From renter to owner: a step-by-step path

Last reviewed October 30, 2026

You've done the math and decided buying makes sense, or will soon. Here's a practical sequence for going from renting to owning in London, including the part people forget: timing your move with your lease.

Step 1: Check your finances

• Savings: down payment, closing costs and an emergency fund.
• Credit: get your credit reports from Equifax and TransUnion, and fix any errors.
• Debts: paying down credit cards and car loans increases how much you can borrow.
• Income documents: pay stubs, employment letter, and two years of Notices of Assessment if you're self-employed.

Step 2: Use the first-time buyer programs

As a first-time buyer, you may be able to use the First Home Savings Account, the RRSP Home Buyers' Plan, Ontario's land transfer tax refund and the federal home buyers' tax credit. Some eligible renters may also qualify for the City of London's down payment assistance program when it's open. Our sister site London Down Payment explains each.

Step 3: Get pre-approved

A lender or mortgage broker reviews your finances and tells you how much you can borrow, at what rate. A pre-approval usually holds a rate for a period of time. Ask how they treat condo fees, and whether you qualify for a 30-year amortization as a first-time buyer.

Step 4: Decide what and where

Match your budget to the type of home: condo apartment, townhouse, semi or small detached. See starter homes in London. Shortlist two or three areas that fit your commute and lifestyle.

Step 5: Start looking with an agent

An agent can set up searches, arrange showings, pull recent sales so you know what homes are really worth, and guide your offer. In Ontario, you'll sign a buyer representation agreement that sets out the agent's services and payment, so read it and ask questions.

Step 6: Make an offer and firm up

• Include conditions you need: financing, home inspection, and, for condos, a status certificate review.
• Have your deposit ready (usually due within a day of acceptance).
• Once conditions are satisfied and waived, the deal is firm.

Step 7: Time your move with your lease

This is where renters can get caught out:

• Monthly tenancies: in Ontario, a tenant on a month-to-month tenancy generally gives at least 60 days' written notice, ending on the last day of a rental period, using the proper form.
• Fixed-term leases: you generally can't end the lease before the term ends without the landlord's agreement, though you may be able to assign the lease. Give notice to end it at the term's end.
• Don't give notice until your purchase is firm. If your deal falls through, you don't want to be without a home.

Step 8: Close and move in

• Arrange home insurance before closing. Your lender requires it.
• Your lawyer handles the transfer, land transfer tax and any first-time buyer refund.
• Set up utilities (London Hydro, Enbridge Gas, internet).
• Get your last month's rent deposit applied to your final month, with interest owed under Ontario rules.

Step 9: Your first year as an owner

• Build up a maintenance fund. Something will need fixing.
• Learn your home: water shut-off, electrical panel, furnace filter.
• Claim the home buyers' tax credit on your tax return.
• Keep saving. Your emergency fund matters even more now.

How long does it take?

From starting to look seriously to getting the keys, many first-time buyers take a few months: a few weeks to get pre-approved and set up searches, some weeks of viewings, then a typical closing period of 30 to 90 days after an offer is accepted. Saving the down payment usually takes far longer, which is why starting an FHSA early helps.