FAQ/Resources

How do I get pre-approved for a mortgage in Ontario?

To get pre-approved, you'll need to provide a lender with proof of income, employment verification, credit history, and details of any debts. This helps determine how much you can borrow.

What are the minimum down payment requirements?

In Ontario:

• 5% for homes under $500,000

• 10% for the portion of the home price between $500,000 - $1,500,000

• 20% for homes $1.5 million+

What closing costs should I expect?

Closing costs typically range from 2-5% of the purchase price and may include:

• Land Transfer Tax (LTT) (First-time buyers may qualify for a rebate)

• Legal fees & title insurance

• Home inspection fees

• Property tax adjustments

Do I need a real estate agent to buy a home?

While not legally required, working with a licensed Ontario REALTOR® ensures you have expert guidance, access to listings, and strong negotiation support—all at no cost to buyers (paid by sellers).

How does the offer process work?

Once you find a home, we:

1. Draft a written offer with price, conditions, and closing date.

2. Negotiate terms with the seller.

3. If accepted, complete a home inspection & financing confirmation.

4. Finalize the deal with legal paperwork and closing preparations.

What is a conditional offer?

A conditional offer means your purchase is dependent on certain conditions, such as:

• Financing approval

• Home inspection

• Sale of your current home
  If conditions aren’t met, you can withdraw your offer without penalties.

How do I determine my home’s value?

A Comparative Market Analysis (CMA) evaluates recent sales of similar properties in your area to determine a competitive listing price. A REALTOR® provides this service for free.

What fees are involved in selling a home?

Common costs include:

• Real estate commission (typically 4-5% of sale price, split between buyer & seller agents)

• Legal fees ($1,500–$2,500 on average)

• Mortgage discharge penalties (if applicable)

• Moving costs

How long does it take to sell a home?

The timeline depends on market conditions, price, and home condition. On average, homes in Ontario sell within 30-60 days, but well-priced properties in competitive areas can sell faster.

Do I need to stage my home?

While not required, staging helps homes sell faster and for more money. Simple fixes like decluttering, neutral decor, and good lighting make a big impact.

What happens after I accept an offer?

Once an offer is accepted:

1. Buyer completes any conditions (e.g., inspection, financing approval).

2. Your lawyer handles legal paperwork & title transfer.

3. You prepare for moving & closing day.

When do I get paid after selling my home?

You receive your funds on closing day, once all legal paperwork is completed and the buyer’s mortgage funds are transferred.

The information provided in this FAQ is for general informational purposes only and is not intended as legal, financial, or real estate advice. While we strive to keep content accurate and up to date, real estate laws, mortgage regulations, and market conditions in Ontario, Canada, are subject to change.

Regulatory Compliance

This information aligns with the guidelines set by:

• Real Estate Council of Ontario (RECO) – The governing body that enforces real estate laws and professional conduct for REALTORS® in Ontario. Learn more at www.reco.on.ca

• Ontario Land Transfer Tax & Rebates – For details on tax obligations and first-time homebuyer rebates, visit Ontario Ministry of Finance.

• MLS® and REALTOR® Standards – The term MLS® is owned and administered by the Canadian Real Estate Association (CREA). All properties listed follow CREA and local board regulations.

Before Making Real Estate Decisions:

• Consult a licensed REALTOR® for expert guidance tailored to your situation.

• Seek legal advice from a qualified real estate lawyer for contracts, title transfers, and closing processes.

• Verify mortgage options with a certified mortgage professional to understand financing terms.

This FAQ is not a substitute for professional consultation. We are not liable for any actions taken based on this information. Always perform due diligence and consult industry professionals before buying or selling property.