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Home for the Holidays: A Realtor's Guide to Captivating Christmas Decor

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'Tis the season to transform homes into winter wonderlands, and as a realtor, what better way to capture the festive spirit than by showcasing properties adorned with enchanting Christmas decorations? Creating a warm and inviting atmosphere can significantly enhance the appeal of a home, making potential buyers feel a connection that goes beyond brick and mortar. In this guide, we'll explore innovative and tasteful ways to decorate homes during the holiday season, turning them into irresistible destinations for prospective buyers. Even if you are not selling, here are some great ways to reflect the holiday season within your home.

Christmas Decor Real Estate

Curb Appeal that Sparkles

The first impression is crucial, and during the holidays, curb appeal takes on a whole new meaning. Start by adorning the entrance with a festive wreath that complements the home's color scheme. Consider adding subtle outdoor lighting, such as string lights along the pathway or a beautifully illuminated tree near the entrance. This touch not only enhances the home's exterior but also creates a warm and inviting ambiance.

A Cozy Fireplace Setting

Highlight the heart of the home – the fireplace. Arrange plush holiday-themed throws and cushions on the furniture surrounding the fireplace, creating a cozy and inviting space. A well-decorated mantel adorned with stockings, candles, and garlands adds a touch of festive elegance, making potential buyers envision themselves celebrating the holidays in their new home.

Christmas Decor for Real Estate

Deck the Halls – Stylishly

Opt for a cohesive color scheme that complements the home's interior. Consider classic combinations like gold and red, or go for a more modern touch with silver and blue. Ensure that decorations complement the existing decor rather than overpowering it. Simple touches, such as a beautifully adorned staircase railing or strategically placed ornaments, can bring the holiday spirit without overwhelming the space.

Showcase outdoor entertaining spaces

If the property has outdoor entertaining spaces, don't forget to extend the festive decor outside. String lights, outdoor wreaths, and a well-lit patio can showcase the home's potential for hosting memorable holiday gatherings.



Bedrooms that Gleam with Holiday Magic

Create a serene and festive atmosphere in the bedrooms by incorporating holiday-themed bedding, pillows, and throws. A beautifully adorned Christmas tree in the master bedroom can add a touch of magic. Keep it tasteful and cohesive, ensuring that the decor enhances the room's ambiance without overwhelming the potential buyer's imagination.

Bathrooms with Seasonal Splendor

Even the bathrooms can benefit from a festive touch. Consider adding holiday-themed towels, candles, or a simple bowl of decorative ornaments. It's all about creating a cohesive and inviting atmosphere throughout the entire home.

Kitchen Elegance

The kitchen is often the heart of the home, and during the holidays, it becomes a hub for festive gatherings. Consider adding subtle touches like holiday-themed dishware, a decorative centerpiece, or even a bowl of festive potpourri. If the home has an open layout, make sure the holiday decor seamlessly flows from the kitchen into the adjoining living spaces.

Christmas Decor for Real Estate

Create a Holiday Scent Experience

Engage the senses by incorporating subtle holiday scents throughout the home. Consider placing scented candles, potpourri, or even baking a batch of festive cookies before showings. The inviting aroma can evoke feelings of comfort and home.

In the competitive world of real estate, making a memorable impression is key, and during the holiday season, decorating with care and thoughtfulness can set your property apart. By creating a warm and festive atmosphere, you not only capture the spirit of the season but also help potential buyers envision themselves celebrating future holidays in their new home. So, deck the halls, light the candles, and let the magic of Christmas make your home irresistible for the holidays.

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The Best of The Kingsway!

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The Spa at the Old Mill

Summer is coming and it is the perfect time to get out and support our beloved local west end Toronto businesses, who suffered so much throughout the pandemic. To help you find the best places to eat, play and shop, we are updating our neighbourhood pages and will be highlighting a different west end Toronto area over the next few months. Next up The Kingsway!

AVERAGE SALE PRICE (2022)

The Kingsway | $2.45M

TYPE OF HOMES

Detached Tudor style, mostly 2-storey (with some bungalows), set back from the street with private driveways & garages

Est.

