Condominium Authority of Ontario explains the condo leasing framework.

Protect your personal information. Confirm the identity and authority of the landlord, brokerage or representative before transmitting sensitive financial or identification documents.

You need more than the down payment. Plan for the minimum down payment, land transfer tax, legal and closing costs, adjustments, inspection or appraisal costs where applicable, moving expenses and a cash reserve.

Under current federal minimum down-payment rules, the Financial Consumer Agency of Canada states:

• $500,000 or less: at least 5% of the purchase price.
• More than $500,000 but less than $1.5 million: 5% of the first $500,000 plus 10% of the amount above $500,000.
• $1.5 million or more: at least 20%.

You must also budget for Ontario Land Transfer Tax. If the property is inside the City of Toronto, Toronto also charges a Municipal Land Transfer Tax. Eligible first-time buyers may qualify for rebates, so calculate the actual transaction rather than applying a generic closing-cost percentage.

Eligible first-time buyers can also investigate the First Home Savings Account (FHSA) and the Home Buyers' Plan (HBP). The HBP currently allows an eligible person to withdraw up to $60,000 from RRSPs, subject to the program rules.

Choose the neighbourhood and daily-life fit, not simply the municipality name. Both Markham and Richmond Hill can work well, but the better choice depends on your commute, housing type, school needs, budget and preferred amenities.

Markham is a large and highly diverse municipality with multiple distinct centres, employment areas and neighbourhoods. The City of Markham describes itself as a major GTA community with more than 370,000 residents and a substantial technology and life-sciences business base; see the City's About Markham page.

Richmond Hill has a strong north-south orientation around Yonge Street and Highway 404, with a mix of established and newer neighbourhoods. The City's demographic information provides official local context.

For commuting, compare the actual schedule you would use rather than assuming one city has universally better transit. GO Transit currently lists both the Richmond Hill and Stouffville corridors in its current schedules. Markham stations are served on the Stouffville corridor, while Richmond Hill has service on the Richmond Hill corridor.

If schools matter, test the exact address in the YRDSB School Locator before committing to a property. Boundaries and holding arrangements can change.

North York's Yonge corridor—particularly around Yonge–Sheppard and Yonge–Finch—is the clearest starting point if frequent access to Korean businesses and community life is a priority.

The Korean Canadian Business Association of Ontario is based on Yonge Street in North York and describes its roots in the North York Korean business community. In August 2026, the City of Toronto also highlighted the area's Korean-Canadian culture and Korean-owned businesses along Yonge Street in connection with the temporary BTS Boulevard designation between North York Boulevard and Finch Avenue.

Families who want more housing choices outside central North York often also compare Thornhill, Richmond Hill and Markham, because these communities remain geographically close to the North York Korean commercial corridor while offering different combinations of condos, townhouses and detached homes. The right location depends heavily on work, church/community connections, school boundaries and whether you drive or rely on transit.

Instead of choosing only by ethnicity, build a shortlist around your real weekly routine: work commute, school, worship/community activities, groceries, medical needs, transit, parking and housing budget. Then compare homes inside that travel zone.

Evaluate two purchases at the same time: the individual unit and the condominium corporation. A beautiful unit can still be a poor fit if the building has financial, legal, maintenance or rule-related problems.

For a resale condo, obtain and review the status certificate with your lawyer. The Condominium Authority of Ontario (CAO) explains that it can contain the declaration, by-laws, rules, current budget, audited financial statements, reserve-fund information, unit arrears and other important corporate information.

Check the reserve fund and recent reserve-fund study, possible fee increases or special assessments, legal proceedings, insurance information, building age and major repair projects. The CAO's resale condo guide explains why reserve funding, governing documents and status-certificate review matter.

At the unit level, confirm parking and locker ownership/use, what utilities are included in the fee, HVAC responsibilities, renovation history, appliance condition, water signs, noise, exposure and any nearby construction or redevelopment that could affect light, traffic or views.

