The Canadian Homebuyer TLDR
Concept to keys — the complete path · turningkeys.ca
9
Guided modules
7
Calculators
$0
Cost to you — ever
13
Provinces covered
Your path from concept to keys
Phase 1 — Financial preparation
1
Credit review
Pull Equifax & TransUnion. Target 680+ for best rates. Fix errors, pay down balances, avoid new credit.
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2
Open an FHSA
$8K/yr, $40K lifetime, tax-deductible. Open today — room accumulates from the year you open it.
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3
Save your down payment
Min 5% under $500K. Sliding scale to $1.499M. Keep funds in one account — no moving money in the 90 days before applying.
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Phase 2 — Mortgage qualification
4
Know your budget
Run the stress test: qualify at your rate +2% (min 5.25%). Use the Turning Keys affordability calculator.
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5
Mortgage pre-approval
Work with a licensed mortgage broker. Gather T4s, pay stubs, 90 days bank statements, FHSA/RRSP statements. Locks rate for 90–120 days.
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6
Document submission
Provide all income, asset, and debt documentation to your broker for full underwriting review. Formal mortgage approval follows.
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Phase 3 — Finding your home
7
Choose a buyer's agent
Your realtor works for you, not the seller. Interview at least two. Ask about experience in your target market.
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8
Active property search
Your realtor runs MLS searches, books showings, and advises on value. Use the Buyer Brief generator to clarify your needs.
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9
Draft the purchase offer
Your realtor prepares a legally binding offer: price, deposit, possession date, and conditions (inspection, financing, strata).
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Phase 4 — Offer to closing
10
Offer accepted
Seller accepts. Conditions period begins (typically 5–10 business days). The deal is not yet firm.
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11
Building inspection & due diligence
Licensed inspector assesses the property ($400–$600). Review strata documents if a condo. Lender confirms financing.
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12
Deposit payment
Conditions removed — deal is now firm. Deposit (typically 3–5% of price) paid to listing brokerage in trust. Non-refundable.
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Phase 5 — Legal closing
13
Meet your lawyer or notary
Sign mortgage documents, review statement of adjustments, pay closing costs. Budget 1.5–4% of purchase price beyond your down payment.
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14
Funds transfer & title registration
Your lawyer receives mortgage funds from the lender, pays the seller, and registers title and mortgage in your name.
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15
Possession day
Keys released once title transfer is confirmed. You collect the keys from your realtor or the listing brokerage.
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You turn the key to the lock on your new home.
The last step in the process — and the one that makes every other step worth it.
Current mortgage rates — April 2026
Important: Mortgage rates change constantly — sometimes daily — and vary significantly by lender, mortgage type, down payment size, amortization, and your individual qualification profile. The figures below are illustrative ranges only — not the lowest advertised rates, which are often available only to select borrowers or specific lender programs. Your actual rate will be determined by a licensed mortgage broker based on your specific situation. Always get multiple quotes.
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Documents you'll need
Income verification
Last 2 years T4 slips and Notice of Assessment
2–3 most recent pay stubs from employer
Letter of employment (position, income, tenure)
If self-employed: 2 years of T1 Generals + financial statements
Assets & down payment
90 days of bank statements (all accounts)
FHSA and RRSP account statements
Gift letter (if any portion is gifted)
Identity & other
Two pieces of government-issued ID
Void cheque or banking details for mortgage payments
Newcomers: PR card or work/study permit
What happens after you submit the graduation form
1
You submit your introduction request at the end of Module 9
You select whether you want a mortgage professional, a realtor, or both. You share your province, timeline, price range, and any context that helps us make the right match.
Immediately
2
You receive an email confirmation from the Turning Keys team
We acknowledge your request personally — not an automated reply — and confirm that we're making your introduction. If we have any questions to make a better match, we'll ask them here.
Within 2 business days
3
We make your introduction personally, by email
We send a warm introduction email to both you and your matched professional, including a brief context summary of your situation. Your professional receives your Turning Keys completion as context — so they know you're already informed.
Within 2 business days
4
Your matched professional reaches out directly
They contact you by email or phone to introduce themselves and schedule a no-obligation conversation at a time that works for you. The first call is typically 20–30 minutes — an introduction, not a sales pitch.
Within 2–3 business days of introduction
5
You're never under any obligation to proceed
You can ask questions, get a second opinion, or decide the timing isn't right. No pressure, no follow-up calls unless you ask for them. The referral fee is paid by the professional from their own compensation — never by you, and it never affects your rate.
How we vet every referral partner
Every mortgage broker and realtor we refer to has been personally vetted by the Turning Keys team. We only refer to people we would send our own family to. The vetting process includes all of the following:
Personal interview — we speak with every partner directly before approving them. We assess their approach to client education, their communication style, and their values around transparency.
CV and professional history review — we verify their experience, credentials, and track record. Minimum 5 years of active practice in their field.
Complaint history review — we check their standing with the relevant provincial regulatory body (BCFSA, RECO, RECA, etc.) for any unresolved complaints, disciplinary actions, or licence conditions.
Active licence in good standing — confirmed at the time of approval and reviewed on an ongoing basis.
Signed code of conduct — every partner commits in writing to treating Turning Keys referrals with the same care and transparency the program represents.
Important: Turning Keys is an educational program only. Nothing in this document or the program constitutes financial, mortgage, legal, or real estate advice. Mortgage rates shown are approximate market ranges sourced from public rate comparison sites as of April 2026 and are subject to change without notice. Your actual rate will depend on your individual qualification profile, lender, and market conditions at the time of application. Always consult a licensed mortgage professional for rate and product advice specific to your situation. The purchase process described is a general overview — steps, timelines, and requirements vary by province, transaction type, and individual circumstance. Always consult a real estate lawyer and licensed realtor for guidance on your specific purchase.