1920’s

fun fact

The Kingsway area was established by Robert Home Smith and the names of the streets (Queen Anne, Kingsgarden, King George) were chosen to emphasize English respectability & attract affluent buyers 

the kingsway/sunnylea schools

Etobicoke Collegiate

 
 

Public | Sunnylea JS (JK-5), Park Lawn JMS (JK-8), Lambton Kingsway JMS (JK-8), Etobicoke Collegiate (9-12)

French | Rosethorn & Islington (immersion), Briarcrest & Second Street (extended), Richview CI (high school)

Catholic | Our Lady of Sorrows (JK-8), St. Mark (JK-8)

THE kingsway/sunnylea NEIGHBOURHOOD

  • restaurants, bars & shopping located along Bloor Street between Montgomery & Prince Edward

  • easy access to buses on Royal York & Prince Edward, as well as the Royal York subway station

  • easy commute downtown by highway or TTC

  • Brentwood Public Library is located on Brentwood Road North

  • the 'Taste of the Kingsway' is celebrated along Bloor Street every September

  • beautiful wide streets & big mature tress are signature features of this highly desirable & well established area

The Crooked Cue

INDULGE.

Etobicoke Real Estate Agents

King’s Mill Park

PLAY.

Etobicoke Real Estate Agents

Oleander Floral Design

SHOP.

 

To find out about other amazing neighbourhoods and the best places to eat, play and shop in Toronto’s west end, check out our neighbourhoods page. If you would like more information about this fabulous west end Toronto neighbourhood or if we are missing one of your favourite local businesses, please feel free to drop us a line at info@westsidestoreys.com - we are always available for your quesitons!

Kindergarten Registration Month at the Toronto District School Board

TDSB Kindergarten Registration

TDSB kindergarten Registration Month is here

There was a point in our lives when we thought we’d never get out of that kindie playground. We spent years dropping off and picking up the littles before all day kindergarten kicked in. Lots of back and forth and a few precious hours in between. Now, with 4 of our kids in high school and one already off at university, kindergarten feels like a lifetime ago.

Luckily for you, the TDSB Kindergarten Registration process is getting easier every year. The registration for English programs begins in February and you can choose between online registration or booking an appointment at your local school.

how to register for kindergarten

All children that will be turning 4 by December 31, 2023 are able to attend a junior kindergarten program in the City of Toronto in September of this year. If you are new to Toronto and not sure which grade to register for, just contact your schools principal or vice-principal and they will be able to assist you.

Looking to send your child to the local school within your catchment area? It's pretty straight forward. To find your local school for the Toronto District School Board (or Toronto Catholic District School Board ) you just need to enter your address and then register in-person or online.

To register for any Toronto District School Board program you will need proof of age (birth certificate/passport), address (2 pieces of I.D that show address) and your child's immunization record. If you don't have the necessary documentation you can contact the admissions office at the TDSB.

If you are hoping to send your wee one to a school that is not your designated local school you can apply for optional attendance. Many schools in Toronto are closed for optional attendance due to crowding but you can contact your school of choice and find out what their current status is.

There are also many other programs offered by the TDSB including home schooling, alternative schools and  academic academies .

Oh, and get used to using loads of acronyms, the board loves them! (FDK, LOI, EQAO, DPA, ECE, FEX, IEP, HSP...you'll be throwing these terms around in no time.)

French Immersion

The board has changed the French immersion programs over the last few years and now offers an Early French Immersion program that starts in the Junior Kindergarten year. The deadline for this program (for a September 2023 start) was November 2022 and the online portal is now closed. If you had your heart set on this option we recommend you reach out to your local school that offers Early French Immersion and they should be able to add you to their waitlist.

Virtual Learning in Kindergarten

The board will be continuing to offer a virtual learning option for families. They are recommending you register with your local school and the virtual options will be made available in May based on availability.

Before & After School Care

Many parents are (rightfully!) concerned about before and after school care and not every school can accommodate all of the children that need it. These fee-based programs are run by a third-party child care provider at the school. Programming usually runs from about 7:00 a.m. to 9:00 a.m., and 3:30 p.m. to 6:00 p.m. You can find more information about the various programs as well as complete a survey to help the TDSB assess the needs of the community here. When you register your child at the school, speak with the Administrator or Principal about the availability of an Full Day Kindergarten (FDK) Before & After School Program at your local school, including details about registration and how to get on a wait-list if there is one!

What to expect

The Toronto District School board has put together a list of helpful links including information on the curriculum and helping to prepare your children for school.

In the Kindergarten program, your child will develop their skills and abilities through inquiry and intentional play-based learning. Teachers and early childhood educators plan learning experiences where children are actively engaged in learning and thinking creatively.