Finally, compare all-in monthly cost rather than price alone: mortgage, property tax, condo fee, utilities, insurance and parking. North York buildings around Yonge–Sheppard, Yonge–Finch, Bayview Village, Don Mills, Yorkdale and Downsview can differ significantly even within the same micro-area.

Condo fees affect both your actual monthly budget and the mortgage amount you may qualify for.

The Financial Consumer Agency of Canada explains that monthly housing costs used in mortgage affordability calculations include mortgage payments, property taxes, heating costs and 50% of condo fees. See its guidance on preparing to get a mortgage. CMHC also uses 50% of condominium fees in its GDS/TDS calculations.

Example: two condos at the same price can produce different affordability results if one has a $450 monthly fee and the other has a $900 fee. The higher-fee building may reduce available mortgage room and increases the amount you must carry every month.

But lower fees are not automatically better. Ask what the fee includes and review the building's financial position. An unusually low fee can be less attractive if the reserve fund is underfunded or major repairs are approaching. The CAO's status-certificate guidance is a useful starting point for that review.

Sometimes—but do not assume that having a work or study permit automatically means you can buy. The current federal rules need to be matched to your exact status and the property.

The Prohibition on the Purchase of Residential Property by Non-Canadians Act generally prohibits a non-Canadian from purchasing residential property while the prohibition is in force, but it contains exceptions. The Regulations set conditions for temporary residents.

One important current example: a work-permit holder can fall within the prescribed temporary-resident exception if the person has 183 days or more remaining on the work permit or work authorization on the purchase date and has not purchased more than one residential property under the exception. Rules for students are different and more restrictive.

Federal permission is only one layer. A foreign national may still face Ontario's 25% NRST, and a qualifying Toronto purchase may also face the City's 10% MNRST. Mortgage eligibility, down payment and documentation are separate lender decisions.

Because the federal prohibition is currently scheduled to run to January 1, 2027 and tax rules can change, re-check the law immediately before making an offer.

Resolve status, tax and financing questions before you make the offer—not after it becomes binding.

• Eligibility: confirm whether the federal non-Canadian purchase rules apply to you.
• Taxes: determine whether Ontario NRST or Toronto MNRST applies and whether any exemption or rebate is available.
• Financing: obtain a mortgage pre-approval, but remember it is not the same as final approval for a specific property.
• Cash: know your down payment, deposit, land-transfer taxes, legal costs and other closing funds.
• Documentation: be ready for lenders, banks and legal professionals to request appropriate documentation about identity, income and source of funds.
• Representation: understand the buyer representation agreement and who represents whom.

Conditions in the offer can be critical. RECO warns that even a buyer who has been pre-qualified should not assume a financing condition is unnecessary, and removing an inspection condition can expose the buyer to expensive unknown defects. See RECO's guidance on competing offers.

RECO's Buyer's Checklist also reminds buyers to include items such as legal fees, land transfer tax and mortgage insurance in the total purchase budget.

If your ability to buy depends on immigration status, a tax exemption/rebate or a specialized financing program, confirm that point with the appropriate lawyer, tax adviser or lender before signing an unconditional offer.

A buyer's representative acts for the buyer client; a listing or seller's representative acts for the seller client. The key question is not simply who opened the door—it is who owes representation duties to whom.

Ontario allows different representation models. RECO explains that a representation agreement is a contract between the consumer and the brokerage, and it may use brokerage representation or designated representation. Read RECO's guidance on representation agreements before signing.

If competing client interests arise within the same transaction, multiple representation rules can apply. Under brokerage representation, this can happen when the brokerage represents both buyer and seller. Under designated representation, it can happen when the same designated representative acts for competing clients. RECO states that multiple representation is not permitted unless each client agrees; see Understanding Multiple Representation.

Before discussing negotiating limits, price strategy or confidential motivations, make sure you understand the agent's role and whether you are a client.

