Real Estate FAQs

Whether you’re buying, selling, leasing, or managing a property, understanding the details matters. I’ve gathered answers to the questions I hear most often from clients. Real estate can feel complex, but with the right guidance, it doesn’t have to be. Let’s make your next move a confident one!

General FAQs

There's a period called the irrevocable period, during which the offer cannot be withdrawn. If the party receiving the offer accepts it within that timeframe, the offer becomes a legally binding agreement.

Freehold means you own the land and the building. Condominium means you own your unit but share ownership of common areas with other residents.

It means the property is being sold in its current condition, with no repairs or warranties from the seller.

A pre-construction property is purchased before or during construction, with a longer wait before move-in.

Occupancy fee (also known as an interim occupancy fee) is a temporary monthly payment made by a buyer of a new pre-construction condo after moving in but before the building is officially registered.  

It usually includes the estimated property tax, maintenance fees, and interest on the unpaid balance of the purchase price. The buyers don't officially own the unit yet, they are just allowed to live there until final closing, when the title is transferred to them.

A real estate agent helps you buy, sell, or lease property by providing market insight, negotiation expertise, and professional guidance through every step of the process. Be open and honest to your agent about your needs, preferences, budget and concerns. The more they know, the better they can help you achieve your goals.

You can, but it's not always in your best interest. The listing agent represents the seller or landlord, which means their primary duty is to protect that party's interests.

Working with your own buyer's or tenant's agent ensures that someone is negotiating and advising exclusively for you, with your best interests and needs in mind.

Multiple representation occurs when one agent represents more than one party (e.g. both the buyer and the seller) in the same transaction.

This is legal in Ontario, but both parties must provide written consent, and the agent must remain neutral. They cannot share confidential details like the seller’s bottom line or the buyer’s maximum price.

While it’s allowed, it’s usually better to have your own agent, someone fully dedicated to protecting your interests and negotiating on your behalf.

A seller's market happens when there are more buyers than available properties. Homes tend to sell faster and often above the asking price.

A buyer's market occurs when there are more homes for sale than buyers. Buyers have more options and can often negotiate better prices or terms.

A balanced market means supply and demand are roughly equal - properties sell at a reasonable pace, and prices remain stable.

Seller FAQs

Schedule a consultation to assess your property value, market timing, and preparation strategy.

It’s a contract giving your brokerage permission to market and sell your home under agreed terms.

Not always, small updates like paint, lighting, and decluttering often make the biggest impact.

Staging means preparing and decorating your home to highlight its best features and appeal to more buyers. It can make your property look brighter, more spacious, and move-in ready. While not mandatory, staging often helps homes sell faster and for a higher price.

By comparing recent sales, active listings, and market trends in your neighborhood.

Commissions are negotiable and usually split between the listing and buyer’s agents and brokerages.

Yes, sellers must disclose latent defects that could make the home unsafe or uninhabitable.

More information: Facts a seller has a legal obligation to disclose (RECO)

It depends on the market, average 20-60 days in a balanced market, but faster for well-priced, staged homes

Not always, your agent can help you review the terms, buyer’s qualifications, and negotiate for better price or conditions.

Real estate commission, lawyer’s fees, mortgage discharge fees, and possible adjustments (property tax, utilities).

Review, the agreement, confirm all conditions are fulfilled or waived, complete any agreed repairs, transfer utilities and insurance, prepare keys and documents, do a final walkthrough, and coordinate your move.

The average closing period is 30–90 days, depending on the your preference, financing, and property type.

Only if the buyer agrees to a post-closing occupancy agreement.

You can make your purchase conditional on the sale of your current home, though in competitive markets, this might make your offer less appealing.

Speak with your mortgage advisor about bridge financing, which can temporarily cover the gap between closing dates.

More information: Mortgages/Refinance

The best time depends on market conditions and your personal situation. Generally, spring and early summer attract more buyers and higher prices, but motivated buyers exist year-round.  A real estate agent can help you choose the right timing based on local trends and your goals.

Buyer FAQs

Technically no, but having an agent gives you professional advice, market analysis, and negotiation power, and all paid by the seller in most cases.

It’s possible, but it’s not always in your best interest. The listing agent represents the seller, whose goal is to get the best price and terms for them.

If you choose to work with the same agent, it becomes multiple representation (dual agency), meaning the agent must stay neutral and can’t fully advocate for you.

If you want someone who will negotiate and protect your side, it’s better to have your own buyer’s agent.

Get mortgage pre-approval, set a budget, research neighborhoods, and decide on must-have features. Having a real estate agent helps you navigate listings, negotiations, and paperwork confidently.

It’s a contract between you and your agent that defines duties, loyalty, and how long they represent you.

A mortgage pre-approval helps you understand how much you can afford and shows sellers you’re a serious buyer.

It can also lock in an interest rate for up to 120 days, protecting you from rate increases while you search.

In Ontario, deposits are typically around 5% of the purchase price, though this varies by property and location.

The deposit is usually due within 24 hours after your offer is accepted, and it counts toward your down payment at closing.