-TDSB Website

We wish your kiddos all the best as they begin their academic journeys! xo

A Realtor's Guide to Organizing Your Home

Organizing Your Toronto Home

Whether you are an empty nester looking to downsize into a smaller home or condo, a divorcee looking for an emotional (and physical) fresh start, or just any one of us who is looking to embrace the life-changing magic of tidying up, here are some tips on how to de-clutter your space (and your mind!) and get yourself organized with a view to downsizing into a new space or just creating more calm within the space that you are in!

First things first: 

1.  YOU NEED A PLAN

Before getting started, it is paramount that you have a plan in place, complete with timelines and deadlines.  Just like goal-setting, you will need to write it down, keep it someplace where you can see it, and keep checking those tasks off your list (it will give you a feeling of accomplishment, I promise). 

2. BE PREPARED

Make a list of everything you are going to need to accomplish this momentous task and go out and get them.  The easiest way to get sent off course is to get into a rhythm and then find that you don't have the tools available to complete the task at hand.  Go get garbage bags, boxes, packing tape, sharpies, a label maker, and storage containers of various shapes and sizes.  Then crank some music or put on your favourite podcast and get to work! 

3.  ENLIST HELP

We know that the thought of downsizing and de-cluttering can be completely overwhelming, but there are people out there who can help.  As realtors, we have a system to help downsizers tackle the clutter and get their houses ready for sale, so if you are looking to sell, make sure you engage a realtor who is experienced with the process of downsizing.  There are also professional organizers who, for a fee, can walk you through this transition and, depending on the level of engagement, can even do it all for you.  Additionally, enlist your children and family members to help out, and in some (most) cases, come pick up their stuff! 

4.  EAT THE FROG

Do you know that task that you absolutely positively DO NOT want to do?  Yeah, do that one first.  I know it sucks and I know you really really really don't want to clean out that storage closet under the stairs, the one that has been collecting all the discarded Christmas gifts and kid’s art projects for lord knows how many years, but just think how amazing and empowered you will feel when you do finally eat that frog! 

5.  GO ROOM BY ROOM

Don't multitask, this process needs to be methodical, so attack each room individually; then close the door and move on.  Go through and pull every item out of every drawer and closet, clean off every surface and then move on to #6. 

6.  SEPARATE & DISCARD

Keep it, give it away or throw it out.  Separate everything into three piles, but be very discriminate, this is not a time for sentimentality.  If you haven't looked at it or used it for years, then it needs to be given away or thrown out.  We know it is difficult to part with items related to your children or family members who have passed away but try to whittle it down to a much more manageable size.  Maybe take photos of your children's art projects, put them in an album and then keep only your favourite three pieces?  Try shifting your mindset by giving away clothes that belonged to a loved one to charity, they are not only freeing up space in your life but also getting a new one.  Have a yard sale and make a little bit of money while you're at it.  If there are items that you don't use but are having trouble parting with because they are valuable, have them appraised and see if you can sell them. There are lots of good options available nowadays and there is someone out there willing to buy everything! 

Organizing Your Toronto Home

7.  ORGANIZE

Do not put anything back that does not have a purpose or a place!  This is key.  Before you put anything back in a drawer or cupboard ask yourself whether it has a purpose and if so, make sure to make a place for it.  This is when storage containers (and label makers!) come in very handy and there is so much variety nowadays, there are lots of options that are both practical and decorative.  Have some fun with it and be creative.

8.  MAKE A LIST OF UPDATES & REPAIRS THAT NEED TO BE DONE

As you are going through this process, make sure to make a list of any repairs or updates that are required, and if you are selling, make a plan to complete them prior to putting the house on the market.  Once the de-cluttering is done, it will then be easy to make the necessary repairs or hire contractors to do them. 

9.  DON'T FORGET THE OUTDOOR SPACES!

Yup, you have to tackle the garage and garden shed as well.  Go through the same process with the outdoor spaces, getting rid of everything that no longer serves your purpose.  Just think, if your plan is to move into a condo, you can say goodbye to that lawnmower forever! 

10.  CELEBRATE!

We know this process can be totally daunting, but we promise it is worth it.   At the end of it, you will feel lighter and more empowered, so once it is done, pour yourself a glass of wine and give yourself a big high-five!  We think you deserve a gift as well ;).

If you are looking to downsize and would like us to come by and walk you through our step-by-step guide to downsizing, or if you would like to have a conversation about how we approach real estate differently; developing a customized plan to find you your perfect home or sell your existing home in a shifting market; please don’t hesitate to reach out. We are always available for your questions!

