416-558-SOLD (7653) (905) 568-2121
Find Your Home

Key Questions for Buyers in the GTA

1. What are the financial costs associated with the initial purchase of a property.

Understanding total purchase costs is essential to the process. Things to consider are down payment, monthly mortgage costs, land transfer tax and lawyer fees.


2. How much downpayment do I require?

If this is your primary property downpayment is minimum 5% up to $500,000, 10% for the remaining up to $1,000,000 , and 20% beyond that.


3. Why do I need mortgage pre‐approval?

Pre‐approval strengthens your offer and helps determine a firm price ceiling. This should always be your first step when deciding to purchase a home.


4. What is the difference between downpayment and deposit?

Your deposit is the initial amount put forward with an offer that provides assurances to the seller that you have intentions on moving forward with the deal. If the deal moves to closing this amount forms part of your downpayment. A downpayment is the total amount that you will put towards your mortgage.


5. What questions should I ask a Realtor when interviewing them to become my buyer agent?

  • Are you a full time agent and how many years have you been a Realtor?
  • How do you support your buyers during the process of the purchase?
  • How responsive are you to texts, phone calls and emails?
  • Do you have a cancellation policy?


Key Questions for Sellers in the GTA

1. How do I determine the optimal price to list my home at?

Comparative market analysis as well as current market conditions should be taken into consideration when setting a competitive listing price


2. When is right time to sell?

Ideally, would be in a sellers market (no matter the time of year). However, life doesn’t always work like that. The most important factor here is when are you ready to sell? If you are downsizing - has your health become a concern? If you are upsizing - have you become uncomfortable and outgrown your current residence? Do you have the funds in place to make that bigger move?


3. Should I stage or declutter before listing?

Generally staging a property will bring you around 5% more than a non staged property.

Decluttering is essential and will lighten your load when you move!


4. How will I assess and negotiate multiple offers?

Price is not the only component. Conditions and any other contingencies that are in the offer as well as the closing date can tip an offer in another direction.


5. What questions should I ask when looking to hire a Realtor

  • Are you a full time Realtor, and how many years of service do you have?
  • What is the average number of days that your listings have been on the market?
  • Will you personally service my listing or will assistants do that?
  • What is your marketing strategy?
  • Do you have a cancellation guarantee?