When a first-time buyer comes in to see me, one of the first questions they ask is this: How long is all of this going to take?
The real answer is that it depends. But most Ontario real estate deals follow a recognisable rhythm. Once you understand the pieces, the timeline stops feeling mysterious.
The Two Timelines You Are Really Asking About
When buyers ask about closing, they’re usually asking one of two questions. Both matter, and the answers are different.
The first question is how long it takes from signing an offer to getting the keys. The second is how long the closing day itself takes. I’ll walk through both.
From Accepted Offer to Closing Day
In Ontario, on average most residential deals give the buyer a closing date of 30 to 90 days after the offer is accepted. Anything shorter than 30 days is tight (but doable).
Here’s what fits inside that window (based on a 60 day closing).
Days 1 to 10: Conditions
Most offers are conditional on financing and a home inspection. You usually have seven to ten business days to satisfy those conditions. If you’re not sure what to expect during this stage, our spring home buying legal checklist walks through the key steps.
During this stretch, you’re booking an inspector, confirming your mortgage with the lender, and reviewing the inspection report. If you’re buying a condo, you’re also reviewing the status certificate.
Once the conditions are waived, the deal is firm. From that point on, you’re committed to closing.
Days 10 to 50: The Quiet Middle
This is the stretch that surprises buyers. For weeks, almost nothing seems to happen. That’s an illusion.
Behind the scenes, your lender is preparing mortgage documents. Your lawyer is doing a title search. We’re pulling up old deeds, checking for liens, looking at easements, and confirming the property taxes are up to date. You can read more about what a real estate lawyer handles during this period.
We’re also reviewing the sale documents, which adjusts the purchase price for things like property taxes, propane, oil, and Common Expenses (for a Condominium).
Days 50 to 59: The Signing Week
About a week before closing, you come into our office to review and sign all of the purchase and mortgage documents together. This meeting usually takes an hour.
At the same meeting, you will bring the balance of funds required for closing (we advise a few days before the appointment of the actual amount required). The funds would be provided by a bank draft. Personal cheques aren’t accepted.
Closing Day Itself
The actual closing day has a rhythm of its own. I wrote a full breakdown in my post on what happens on closing day in Ontario, but here’s the short version.
Early in the morning, we receive your mortgage money from the lender (or we should, unfortunately there can be delays). We add your down payment funds, which you delivered earlier in the week. Together, that forms the down payment, legal fees, disbursements and HST.
Sometime between late morning and mid-afternoon, we send that money to the seller’s lawyer by depositing the same to their Trust Account. Once they receive the funds they will electronically sign the Transfer through the electronic registration system. At the same moment, the title is transferred into your name. The registration is the legal trigger that makes you the owner.
Once registration is completed, we will advise you. At that time we will either provide you with the Lock Box Code or advise that the keys are available to pick up at our Office.
From our desk, the whole process takes a few hours. From your perspective, the wait between dropping off your bank draft and getting the call about keys can feel like the longest morning of your life. I understand. We try to move quickly.
What Can Speed Things Up
A few things consistently shorten the timeline. Paying cash removes the mortgage leg entirely, which can trim time on setting a closing date as well as speeds the time on the Closing Date to complete the closing, as we are not waiting for Mortgage Funds.
What Can Slow Things Down
There are a few things that consistently drag the timeline out. Problems found on title, like an old mortgage that was never discharged or a Judgment against the Seller. A lender that is slow to provide the Mortgage Instructions or release funds on the day of closing can push everything back.
The worst delays I see come from deals where buyers and sellers agreed to a closing date without checking with their lawyers. If you pick a Friday before a long weekend, or a date at the very end of the month when every law office in Ontario is closing a file, you are potentially building delay into the schedule.
Another delay on your purchase is if you are closing a sale of a property on the same day as your purchase. In order to have the funds available for your purchase you need the funds from the sale. Any delay on your sale transaction can delay your purchase transaction. In order to avoid delays where you are selling and buying, we always suggest that you arrange for the Purchase a day or two before the closing of the sale and obtain Bridge Financing if required.
A Practical Tip for Peterborough Buyers
If you can, avoid closing on the last business day of the month. The banks, the land registry, and almost every real estate lawyer in Ontario are flooded on those days. A Tuesday or Wednesday in the middle of the month is faster and less stressful.
That advice alone has saved a few of my clients from a bad closing day.
The Short Version
A typical Ontario closing takes about 60 days from accepted offer to keys. The conditional period runs about a week. The quiet middle runs about three to four weeks. The signing meeting happens a week before closing. And closing day itself usually wraps up in the early afternoon.
If you’re thinking about buying a home in Peterborough or the Kawarthas and you want help planning the timeline around your life, I’m glad to help. If you’re looking at recreational property in the Kawarthas, our Cottage and Recreational Property Guide is a good place to start. Otherwise, book a consultation and we can map out the calendar together.
Barry W. Bussey is the principal lawyer at Bussey Ainsworth in Peterborough, Ontario. He has practised law for over 30 years and has experience in real estate, wills and estates, and business law.
This article is for general information only and does not constitute legal advice. Every real estate transaction is unique. Please consult with a lawyer before making decisions about your purchase or closing timeline.