Is it a good time to buy west Toronto real estate?

real estate agents west toronto

In a city like Toronto, where real estate is a city-wide obsession and avid spectator sport, the question on everyone’s mind (and the one we get asked at least once a day!) is ‘what is going on in the Toronto real estate market?’

Given all the speculation, we thought we would take a moment to address what is going on, specifically in the west Toronto real estate market, and based on our 20+ years of experience, where we think it is going.

First things first, we’re not saying don’t listen to the media, but the media LOVES to talk about real estate, and generally, they are in one of two camps - the market is crazy and the bubble is about to burst OR the bubble has burst and the sky is falling. Neither of which has proven to be true in the last couple of decades. However, there is no denying that the market was crazy and (in our opinion) unsustainable at the beginning of this year, and that a perfect storm of influences (supply chain issues, the pandemic, the war in Ukraine, inflation, and the resulting interest rate hikes) has created a ‘pause’ in the market that we haven’t seen since the Great Recession in 2009. But even in 2009, the pause in the Toronto real estate market only lasted about 8 months and we think that this market will probably follow suit.

We don’t have a crystal ball, but these are the reasons that we think the market will start to rebound in the next 4-6 months:

  1. sellers can only hold off for so long

    there is a multitude of reasons why people need to sell their homes including death, divorce, job loss, job transfer, expanding family, etc., and while some of these reasons can be put off for the short term, at some point despite market conditions, the house will have to go on the market. At the moment, everyone who can hold off selling their homes in order to see where the market is going is doing so, but that can’t last forever.

  2. the city is continuing to grow

    we live in a large growing city with a finite number of properties. Aside from vertical growth, there is nowhere else to build in this city (hello, laneway housing!), so with the population continuing to expand, there is increasing demand for existing properties. Toronto’s population is expected to grow by $1 million people in the next 25 years and with limited inventory, the demand and price of homes will continue to rise

  3. in some cases the reduction in price will compensate for the increase in interest rates

    this is not the case in all situations, but for the savvy buyer (with an equally savvy realtor) who can spot a good opportunity, the reduction in price since the peak in February of this year could compensate for the increase in interest rates.

  4. buyers with pre-approvals will need to buy in the next few months to take advantage of their locked-in rate

    most of the buyers at the moment are investors with lots of cash on hand, first-time buyers who don’t have anything to sell, and upgraders who will save more money on the property they buy than they will lose on the property they sell. Many of these first-time buyers will have an existing 90-120 day pre-approval (and rate guarantee) and will want to buy before rates go up again and their approval expires. The more buyers that enter the market, the more demand and the higher the prices, which will ultimately motivate sellers to sell.

Toronto real estate

What does this all mean?

The average price in October was almost $1.1M, which has remained stable over the last few months, while the number of sales compared to October 2021, was down almost 50%. The average price was down 18% compared to the peak in February so we have definitely shifted from a seller’s market (buyers > sellers) to a balanced market (buyers=sellers), meaning homes are not selling as fast and we are seeing lower prices and less competition.

So is it a good time to buy west Toronto real estate?

If you have a pre-approval (which we highly recommend) AND you can find something that fits your parameters, then it is definitely a good time to buy. Also, if you are upgrading from a condo to a semi or detached home, you will likely benefit as well because you will save more money on your purchase than you will lose on your sale. Due to a lack of inventory, the challenge is finding a property that fits your criteria, but if you can open your mind to properties that have been sitting around a while and may have gone overlooked or are in locations that you may not have considered previously, then we suggest striking while the iron is hot, because interest rates are predicted to stay at this level for at least the next year and the market will likely bounce back before then.

What does this mean for sellers?

Sellers shouldn’t be afraid to sell in this market, homes that are well located, show well and are priced properly are selling (sometimes even in competition). In this market, pricing is crucial and since every neighbourhood is its own micro-market, make sure you have an agent who is experienced in and knowledgeable about your particular neighbourhood so they can properly advise you on where to price your home for maximum return. Also, if you are purchasing a new property that is dependent on the price you get for your current home, for the first time in a long time we highly recommend selling before you buy.

If you would like more insight into this market, or if you would like to have a conversation about how we approach real estate differently; developing a customized plan to find you your perfect home or sell your existing home in a shifting market; please don’t hesitate to reach out. We are always available for your questions!

