The real estate market in Toronto is one of the most competitive in Canada. There will always
be homes already sold before you even get a chance to visit them, as well as bidders who will
submit a more generous offer than yours. Buyers get especially frustrated if this happens more
than once, but with a little bit of patience and luck, you will be able to call yourself a Toronto
Sometimes, it’s not all about the money. Even if you can afford a home, you also have to be
ready to walk the extra mile if you want to land your dream home. Here are some tricks how
you can find the right place for you in the Toronto market.
Get A Mortgage Pre-Approval And Prioritize
In a market where competition is high, use every advantage you can get! For example, getting
a mortgage pre-approval will set you apart from other buyers who only managed to pre-
qualify so far. Sellers appreciate a serious approach and a potential buyer who has (more or
less) secured a mortgage already.
Maybe the mortgage won’t be enough to cover for a luxury property in the Downtown area,
but you will certainly be able to find a nice home in your price range that covers your must-
haves. If you are a fan of big kitchens, make sure the new home has one, but you may have to
give up on a 2 car garage. Learn to compromise with yourself if your budget is limited.
Keep An Eye On Market Developments
Shortage of inventory is one of the major problems in Toronto and homes sell relatively fast.
This means you’ll have to keep track of new listings to stand a chance against other buyers.
As soon as you like a home, try to schedule a home showing at your earliest convenience to
avoid losing the home to someone faster. To be up to date, you can even sign up for email or
SMS listing alerts to stay in the loop with new listings.
Avoid Lowball Offers
When you come across a home you truly like, and you’re about to put down an offer, don’t
use practices such as lowball offers expecting the seller to negotiate. Most sellers will take it
as an insult and discard you immediately. Offer a price you genuinely think is fair, but don’t
make it significantly lower than the asking price. Discuss the price offer with your realtor and
try to avoid complicated requirements or conditions. Many buyers in Toronto go over asking
to secure their dream home, and you may have to as well, if the home gets lots of offers and if
it’s in a highly desirable location.
Connect With The Sellers On A Personal Level
Sellers cannot switch off their emotions when selling a home and even if they’re about to
leave for good, they want to make sure that the home stays in good hands. That’s why it’s
important to connect with the seller on a personal level. If a home has grown on you so much,
let the sellers know. Explain how much the home means to you via a personal letter or a
video. It will increase your odds to land the home no matter how strong the competition is.
If you want to land your dream home in Toronto, don’t hesitate to contact us at
Did you enjoy this article? Check out Condo Investments’ homepage for the latest pre-construction condos.