Buying your first home is a series of steps, and most of the stress comes from not knowing which one comes next. Here they are, in order.
1. Work out what you can carry, not just what you can borrow. The Financial Consumer Agency of Canada (FCAC), citing CMHC, says your monthly housing costs (mortgage payment, property taxes and heat) should be no more than about 39% of your gross monthly income, and your total monthly debt no more than about 44% [1]. Budget for ownership costs too: utilities, property taxes and maintenance [1][2].
2. Check your credit report first. A lender looks at your credit report before approving a mortgage, so FCAC suggests ordering yours and fixing any errors before you start shopping [3].
3. Get pre-approved. FCAC recommends getting pre-approved before you start looking [1]. A pre-approval tells you the most a lender may lend you and at what rate, and some lenders hold that rate for 60 to 130 days [4]. It is not a guarantee of a mortgage [4]. Pre-approval isn't approval, and the difference matters later.
4. Know the money beyond the down payment. Closing costs are one-time costs you pay by the time the sale completes, such as legal fees, inspection fees and property tax adjustments [1]. FCAC says to be prepared for 1.5% to 4% of the purchase price [1]. In Manitoba, the buyer usually pays land transfer tax when the transfer of title is registered (there are some exceptions); the Province's page explains how it is calculated [5]. Federal programs for buyers, such as the First Home Savings Account and the Home Buyers' Plan, are listed by FCAC with their own eligibility rules [1]. Check those with the official page and your own advisor rather than assuming you qualify.
5. Make an offer, usually with conditions. In Manitoba, the government prescribes the offer to purchase form that real estate registrants use for houses and condominiums [6]. Common conditions include a home inspection, financing and a lawyer's review [6]. Once an offer is accepted, it is a binding contract, even while conditions are still outstanding [6].
6. Firm up, then close. When the conditions are met or removed, the deal moves to closing. The Manitoba Real Estate Association recommends using a real estate lawyer when you buy [7], and the Manitoba Securities Commission's handbook lists the buyer's typical closing costs, including land transfer tax and legal fees [6]. Lenders normally require property insurance to be in place on closing, so arrange it early [6].
7. Possession day. That's when you get the keys.
CMHC's "Homebuying Step by Step" guide covers each of these stages in more detail, from checking your readiness to taking possession [2]. My plain-English guide to your mortgage statement is here: Understanding your mortgage statement (plain English).
If you'd like to talk through where you are in this list, ask me.
Trevor LeVasseur, Licensed REALTOR® · Greg Michie Realty Group
Sources (checked October 31, 2026)
- FCAC, "Buying a home"
- CMHC, "Homebuying Step by Step"
- FCAC, "Preparing to get a mortgage"
- FCAC, "Getting preapproved for a mortgage"
- Province of Manitoba, Finance, "Land Transfer Tax"
- Manitoba Securities Commission, Real Estate Division, "MREA Home Owners Handbook"
- Province of Manitoba, Consumer Protection Office, "Review and use real estate lawyer"