You don’t have to, but it is HIGHLY recommend that you do. If a Buyer’s agent finds your listing on the MLS, but you are not willing to pay a commission, they have no incentive to show your property to their client, and most likley won’t. The commission you’re willing to pay must be stated on your MLS listing details. We recommend that you offer a commission between 2% – 3% because your listing will be competing with other listings for agent’s attention.If you happen to find your own buyer, then no commissions will need to be paid.

The MLS is a large database that real estate agents & brokers use to find available homes for qualified buyers. In the past the MLS was all on paper which is why you needed to hire a full service agent to get access to these MLS listed properties. The MLS was not made available to the public.

Nowadays the internet has changed the real estate industry completely. Every single real estate agent has an MLS search on his/hers website. And now it’s easily possible for you to get your property listed on that exact same MLS for a low flat fee, which gives you the best chance to sell your property.

The selling process varies by transaction, but typically follows the same general steps. The first step in the process is for the seller to list his/her property on the MLS and other relevant websites. Once the seller accepts an offer from a buyer, the property is “under contract” and the buyer will typically have an inspection performed on the property.

If the buyer is getting a mortgage, he/she will then work with their lender in order to get approved for their mortgage. In the meantime, the parties and their representatives will prepare for the closing and gather all necessary documents. Finally, the closing will be scheduled and completed, with the buyer then taking possession of the property.

Pricing a property can be a very difficult and important decision when listing a property. Real estate agents use comps in order to determine the current value of a property, and then base the list price off of that. Many people want to list their property at a high price in the hopes of getting the highest offers, but that is not usually beneficial to a seller. If a seller lists a property for much more than it is worth, then they will likely receive no offers until they lower the price. When a property sits on the market for weeks or a seller lowers the price, it can be a signal to potential buyers that there is an issue with the property. Therefore, listing high and hoping for high offers generally backfires and keeps buyers away from your property.

The best strategy for soliciting the highest offers for your property is to list it just above its value. Hopefully, this will elicit a lot of interest and multiple offers, which will then drive up the price of the property. Our agents at CityGate Real Estate can provide a suggested price for your home when you list with us.

The answer to this question is actually two-fold. The time of the year you list your house is not significant, as long as it is priced correctly and in good condition. Most people talk about listing it during the “spring market” when all the buyers begin searching after the winter weather has subsided. However, there is an overabundance of listings during this time so you are competing against thousands of other sellers, often making it a buyer’s market.

It is important, however, on what day your listing goes live. The weekend is when most of the buyers take time to view properties, so you want to keep that in mind when you list your property. As a result, listing on a Tuesday or Wednesday will give your property time to garner interest and buyers to schedule showings for the upcoming weekend.

As a seller, there is nothing you can do to guarantee a buyer will get approved for a mortgage and complete the closing. However, you can take certain precautions to do the best to protect yourself so a transaction doesn’t fall apart at the last minute. If a buyer is obtaining a mortgage, it is important to request a preapproval letter from their lender, which states that the lender has at least reviewed their income, assets, credit score, and debts to ensure they will be eligible for mortgage. Again, this is no guarantee the buyer will be approved for the mortgage, but is does show the buyer has started the process and everything is in order thus far.

If it is a cash transaction, a seller should request proof of funds from the buyer, which will typically be bank statements or other financial statements proving that the buyer has enough funds to purchase the home. For high prices homes, proof of funds is sometimes required before a buyer can even request a showing of the home.

When a buyer would like to purchase your house, they will submit an offer to you. When a seller receives an offer, they have three options: (1) accept the offer, (2) reject the offer, or (3) counter offer. A counter offer is a proposal in response to the buyer’s original offer. According to contract law, if you change one item on the buyer’s original offer before you sign it, it is considered a counter offer and the buyer must agree to the change. The change can be something small, like the closing date, or something bigger, like the purchase price. At CityGate Real Estate, we will review all offers and counteroffers with you to make sure you understand each aspect of the contract.

1. Get pre-approved for a mortgage and know your budget
2. Identify neighbourhoods you want to live in > narrow down your search to a specific area
3. Visit the neighbourhoods during different times to get a feel for the area
4. Make a needs vs wants list of your ideal home to further narrow down your search (eg. # of bedrooms)
5. Pick your top 5 listings, visit them all and see which home best meets your needs                                                                                           

For help on how to buy a home

Down payment amounts depend on the price of your home.

Here’s a simple example of how to calculate the down payment on a $700,000 home:

• 5% of purchase price on offer = $35,000
• 15% of purchase price due on closing = $105,000
• Ontario Land Transfer Tax & Toronto Land Transfer Tax = $20,950
• Lawyer Fees = $2,000
• So the total down payment on a $700,000 home = $162,950

Yes, all new Ontario homes (including condos) are protected

680 is the minimum Credit Score required to buy a home in Canada, while a Credit Score over 700 will give you the best mortgage rates.

To learn more about your credit score, including where to get your free credit report

Of course!

In fact, I specialize in helping immigrants, expats, returning Canadians, international students and temporary foreign workers find a home in Toronto.

For more information

No.

Canada recently extended its Foreign Buyer Ban another 2 years until January 1st, 2027.

The ban prohibits anyone who is not a Canadian citizen or permanent resident from purchasing residential property, including houses and condos.

However, it doesn’t apply to vacant land or buildings with 4 or more units.

The value of your property depends on several factors, including:                                                                                                                            

• Size
• Age
• Finishes
• # of bedrooms & bathrooms
• Exposure
• Renovations
• Location
• Building amenities
• Parking & locker availability
• Finished or unfinished basement               

While these are all important, the best way to determine the value of your property is through an in-person home evaluation.

The best time to sell your home has historically been spring and early summer.

Another opportune time is during a Seller’s Market when demand exceeds supply, leading to greater competition and higher prices.

According to the latest figures, Toronto is currently in a Deep Seller’s Market.

No, because it prevents buyers from openly discussing your home with their realtor for fear of offending you, and makes it harder for them to visualize themselves living there