Our Buyer’s Journey

To purchase a house in Ottawa, you typically need a minimum down payment of 5%. If your down payment is less than 20%, you’ll be required to obtain insurance on that mortgage (ex. CMHC), which protects the lender. Lenders will assess your income, debt levels, and credit history to determine your ability to repay the mortgage, the amount of downpayment required as well as the interest rate they’re willing to give you. You’ll also need additional monies for extra expenses like closing costs, inspections, legal fees, and land transfer tax. Additionally, if you are not currently a resident of Canada, you may be required to provide a larger down payment.

To secure your mortgage approval, your broker or bank will need key documents. Providing these promptly will help you prepare to make an offer more confidently and finalize your purchase.

You’ll need Proof of Income and Employment (recent pay stubs, a letter from your employer, or tax returns), Proof of Funds and Savings (bank statements showing funds for your down payment and closing costs) and your Government ID to verify your identity.

Submitting these early ensures a smoother approval process.

The straight answer is ‘no,’ you can purchase a home on your own, with the assistance of a lawyer. That being said, a good Ottawa agent who represents buyers is typically paid by the seller and can provide valuable support when guiding you through the homebuying process. The process includes educating you about the potential risks, providing insight about the neighbourhoods and specific properties, negotiating prices, assisting with financing, home inspections, and contractors, and addressing unique property issues. When making one of the biggest financial investments of your life, having someone who is deeply immersed in the Ottawa real estate market—and personally invested in your good story—can make all the difference in creating your joyful next chapter.

The answer to this question varies based on your specific needs and preferences. Realtors have different areas of expertise, such as specific neighbourhoods, property types (condos vs. houses), levels of experience, and sales volumes, as well as distinct approaches to client service. Determine what qualities matter the most to you and find an agent you trust. It is recommended that you interview a few agents and determine if they are a good fit for you. If you reach out to GoodStory, we’ll gladly help you find the right real estate agent for your needs. We have an extensive network of Ottawa real estate agents throughout the city, so if we feel we’re not the best fit for you, we will gladly connect you with someone who is. Click here for a list of interview questions for potential agents.

Yes, there are several programs designed to assist first-time buyers. For instance, the Home Buyers’ Plan allows individuals to withdraw up to $35,000 from their RRSPs to help finance a home purchase. Additionally, the Land Transfer Tax Rebate offers up to $4,000 on the Ontario Land Transfer Tax. There’s also the First-Time Home Buyer Tax Credit, which provides additional help with closing costs. It is important to check the full details and eligibility requirements for these programs with your mortgage specialist.

This is a very common question, often because buyers may not fully understand the financing condition. A financing condition is a crucial part of any offer, allowing you to withdraw your offer if you cannot secure financing. If you must cancel due to this condition, you are entitled to a full deposit refund. Simply changing your mind about the property isn’t sufficient grounds to withdraw. Whether you need to prove you couldn’t get financing depends on the wording of the clause included in your offer. Many Ottawa realtors use a clause stating that the financing must be “satisfactory to the buyer in their sole and absolute discretion,” meaning that the terms, interest rate, and lender must meet your standards. This goes beyond receiving an offer for a mortgage.

Considering an inspector typically has 3 to -5 hours to inspect a home, this is a very important question. Most home inspection companies in Ottawa limit their liability to the cost of the inspection itself. This means that if they miss a significant problem, you may only be able to recover the amount you paid for the inspection (typically around $500-700). Choosing someone who is knowledgeable and experienced is key as you will be required to sign an agreement outlining the inspector’s liability and the specific areas they will assess right before the inspection takes place. It’s important to note that many inspections do not cover certain issues, such as termites or mold, and inspectors cannot assess areas hidden behind walls or under floors.

There isn’t a definitive “normal” timeframe for real estate closings; we’ve seen them range from as short as two weeks to as long as a year. The closing date is usually determined by mutual agreement between the buyer and seller, based on their personal and financial circumstances. In Ottawa, however, most closings tend to occur within a 30, 60, or 90-day timeframe.