A: The process for buying a home in Toronto typically involves getting pre-approved for a mortgage, finding a real estate agent, viewing properties, making an offer, and closing the deal.

A: It’s highly recommended that you get pre-approved for a mortgage before starting your home search. This will help you understand your budget and give you more leverage when it comes to negotiating the offer.

A: No, buyers do not pay realtors directly to help them buy a home. When working with a real estate agent to buy a property, the commission is offered and paid by the listing brokerage through the MLS Listing. However, there may be certain exceptions to this that will be outlined in the Buyer Representation Agreement.

A: A Buyer Representation Agreement (BRA) is a written contract between a real estate brokerage/realtor and a client, which establishes an agency relationship and outlines the duties and responsibilities of both parties. It requires the brokerage/realtor to provide a higher duty of care to the client than to the general public. Legally, a BRA is required, but reputable agents will not force you to sign one during the first meeting or try to bind you into a contract.

A: The deposit required when purchasing a home in Toronto is typically 5% of the purchase price. For instance, if you are interested in a $1,000,000 home, you will need $50,000 readily available for the deposit. Rest assured, the deposit is part of your overall down payment.

A: Yes, in Toronto, as in the rest of Canada, you can use funds from your Registered Retirement Savings Plan (RRSP) to purchase your first home. The Home Buyer's Plan (HBP) allows you to withdraw up to $35,000 from your RRSP to use as a down payment on your first home. The HBP provides a way to utilize your own savings and reduce your mortgage costs. However, it is important to note that you will need to repay the amount withdrawn from your RRSP over a period of 15 years, beginning the second year after the withdrawal. The repayment amount is generally 1/15 of the total amount withdrawn each year.

A: The timing of your deposit will depend on the situation. Sometimes, it will be required "herewith" (which means you'll need to submit it with your offer), while other times it will be due "upon acceptance" (meaning within 24 hours of reaching an agreement). The deposit is held in a Trust Account until closing. Your deposit goes toward your overall downpayment/closing costs.

It's important to have your funds easily accessible, so make sure they're not tied up in your RRSP or TSAF account. . We've seen buyers lose out on properties because their bank required a couple of business days to transfer funds. Don't let that happen to you!

A: Yes, but we’re here to make sure that doesn’t happen. The outcome will depend on the specific circumstances of your situation.

If your offer is conditional (e.g. on financing approval), and you act in good faith but are unable to meet the condition, your deposit should be returned to you.

However, if you've made a firm offer and can't follow through on the purchase, you could be in danger of forfeiting your deposit and possibly even facing legal action.

We'll work closely with you to ensure you fully understand the risks and take steps to avoid any potential loss of your hard-earned cash.

A: Closing costs can vary depending on the property and purchase price, but typically range from 1.5% to 4% of the purchase price.

A: The land transfer tax in Toronto is calculated as a percentage of the purchase price and can range from 0.5% to 2.5%.

A: A firm offer is a term you'll encounter frequently in your real estate journey, but it's one that can make your mortgage lender and lawyer uneasy. Essentially, a firm offer is an offer to purchase a property with no conditions attached - no financing, no inspection, and no way to back out. If the sellers accept your firm offer, you're fully committed to the purchase.

While a firm offer may be necessary in some situations when buying a home in Toronto, it's important to understand the risks involved. Before making a firm offer, we'll explain those risks, review your options, and help you decide if it's the right choice for your particular circumstances.

A: In Toronto's competitive real estate market, offers are typically presented on a specific date, usually about a week after the property is listed for sale. However, a bully offer, also known as a pre-emptive offer, is when a buyer presents an offer to the seller before the specified offer date, hoping to avoid a bidding war.

So what makes a good bully offer? Generally, a firm offer at a price that is enticing enough to persuade the seller to reconsider waiting for the original offer date.

We're here to guide you through the process and help you determine whether a bully offer is the right strategy for your particular situation.

A: There are several factors to consider when determining if a property is a good investment, such as location, market trends, and potential rental income.

A: The day you receive the keys, also referred to as the closing date or completion date, is agreed upon during negotiations and specified on the agreement of purchase and sale document. The closing date is determined based on both the buyer's and seller's requirements for moving. On average, it takes between 30 and 90 days for a residential property to close from the time the agreement is signed.