How to Choose the Right West End Toronto High School in 2022

Toronto west end schools

There are a number of high schools in Toronto’s west end, each offering different programs and catering to a variety of interests & proficiencies. I have helped both my daughters navigate through this maze of grade 9 options, they each attended different high schools, but I am happy to report that they both made the right choice and ended up at the school that was the best fit for them.

To add to the confusion, the TDSB has changed their application process for specialized programs, so they are offering a virtual ‘Student Interest Programs Information Session’ on November 3rd, from 7-8:30pm. To further support students and families with the application process, central TDSB staff will be hosting three Centralized Program Admissions Support Sessions to answer any questions that students or families may have when completing the Centralized Program Application.  Live, online support will be available on the following dates: November 8 – 4-5:30pm (LINK), November 15 – 7- 8:30pm (LINK), November 24 – 4-5:30pm (LINK).

We have had an overwhelming response to this blog, which we originally posted in 2017 when I was going through this process the first time, so this year we have expanded it to include a few more west end schools.  We hope that you will find it to be a helpful guide to the varied (and sometimes overwhelming) choices available for secondary school education in Toronto's west end!

Specialty Programs & Key Dates

Bishop Allen Academy (Catholic)

  • Advanced Placement Program - an internationally recognized program that fosters success in higher education by encouraging students to develop critical thinking skills at the highest level

Bloor Collegiate

Virtual open house November 10th, 6:30-8:30pm

Etobicoke Collegiate

Virtual open house December 1st, 7-9pm

Etobicoke School of the Arts

In-person open house November 8th, 6-8pm

Father John Redmond (Catholic)

In-person open house October 13th, 6:30pm

  • Congregated Advanced Placement Program which enables willing and academically prepared students to pursue university-level courses while attending secondary school

  • Regional Arts Program in dance, drama, music & visual arts

  • applications are available as of September 26th and are due November 1st. Notification of acceptance to specialty programs is on December 2nd (wave 1) & December 9th (wave 2).

  • the school also offers a Gifted Program

     

Humberside Collegiate

Virtual open house December 15th,  6:30-8:30pm

West Toronto Humberside Collegiate

Humberside Collegiate

Martingrove Collegiate

Virtual open house December 6th, 6:30-8:30pm

Michael Power - St. Joseph High School (Catholic)

Parkdale Collegiate

Virtual open house November 22nd, 6:30-8:30pm

Richview Collegiate

Virtual open house December 8th, 6:30-8:30pm

Runnymede Collegiate

Virtual open house November 23rd, 6:30-8:30pm

Silverthorn Collegiate

Virtual open house November 10th, 7-9pm

Ursula Franklin Academy

In-person open house November 15th, 6-9pm

  • UFA is a small specialized school which has a focus or specialization in the following areas: Wednesday Enrichment Program, Math and Science Programming, Social Justice & Integrated Technology

  • the TDSB has changed their application process for specialized programs, students wishing to apply to the Integrated Technology program at UFA must now do so by applying to these Centralized Student Interest Programs through an online application that will be available from November 7-25.

  • UFA has a two-step admission process, in addition to completing the Secondary Centralized Programs Online Application, all students must then select one date on which they will attend an in-person admissions session. In-person sessions will take place on November 18th from 10am-12pm or on November 26th from 10am-12pm

  • if the number of students who are eligible to attend UFA exceeds the number of spaces available in any given year, all eligible students will be placed in a pool for a random draw (lottery)

west end toronto Western Technical Commercial School

Western Technical-Commercial School and Ursula Franklin Academy

Western Technical-Commercial School

Virtual open house November 17th, 6:30-8:30pm

Please click here, for a list of open houses at all TDSB schools.  Happy open housing and the best of luck to all of you.....high school is a whole other post ;).

Home Buyer Education - Getting Your Finances in Order

First Time Buyers Toronto

The process of purchasing a home in Toronto can be a bit overwhelming, particularly if you are a first-time home buyer.  When we start working with new buyers, we send out weekly ‘buyer education’ emails so that our clients have easy access to important information, and we break it down into digestible chunks so it is not quite so overwhelming.

With that in mind, we thought we would start a series of educational blogs, covering all aspects of the buying process in Toronto.  Since this is the first in the series, we are going to start at the beginning - getting your finances in order!

