GTA Buying Guide — Making an Offer

Understanding Market Conditions

The market sets the rules for any offer you make. When there are many listings and few buyers, you have room to negotiate. When homes are scarce, you may compete with others.

Interest rates play a major part. The Bank of Canada raised its policy rate to 2.50% on October 28, 2026. Don’t try to time the market. Get a current lender quote, and base your offer on a payment you can comfortably afford.

Conditions also vary by area and home type. Condos may favour buyers in one neighbourhood while detached homes draw bids in another. Ask your agent for recent sales, and how long similar homes are taking to sell.

Spring is usually the busiest season, and late fall and winter are often quieter, with more room to negotiate.

Crafting a Competitive Offer

A strong offer is more than a price. Start with recent sales of similar homes, then adjust for condition, location and features.

Terms matter too. A seller may value a closing date that suits them or a clean, well-prepared offer as much as a small price difference. Your deposit also signals that you’re serious. In Ontario, it’s usually due soon after acceptance.

Have your financing lined up before you offer, and know your limit before negotiations begin. It’s much easier to walk away from a home when you’ve already decided what it’s worth to you.

Be careful with “love letters” to sellers. They can reveal personal information and raise fairness concerns, so talk to your agent first.

Negotiation Strategies

Good negotiating starts with facts. Know what similar homes sold for, and be ready to respond to a counteroffer.

Stay polite. Being courteous to the seller and their agent costs nothing, and it can keep a difficult deal alive.

Decide what matters most. You may give a little on the closing date to get a better price, or accept a few items left behind in return for a repair credit.

Be prepared to walk away. If a deal goes past your limit, there will be another home. Your agent will handle the back-and-forth, and can tell you when a seller has reached their limit.

Conditions in Your Offer

A condition lets you cancel the deal if something specific doesn’t happen by a set date. Common ones cover financing, a home inspection and, for a resale condo, a lawyer’s review of the status certificate. You may also ask for a condition on the sale of your current home, although some sellers won’t accept it.

Conditions protect you, but they can make your offer less attractive, especially when others are competing. Waiving one means taking on that risk yourself.

Get advice before you remove a condition. If you waive financing and your lender won’t approve the home, you could lose your deposit and owe more. Ask your agent what’s typical, and have the wording prepared properly.