Purchase price Minimum amount of down payment
$500,000 or less
  • 5% of the purchase price
$500,000 to $1.5 million
  • 5% of the first $500,000 of the purchase price
  • 10% for the portion of the purchase price above $500,000
$1.5 million or more
  • 20% of the purchase price

More information: How much you need for a down payment (canada.ca)

Yes, you can include conditions like financing, inspection, or status certificate review (for condos).

A home inspection helps identify potential issues with the property before you commit to buying.

It’s highly recommended, especially for resale homes, as it gives you an idea of repair costs and future maintenance.

For new builds, a Tarion warranty may cover construction defects.

You’ll work with your lawyer and agent to finalize financing, fulfill conditions, and prepare for closing.

They include down payment, land transfer tax, legal fees, insurance costs, home inspection, appraisal (if applicable), adjustments, moving fees and utility setup fees. Usually 1.5–4% of the purchase price.

A provincial (and in Toronto, an additional municipal) tax on property purchases.

More information: Land Transfer Tax Calculator (TRREB) 

Federal Ban: Most non-Canadians cannot buy residential properties (≤3 units) in major urban areas until Jan 1, 2027.

Exceptions: Temporary residents, refugees, or buyers with a Canadian spouse/common-law partner.

Ontario Non-Resident Speculation Tax (NRST): 25% tax on property purchases by foreign nationals anywhere in Ontario.

Other properties: Homes outside major urban areas or with ≥4 units may be exempt from the ban but still pay NRST.

More information:

Prohibition on the Purchase of Residential Property by Non-Canadians Act (CMHC);

Government ban on foreign ownership of Canadian housing (News Release)

Book a final walkthrough with your agent, confirm mortgage instructions, and prepare certified funds for your lawyer.

The average closing period is 30–90 days, depending on the seller’s preference, financing, and property type.

New construction condos or houses may take much longer, especially if they’re still being built.

You can make your purchase conditional on the sale of your current home, though in competitive markets, this might make your offer less appealing.

Speak with your mortgage advisor about bridge financing, which can temporarily cover the gap between closing dates.

More information: Mortgages/Refinance

Landlord FAQs

In Ontario, only a last month’s rent deposit is allowed, no additional “damage deposit.”

Once every 12 months, following Ontario’s rent increase guideline.

You can request employment letters, pay stubs, credit reports, and references, and use credit check services but you must follow the Ontario Human Rights Code (can’t discriminate).

 

You can issue a Form N4 – Notice to End Tenancy for Non-payment of Rent, and then file with the Landlord and Tenant Board (LTB).

Not automatically. The tenancy continues unless the tenant gives notice or you have a valid reason under the RTA (e.g. owner move-in, demolition).

Some municipalities require it for rental licensing (e.g., Toronto short-term rentals). Check your local by-laws.

At least 24 hours written notice for repairs, inspections, or showings.

The landlord must ensure the unit meets health and safety standards, even if tenants caused normal wear and tear.

Yes, but only the actual cost of replacing keys or access cards.

Use the proper LTB forms and follow the notice periods, do not change locks or remove belongings yourself.

Tenant FAQs

You usually pay the last month’s rent deposit when signing your lease. The landlord holds it and applies it to your final month of rent.

Fixed-term leases:

    • The deposit is automatically applied to your last month.
    • If you renew and the rent increases, you may need to top up the deposit to match the new rent.

Month-to-month (periodic) tenancy:

    • The deposit carries forward until you move out.
    • If the landlord increases rent (once every 12 months, with proper 90-day notice), you must adjust the deposit so it covers the new rent.

Interest: Landlords must pay annual interest on the deposit at the government-set guideline rate.

No. Rent can only be increased once every 12 months, and not during a fixed-term lease unless the tenant agrees.

Your tenancy automatically becomes month-to-month under the same terms unless you sign a new agreement.

It depends on your lease. Commonly, tenants pay hydro, gas, water, and internet. Always confirm which ones are included before signing.

Yes, with the landlord’s written consent. The landlord can’t unreasonably refuse your request.

No. The landlord must give you 24 hours written notice, stating the reason and time (between 8 a.m. – 8 p.m.).

It’s not legally required but strongly recommended. Most landlords make it a lease condition. It protects you from liability and loss.

For month-to-month (periodic) tenancy:

    • By law, you must give 60 days’ written notice ending on the last day of a rental period.
    • Early termination is possible if both you and the landlord mutually agree on a shorter notice period. Make sure any agreement is documented in writing.

For fixed-term leases (e.g., 1-year lease):

    • You are generally responsible for the entire lease term. To move out early, you have a few options:
    • Negotiate with your landlord for early termination—sometimes a fee may apply.

Assign your lease to another qualified tenant with the landlord’s consent, who will take over the lease for the remaining term.

Use a break clause if your lease includes one, which allows early termination under specific conditions.

Report repairs in writing as soon as possible. Landlords are responsible for maintenance and safety under Residential Tenancy Act s.20.

Always keep a copy of your lease, rent receipts, and communication records with your landlord for future reference.

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