Buying or selling a home brings up plenty of questions — and getting clear answers shouldn’t feel like a chore. We’ve gathered the questions we hear most often from clients across Kitchener-Waterloo and put the answers in one place, written in plain language. Browse the topics below, or reach out anytime if there’s something you’d like to ask us directly.
Selling a Home • FAQ
Do I really need a real estate agent to sell my home?
Most sellers choose an agent for pricing accuracy, negotiation strength, marketing reach, and legal protection. Especially in a regulated market like Ontario.
How do I know what my home is worth right now?
Your home’s value is based on recent local sales, current buyer demand, and your property’s condition—not online estimates. A local market evaluation gives the most accurate picture.
Do I need to stage my home before selling?
Even light staging and decluttering can help buyers emotionally connect and may lead to faster offers and better sale prices.
How long does it usually take to sell a home?
This varies by location, price range, and market conditions. Some homes sell in days, others take longer. Strategic pricing and strong marketing make the biggest difference.
What costs should I expect when selling a home?
In Ontario common costs include real estate commissions, legal fees, mortgage discharge fees, and adjustments like property taxes or utilities.
What is a conditional offer?
A conditional offer means the buyer has conditions—such as financing or a home inspection—that must be met before the sale becomes firm.
Can I accept an offer and still back out?
Backing out can lead to serious legal and financial consequences. Once an offer is accepted and becomes firm, it’s legally binding.
Do I have to disclose problems with my home?
Yes. In Ontario, sellers must disclose known material defects that could affect a buyer’s decision or the property’s safety or value.
How do multiple offers work?
In a multiple-offer situation, buyers submit their best offers, often without knowing competing prices. Your REALTOR® helps you evaluate more than just price—terms matter too.
Buying a Home • FAQ
Where do I begin when buying a home?
A great first step is finding a knowledgeable real estate professional who can guide you through the entire process. Your REALTOR® will help you understand the local market, identify suitable neighbourhoods, and coordinate your home search.
Next, it’s important to determine your budget and obtain a mortgage pre-approval. This confirms how much you can comfortably afford and shows sellers that you are a serious buyer. From there, we’ll refine your search based on your needs, lifestyle, and preferred locations. When the right property appears, we’ll help you prepare a strong offer and guide you through every step of the purchase process.
What is a down payment and how much do I need?
A down payment is the upfront portion of the purchase price that you pay when buying a home. In Canada, the minimum down payment typically ranges from 5% to 20% of the home’s purchase price, depending on the value of the property and your mortgage qualifications. For example, many first-time buyers purchase a home with as little as 5% down, while others may choose to put down more to reduce their mortgage amount.
If your down payment is less than 20%, Canadian lenders require mortgage default insurance (commonly through CMHC, Sagen, or Canada Guaranty). This insurance protects the lender and allows buyers to purchase a home with a smaller upfront investment. If you put 20% or more down, mortgage insurance is typically not required.
A larger down payment can provide several advantages, including lower monthly mortgage payments, reduced interest costs over time, and greater equity in your home from the start. As part of your home buying plan, it’s helpful to review your savings, discuss options with a mortgage professional, and determine a down payment strategy that aligns with your financial goals.
What are closing costs and how much should I budget?
Closing costs are one-time fees due at the end of the transaction. They can include legal fees, land transfer tax, title insurance, home inspection fees, and adjustments. Buyers should plan to budget roughly 1.5%–4% of the purchase price for these costs.
What does a real estate agent do when I buy a home?
A real estate professional plays an important role in guiding you through every step of the home buying process. Your REALTOR® will help you identify suitable homes, arrange property showings, and provide insight into local market conditions so you can make informed decisions.
When you find a home you like, your agent will help you prepare and negotiate an offer, ensuring important details such as price, conditions, closing dates, and inclusions are handled properly. They will also coordinate key steps in the process, including home inspections, reviewing documents, and working with your lawyer, lender, and other professionals involved in the transaction.
An experienced REALTOR® also helps you navigate the paperwork and timelines required to complete a purchase, making sure nothing is overlooked. Our team specializes in the Kitchener-Waterloo area and has in-depth knowledge of local neighbourhoods, market trends, and buying strategies. With the right guidance and support, the home buying process becomes much smoother, more organized, and far less stressful.
How important is pre-approval for a mortgage?
