Buyers Market
The GTA is currently a buyers market. Prices are down from pandemic highs and some condos are back to 2019 levels. Buyers who act now are well positioned for returns as the market stabilizes in 2026 and 2027.
My role is to protect your interests and help you secure the right home at the right price. I make sure you understand the true value of every property. Some asking prices are designed to encourage multiple offers, while others are inflated above market value. I give you the complete picture so you can act with certainty.
The Buying Process
Consultation
We begin with a conversation about your goals, your budget and the lifestyle you want. My role is to protect your interests, explain the market, and help you make confident decisions.
Qualification
Before we view properties, you will need a mortgage pre approval or proof of funds. This ensures we only focus on homes you can confidently pursue.
Search
Let’s start looking. Be open minded, because the perfect home may not look perfect at first sight. Consider other locations if necessary, as this can open opportunities that still fit your needs. Once qualified, we tour properties that match your goals.
Offer
When you are ready to move forward, I prepare and present your offer. Sometimes there is only one offer on the table. Other times, you may be competition.
The deposit is usually 5% of the purchase price. It is applied to your total purchase but is separate from your down payment.
Irrevocability means your offer is binding until a specific date and time. During that window, the seller can accept or counter, but you cannot withdraw.
Conditions or clauses may be included to protect you, such as financing, inspection, or status certificate review.
From here, three outcomes are possible:
The seller counters, and we decide whether to reject, counter back or accept.
The seller accepts the offer as written.
The seller rejects the offer, in which case we return to the search or revise our offer.
Acceptance & Closing
If your offer is accepted, the next steps depend on whether it is firm or conditional.
A firm offer moves directly to due diligence, closing and possession.
A conditional offer requires satisfying conditions such as financing, inspection and title review. Once those are met, the offer becomes firm.
At this stage, we complete due diligence, finalize closing, and prepare for possession.
Preparing to Close on Your New Home
When you buy a home there are costs beyond the purchase price. Knowing what to expect means fewer surprises and better planning.
Typical Expenses Due on Acceptance
Deposit: Usually 5% of the purchase price, applied toward the purchase but separate from the down payment.
Appraisal Fee: $300 to $500. Required by most lenders to confirm market value.
Home Inspection: $500 to $1,000 depending on size and age of the property.
Typical Expenses Due on Closing
Legal Fees: Around $2,000 including disbursements, which are out-of-pocket costs paid by the lawyer on your behalf (title searches, registration, couriers).
Closing Adjustments: Prorated costs like property taxes, condo fees and utilities.
CMHC Mortgage Insurance: Required if down payment is less than 20%. Up to 4.5% of the mortgage loan amount.
Land Transfer Tax: Provincial tax on all property purchases. Toronto buyers pay an additional city tax. First-time buyers qualify for rebates.
HST on New Construction: Rebates may apply for principal residences.
Mortgage Adjustment Period: A partial interest payment may be due to align with your lender’s payment schedule.
Property Insurance: Required by the lender before funds are advanced.
Status Certificate: For condos. Confirms the financial health of the building. ~$100.
Tax Advance: Some municipalities require prepayment of property taxes.
Title Insurance: One-time cost, about $250 to $400. Protects against future title claims.
Utility Hookups: Setup fees for hydro, gas, water, internet and cable.
Case Studies
Semi-Detached in Toronto
Purchase Price: $1,450,000
5% Deposit: $72,000
10% Down: $145,000
Mortgage: $1,305,000
Estimated Closing Costs
Appraisal Fee: $400
Home Inspection: $800
Legal Fees and Disbursements: $2,000
Title Insurance: $350
Property Insurance: $1,800
Land Transfer Tax:
Ontario: $26,475
Toronto: $26,475
Estimated Closing Costs:
~$58,000 before rebates
Oakville Condo
Purchase Price: $590,000
Paid in cash at closing
Estimated Closing Costs
Home Inspection: $500
Status Certificate: $100
Legal Fees and Disbursements: $2,000
Title Insurance: $300
Land Transfer Tax (Ontario): $8,950
Closing Adjustments: ~$1,500
Property Insurance: $600
Estimated Closing Costs
~$13,000 before rebates
The Sale Has Been Finalized… What Now?
The contracts are signed and your offer is firm. You now enter the waiting period between purchase and possession. While the big decisions are behind you, there are still important things to know and tasks to complete.
Can I visit my new home?
Yes. Most agreements allow at least one buyer visit before closing. This is your chance to measure, plan and confirm the condition of the property.
What else do I need to be doing?
Arrange property insurance, book movers, set up utilities, and update your address with service providers. Your lawyer and lender will guide you on the final paperwork and funds required for closing.
Closing and closing date defined
Closing is the date ownership of the property officially transfers to you. Your lawyer exchanges funds, registers the title, and confirms everything is complete. The closing date is written into your purchase agreement.
Timing
Possession usually happens in the afternoon once funds clear and the title is registered. It is best not to schedule movers or deliveries too early in the day.
Checklist
Before Closing
☑ Schedule your buyer visit
☑ Arrange property insurance
☑ Book movers
☑ Set up utilities
☑ Update your address with banks, service providers, etc.
Closing Day
☑ Confirm funds with your lawyer
☑ Expect possession in the afternoon
☑ Collect your keys once title is registered