Real Estate FAQ

You are not legally required to use a REALTOR®. Buyer representation can help with the search, property analysis, showings, offer terms, negotiations and transaction deadlines. Services, duties and compensation should be explained in a written representation agreement before you commit.

As of August 2026, federal rules set the minimum at 5% for a home priced at $500,000 or less; 5% on the first $500,000 and 10% on the portion above that for a home below $1.5 million; and 20% at $1.5 million or more. Mortgage-insurance and lender eligibility rules also apply, so confirm your amount with a mortgage professional. Review the Government of Canada rules or see the examples in Nick's down payment guide.

Pre-qualification is usually an early estimate based on information you provide. Pre-approval involves a more detailed lender review and may include a rate hold, but it is still conditional and is not final mortgage approval for a specific property. Ask the lender what was verified, what conditions remain and how long the pre-approval is valid.

Closing costs vary with the property and financing. Plan separately for legal and land-title costs, inspection or specialist reviews, title insurance if applicable, property-tax and condominium adjustments, home insurance, moving and initial repairs. Ask your lender and real estate lawyer for a property-specific estimate before you remove financing conditions.

The search can take days or months depending on your criteria, inventory and timing. After an offer is accepted, the condition and possession dates are negotiated as part of the contract. Nick maps those dates before you sign so you understand the full timeline for that property.

It depends on your financing, risk tolerance, timing and the market for both properties. Selling first clarifies your net proceeds and reduces the risk of carrying two homes; buying first secures the next property but may create financing and timing pressure. Compare both sequences with your lender and real estate professionals before committing.

A home inspection is not legally required, but it is an important risk-control step for many purchases, including new builds. An inspector can assess visible components and identify items that may need further specialist review. Any right to end or renegotiate the purchase depends on the wording and deadlines of the inspection condition in your contract.

Conditions can differ by property type, price range and community, so a citywide headline is not enough to shape an offer. Review recent comparable sales, active competition, inventory and the response to similar listings for the specific segment you are considering. Nick can prepare that comparison for your target search.

Your total depends on the services and compensation in your listing agreement, legal costs, mortgage discharge or prepayment charges, agreed preparation expenses, moving costs and closing adjustments. Tax may also matter for a rental, secondary residence or other non-standard situation. Ask the relevant brokerage, lender, lawyer and tax professional for figures specific to your sale.

A comparative market analysis reviews recent sales, current competition and the features, condition and location of your property. It produces a supportable market range rather than a guaranteed sale price. Your municipal assessment and automated online estimates can provide context, but they are not substitutes for current property-specific evidence.

The best timing depends on your next move, the property's readiness and the amount and quality of competing inventory in its specific segment. Seasonal activity is only one factor. Compare the likely market opportunity with the practical and financial cost of waiting before choosing a launch date.

There is no reliable fixed timeline. Property type, price range, condition, location, competition, launch strategy and market demand all affect the result. Before listing, compare the recent days on market and sale outcomes for genuinely similar properties, then plan for a range of possible timelines.

Start by addressing safety concerns and visible deferred maintenance, then improve cleanliness, lighting and how clearly each room's purpose can be understood. Avoid committing to major renovations before comparing the likely cost with buyer expectations and competing homes. Nick can prepare a prioritized walkthrough based on the property and your timeline.

List price is the asking price chosen when the property enters the market. Sale price is the amount accepted in the final contract. The relationship between them depends on the initial pricing strategy, buyer response, competing inventory and the terms of the accepted offer; neither number should be interpreted without that context.

Not necessarily. Your property assessment is calculated by the city as of July 1 of the prior year using mass appraisal methods — it's a tax tool, not a market valuation. Assessments often lag real market movements, can differ significantly from actual sale prices, and don't account for the specific condition and features of your property. Use your assessment as a reference point, not a list price anchor. A proper CMA from Nick will tell you what the market will actually pay today.