There is no universal right order. The decision is mainly about certainty versus convenience—and how much financial overlap you can safely carry.

Selling first gives you clearer information about your net sale proceeds and reduces the risk of owning two homes at once. It can make the next purchase budget more reliable. The trade-off is timing: you may need a longer closing, temporary accommodation, storage or a faster-than-ideal purchase.

Buying first can make the move easier because you secure the next home before giving up the current one. The risk is that your existing property may sell later or for less than expected, leaving you with overlapping mortgage, tax, utility and insurance costs or requiring bridge financing.

Before buying first, ask your lender to model both properties and the planned closing sequence. Canada's consumer mortgage guidance explains the importance of evaluating income, expenses, borrowing amount, debts, credit and total housing costs when preparing for a mortgage.

A useful decision test is: Could you comfortably carry both properties if the sale takes longer than planned? If the answer is no, selling first or using carefully drafted sale/purchase conditions may reduce risk.

Start with cash flow, building health and rental rules—not projected appreciation.

Model the property using conservative assumptions for rent, vacancy, mortgage payment, property tax, condo fees, landlord insurance, owner-paid utilities, repairs, leasing costs and future capital needs. If the investment only works when you assume unusually high future rent or rapid appreciation, the margin of safety is weak.

Review the condo corporation's status certificate, budget, reserve fund, legal proceedings, possible fee increases and governing rules. The Condominium Authority of Ontario explains what status certificates can contain.

Confirm that your intended rental strategy is compatible with the condo documents. Condo rules can regulate issues such as short-term rentals, pets and parking; see the CAO's guidance on condominium rules and leasing a condo.

Finally, rental ownership has tax-reporting consequences. CRA explains the reporting of rental income and which rental expenses may be deductible. Use an accountant or tax adviser for your particular situation.

Enter the exact property address into the official school board's locator, then confirm with the board or school when attendance is important to your purchase. Do not rely only on a real estate listing, neighbourhood website or old boundary map.

For Toronto public schools, use the TDSB Find Your School by Address tool. TDSB cautions that map boundaries are approximate and recommends the address-based search for a specific home.

For Toronto Catholic elementary schools, use the TCDSB School Locator. For Markham, Richmond Hill, Vaughan and other York Region municipalities, use the YRDSB School Locator and the YCDSB school tools.

For Ajax, Pickering, Whitby and other Durham communities, use the DDSB Find My School tool or the Durham Catholic locator.

School assignment can be affected by changing boundaries, holding areas, overflow plans, special programs and grade level. The YRDSB locator, for example, specifically warns that boundaries and holding areas can change. If a particular school is a deal-breaker, obtain current confirmation before making the purchase firm.

A good corporate relocation plan starts with the employee's work location, employer policy and arrival timing, then builds the housing search around the real commute and family needs.

First confirm what the employer or relocation provider covers: temporary accommodation, flights, shipment/storage, home-search trips, legal or real estate costs, lease-breaking, home-sale assistance and tax support can vary widely by company. If the employee is moving internationally, immigration/work authorization and banking/credit setup should be coordinated with housing timing.

For the GTA housing search, identify the actual office or regular work destination and compare realistic rush-hour transit/driving times. Then add school needs, spouse/partner commute, childcare, community preferences, parking and housing type. A newcomer may benefit from renting first if the work assignment or preferred neighbourhood is not yet certain; others may be ready to purchase after their legal eligibility and financing are confirmed.

Canadian tax treatment can also matter. CRA states that qualifying employment-related moving expenses may be deductible when the move meets the applicable conditions, including the 40-kilometre-closer test. See CRA's current guidance on moving expenses and employer relocation benefits.

A relocation-focused realtor can coordinate neighbourhood shortlists, rental or purchase searches, school-boundary verification and local due diligence, while immigration, tax and employment-benefit questions remain with the appropriate specialists.