Pre-approval

First things first, you will need to get pre-approved by your bank or mortgage broker.  This is an important first step because you don’t want to fall in love with your dream home just to find out that the bank won’t lend you the money to buy it!  You will have to provide them with tax returns, proof of income, and a list of all your assets and liabilities.  The lender will then put you through a ‘stress test’ to ensure that you would be able to carry the mortgage even if interest rates rise.  They will approve you based on the rate they are offering plus 2%, or the benchmark rate of 5.25%, whichever is higher.  Here is a handy mortgage affordability calculator to help you determine how much you can afford.  Also important to keep in mind is that there are stricter qualifying requirements for self-employed individuals. 

Whether you go through your bank or a broker, they should walk you through the different products they offer, the difference between a fixed and variable rate mortgage, along with their corresponding interest rates, the varying amortization periods, and pre-payment options.  Once you have been approved for an amount and have decided which product is the best fit for you, the lender will provide you with a pre-approval for that amount at the current interest rate, for a period of 90-120 days.  In the fast-paced Toronto market, this pre-approval is also important because it allows you to submit an offer without a condition on finance.

Mortgage Insurance

A conventional mortgage is considered to be a mortgage with a downpayment of at least 20%.  If the home you are purchasing is over $1,000,000 then a 20% downpayment is required.  If the purchase price is less than $1M and you don’t have 20% to put down, you can put down 5% on the amount up to $500,000 and 10% on the amount between $500,000-$1M.  In this case, the mortgage would have to be insured through CMHC, Sagen, or Canada Guaranty.  You can calculate the cost of the insurance premium here.

First Time Buyer Incentives

Home Buyers’ Plan (HBP)

This government program allows first-time buyers to withdraw up to $35,000 from their RRSPs, without being taxed on it, to buy or build a qualifying home.  The money has to be paid back into your RRSP within 15 years, starting 2 years after the initial withdrawal.  A first-time buyer is defined as someone who has not owned a principal residence or someone who has not owned or sold a home in the past 5 years.  To qualify the home must be a principal residence and the money can be withdrawn up to 30 days after buying a home.  You can find more information on the HBP here.

Land Transfer Tax Rebates

Land transfer taxes are a large expense that must be taken into consideration when purchasing a home.  When purchasing a home in Toronto, buyers are subject to both a municipal and provincial land transfer tax so the amount can be staggering - for example, the LTT on a $1M home in Toronto is $32,950.  Here is a calculator to determine what the land transfer taxes would be based on the purchase price.

First-time home buyers in Ontario can receive a land transfer tax refund of up to $4,000 and first-time home buyers in Toronto can receive an additional municipal land transfer tax rebate of up to $4,475..

First Time Home Buyers Tax Credit (HBTC)

There is also a First Time Home Buyers Tax Credit (HBTC), which offers a $5,000 non-refundable income tax credit amount on a qualifying home acquired during the year. For an eligible individual, the credit will provide up to $750 in federal tax relief.  Learn more here.

First-Time Home Buyer Incentive

The First-Time Home Buyer Incentive helps qualified first-time homebuyers to reduce their monthly mortgage payments without adding to their financial burden.  The program offers 5 or 10% of the home’s purchase price to put toward a down payment.  This portion is a shared-equity mortgage with the Government of Canada which means that the government shares in both the upside and downside of the property value, up to a maximum gain or loss equal to 8% per annum (not compounded) on the Incentive amount from the date of advance to the time of repayment.  The additional down payment lowers mortgage carrying cost, which makes homeownership more affordable.  First-time homebuyers purchasing a home in the Toronto Census Metropolitan Area are now eligible for an increased Qualifying Annual Income of $150,000 instead of $120,000, and an increased total borrowing amount of 4.5 instead of 4.0 times their qualifying income.  Learn more about this program here.

Deposit

Once you have your finances in order, it is time to start looking at some houses!  When you find a home that checks all your dream home boxes and decides to move forward with an offer, there will be a deposit required.  A deposit is different from a downpayment, a deposit is an amount you submit either with an offer (herewith) or within 24 hours of acceptance of the offer (upon acceptance).  This amount is deducted from the downpayment, the balance of which is paid on closing.

In Toronto’s fast-paced market, deposits are often expected herewith so you should be sure to have this money readily available and be available to go to your bank to obtain a draft made out to the listing brokerage.  This deposit is held in trust by the listing brokerage until closing.  Typically a deposit is about 5% of the purchase price.

If you have any questions about purchasing your first (or second or third) home, please feel free to reach out - we are always available for your questions! And stayed tuned for the next blog in our buyer education series.