Frequently Asked Questions
(FAQs)
For Sellers
1. Is now a good time to sell my home?
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It depends on your local market, your financial goals, and your next move. Instead of guessing based on headlines, homeowners should look at:
- Local supply vs. demand
- Recent comparable sales
- Interest-rate trends
- Their own timeline and lifestyle needs
A personalized market snapshot provides the clearest answer. You can find a more in-depth explanation inside the community found here.
2. What should I do to prepare my home before selling?
Focus on high-impact, low-cost improvements:
- Decluttering and depersonalizing
- Minor repairs (lights, paint, hardware)
- Improving curb appeal
- Professional-grade cleaning
Pre-listing prep can raise your sale price and reduce days on market. Learn more about Home Merchandising found in this community.
3. How much is my home worth right now?
Your home’s true value comes from similar recent sales, condition, upgrades, and neighbourhood trends. Online estimates can be off by tens of thousands. A more accurate approach is a custom evaluation backed by data and property specifics. You can find a more in-depth explanation inside the community found here.
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4. Is it better to buy first or sell first?
Each path has pros and cons:
Buy first: Less rushed, but requires stronger financing or bridge solutions.
Sell first: Reduces financial risk, but may make your next purchase feel urgent.
Your comfort level with timing, financing, and flexibility determines the best strategy. You can find a more in-depth explanation inside the community found here.
5. How do I know what renovations add value?
Updates with the strongest ROI include:
- Kitchens (moderate refresh, not full remodel)
- Bathrooms
- Flooring upgrades
- Paint
- Energy-efficient features
Cosmetic overhauls do not always pay off—ask before investing. You can find a more in-depth explanation inside the community found here.
6. How much does it actually cost to sell a home?
Typical costs include:
- Legal fees
- Commission or marketing support
- Minor repairs
- Moving expenses
- Potential mortgage payout penalties
An estimate personalized to your home gives the clearest picture. You can find a more in-depth explanation inside the community found here.
7. What are buyers looking for right now?
Buyers prioritize:
- Updated, neutral finishes
- Move-in-ready condition
- Good natural light
- Functional layouts
- Energy efficiency
Small improvements can help your home match buyer expectations in your price range. You can find a more in-depth explanation inside the community found here.
8. How do I choose the right real estate professional?
Look for:
- Local experience
- Strong communication
- Transparent answers
- A no-pressure approach
- A clear marketing plan
Always interview multiple people — you’re hiring someone to protect your largest asset. You can find a more in-depth explanation inside the community found here.
9. How do I buy and sell at the same time without stressing out?
You can use strategies like:
- Conditional offers
- Bridge financing
- Rent-back agreements
- Flexible closing dates
A well-planned timeline removes most of the chaos from the transition. You can find a more in-depth explanation inside the community found here.
10. What’s the first step if I’m unhappy in my home but not ready to talk to an agent?
Start by exploring your options privately:
- Understand your home’s value
- Identify what your next home looks like
- Learn what’s financially possible
You've started off on the right foot by being here! Ask questions & gain real estate guidance from pros & everyday homeowners. NO soliciting!
With clarity around your path, you can move forward confidently—without pressure or commitment.
For Buyers
1. How much can I afford to buy?
Affordability depends on income, debts, savings, interest rates, and lifestyle. A quick affordability check with a mortgage professional gives you a personalized range — usually more accurate than online calculators. If you want to actively search for a home and be in a position to put in an offer, it's best to get a pre-approval which is more in-depth and reliable. You can find a more in-depth explanation inside the community found here.
2. What credit score do I need to buy a home?
Most buyers qualify with a score of 620+, but better rates open up around 680–720. If your credit isn’t perfect, there are still options — and small improvements can save thousands in interest. You can find a more in-depth explanation inside the community found here.
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3. How much do I need for a down payment?
In Canada:
- 5% minimum for homes up to $500,000
- 10% on the portion above $500,000
- 20% avoids mortgage insurance
More is helpful, but many buyers get in with the minimum. You can find a more in-depth explanation inside the community found here.
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4. What are all the costs involved in buying a home?
The following could apply to your purchase depending on geographical location, urban or rural, and property specs. All pricing is again, depending on complexity, location and what is applicable to the property you are buying. Beyond the down payment, expect:
- Legal fees: $750 - $2800
- Home inspection: $500-$750
- Additional inspections
- Well + Flow Test - $225 - $450
- Water - $80 - $250, various tests are offered.
- Septic - $600 - $1000, various inspections are offered
- Sewer - $225 - $350
- Radon - $225 - $350 - Appraisal (sometimes required by lender): $300 - $600
- Closing adjustments:
- Deed transfer tax: Generally ranging from 0% to over 3% of the property's value. Check out the land transfer tax calculator to get a close approximation of what to expect.
- Property tax reimbursement - It's best to prepare for 6 months, your worst case scenario.
- Oil reimbursement - a typical oil tank is 900 litres. The seller will top up the tank and you'll have to reimburse for the full tank.
- Propane reimbursement - Mortgage insurance: There are two separate insurances involved that often get confused as one but they are two completely separate things. Canada Mortgage & Housing Corporation (CMHC) is a lender-focused safety net for low-down-payment loans, and mortgage insurance protection is homeowner-focused financial security for your family. The premium is often added to your mortgage and paid over the life of the loan, rather than as a single upfront payment.
Here is a handy CMHC premium calculator to help you with what to expect to add to your mortgage. - After closing:
- Moving costs: there are many options; call around
- Utility connections: included in your first billing but may require deposits.
- Mail forwarding
- Property insurance
Budgeting for these early reduces surprises on closing day. You can find a more in-depth explanation inside the community found here.
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5. Should I buy a house or keep renting?
It depends on your timeline, stability, and financial goals. Buying builds equity and stability; renting offers flexibility. Comparing your 3–5 year cost difference is the best way to decide. You can find a more in-depth explanation inside the community found here.
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6. Is it better to buy now or wait?
Waiting can help you save more — but prices, interest rates, and supply can change quickly. The right time is when you’re financially prepared and a home shows up that improves your life. You can find a more in-depth explanation inside the community found here.
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7. What does the buying process actually look like?
Most buyers follow these steps:
- Get pre-approved
- Define needs vs. wants
- View homes
- Make an offer
- Complete inspections and conditions
- Finalize financing
- Close and move in
Knowing the steps ahead of time reduces stress. You can find a more in-depth explanation inside the community found here.
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8. What should I look for during a home showing?
Check the big-ticket items:
- Roof, windows, furnace, water tank
- Signs of moisture or foundation issues
- Layout, light, noise
- Neighbourhood feel
Looking past décor and focusing on structure saves future headaches. You can find a more in-depth explanation inside the community found here.
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9. How do I know if the home is priced fairly?
Compare it to recent sales of similar homes in the neighbourhood. A fair price depends on location, condition, and demand — not just the seller’s listing price. A comparative market analysis helps you avoid overpaying. You can find a more in-depth explanation inside the community found here.
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10. Do I need a real estate agent when buying?
- A strong agent protects your interests, negotiates for you, spots red flags, and guides you through contracts — and their fee is typically paid by the seller. Choose someone who is transparent and never pressures you. You can find a more in-depth explanation inside the community found here.
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