FAQ

Frequently Asked Questions!

1. Do I need a real estate agent to buy or sell a home in Toronto?

While it’s not legally required, working with a licensed agent provides access to market data, negotiation expertise, and MLS listings. Sellers also benefit from marketing exposure and pricing strategy.

2. What is the minimum down payment required in Ontario?

• 5% for homes up to $500,000

• 10% for the portion between $500,000–$999,999

• 20% for homes $1M+
  Homes under $1M may qualify for insured mortgages through CMHC.

3. What additional costs should buyers expect beyond the purchase price?

Buyers should budget for:

• Land Transfer Tax (Provincial + Toronto municipal if applicable)

• Legal fees

• Title insurance

• Home inspection

• Appraisal fees

4. What is the Toronto Land Transfer Tax rebate?

First-time homebuyers in Toronto may qualify for rebates on both provincial and municipal land transfer taxes, potentially saving thousands.

5. How long does it typically take to close a real estate transaction in the GTA?

Closings typically range from 30 to 90 days, but can vary depending on market conditions and negotiations.

6. What is a conditional offer?

A conditional offer includes clauses (conditions) such as financing approval or home inspection that must be satisfied before the deal becomes firm.

7. What does “bidding war” mean and how common is it in Toronto?

A bidding war occurs when multiple buyers compete for the same property, often driving the price above asking. This is common in competitive GTA markets, especially for well-priced homes.

8. What is staging and is it necessary when selling?

Staging involves preparing and furnishing a home to make it more appealing to buyers. While not mandatory, it can significantly improve sale price and reduce time on market.

9. How is the value of my home determined?

Home value is based on comparable sales (comps), location, condition, market demand, and current economic conditions. A real estate agent can provide a Comparative Market Analysis (CMA).

10. What happens after my offer is accepted?

Once accepted:

• Buyer submits deposit

• Conditions (if any) are fulfilled

• Lawyers handle title and paperwork

• Final closing occurs on the agreed date