Very. Mortgage pre-approval tells you how much a lender is willing to loan you based on credit and finances. It shows sellers you’re serious and helps you search within a realistic price range.
Making an Offer
What is irrevocability?
Every offer includes an irrevocability clause — a deadline by which the seller must accept, reject, or counter your offer. Once you sign, you cannot withdraw before that deadline passes. Typical windows are 24–48 hours. If the seller doesn’t respond in time, the offer expires and your deposit is returned.
How much deposit is typical in Ontario?
| There is no fixed rule, but 5% of the purchase price is a common benchmark. In competitive markets a larger deposit can strengthen your offer. The deposit is held in trust by the seller’s brokerage and applied to your purchase price on closing — it is not an extra cost. |
When is the deposit due?
The APS specifies the deadline — typically within 24 hours of acceptance, though it can be negotiated. The deposit must be delivered in certified funds (bank draft or wire transfer). Missing the deadline can put you in breach of contract.
What happens to the deposit if the deal falls through?
| If you waive all conditions and then back out without legal grounds, the seller may be entitled to keep your deposit — and could sue for additional damages. |
What is a financing condition?
| This condition gives you a set number of days (usually 3–5 business days) to confirm your mortgage approval. If you can’t secure financing within this time period, you can exit the deal and recover your deposit. Pre-approval does not guarantee final mortgage approval — the property itself also needs to pass lender scrutiny. |
What is a home inspection condition?
| This gives you the right to have a licensed home inspector assess the property. If the inspection reveals significant issues, you can walk away or renegotiate. In hot markets some buyers waive inspections to compete — this carries real risk, as you assume responsibility for all defects after closing. |
Can I include other conditions?
| Yes. Common additional conditions include: sale of your existing property, status certificate review (for condos), well/septic inspection (rural properties), title review, and insurance. You may also need additional conditions, consult a professional. Each condition should have a clear deadline and specify what constitutes satisfaction of the condition. |
What does "waiving" a condition mean?
| Once you waive a condition, you’re confirming it is satisfied (or accepting the risk) and the deal becomes firm. Waiving the financing condition means you’re committed to closing even if your mortgage falls through. Never waive a condition without fully understanding the consequences. |
What is a counteroffer?
| If the seller doesn’t accept your offer as written, they can sign it back with changes — a different price, closing date, or terms. Once the seller makes changes, your original offer is void. You can then accept, reject, or counter again. Each round resets the irrevocability clock. |
What happens in a multiple-offer situation?
| Sellers can set an “offer date” and review all offers at once. In Ontario, agents must disclose the number of competing offers (but not their details). You typically get one shot — your best offer up front. Various clauses can be used, but they require careful drafting. |
What is included vs. excluded from the sale?
| The APS has specific sections for chattels (items included, like appliances) and fixtures (items excluded, like a custom light fixture the seller wants to keep). Be explicit — if it’s not in writing, there can be disputes. |
What closing costs should I budget for?
| Beyond the purchase price, expect: Ontario Land Transfer Tax, legal fees, title insurance, home inspection, and property tax adjustments. First-time buyers may qualify for government assistance. |
Didn’t Find Your Answer? Let’s Talk
FAQs are a great starting point, but real estate is rarely one-size-fits-all. Every home, every neighbourhood, and every client situation comes with its own details — and sometimes the best answer to your question depends on factors that only come up in conversation. That’s where we come in.
Real Answers for Real Situations
At My Home in KW, we spend our days helping buyers and sellers across Kitchener, Waterloo, Cambridge, and the surrounding townships work through the exact kinds of questions you’ve been thinking about. What’s a fair offer in today’s market? How do multiple-offer situations actually unfold here? What should you look for in a home inspection, a status certificate, or a pre-approval? Whatever’s on your mind, chances are we’ve helped someone else navigate something similar recently.
Guidance Without the Pressure
We believe good advice should come without strings attached. You don’t need to be ready to list your home or sign an offer to reach out. Many of our best client relationships started with a simple question and a no-pressure conversation months — sometimes years — before a move actually happened. Our job is to give you clear, honest information so you can make the decision that’s right for you, on your timeline.
Let’s Start a Conversation
If something on this page sparked a follow-up question, or if you’re weighing a move and want to think it through with someone who knows the local market inside and out, we’d love to hear from you. A quick call, email, or message is often all it takes to turn a list of questions into a clear plan.
Reach out anytime — we’re here when you’re ready. Contact Us