May 31, 2023 | Buying

signing a contract with a pen

Buying a home can be a wonderful process when you have confidence in the decision that you have made. In our experience, confidence comes with knowing all the facts, the pros and cons of your choices and the ability to get the best price for the home in Toronto. No matter how badly we may want to be rational during a purchase, our emotions can run amuck. One of the triggers often revolves around getting the best price on a home. Who wants to “overpay”?! No one wants to feel that they overpaid for a property. This blog post will dig into this topic to position yourself for success best when purchasing a home.

Let’s be clear on something before we start, getting the best price in a multiple-offer situation may be the difference between paying $25K or $5K more than another buyer. In most cases, you pay “more” than your competitor, but getting the best price is possible without blowing the bank! It’s not uncommon to see someone else’s buyer purchase a home for $200k more than any other Realtor thought it was worth. We can think of one example in Toronto’s Riverdale neighbourhood, a tiny row house sold for as much as some detached homes. Knowledge and some wise choices along the way make all the difference when buying a home.

No matter what real estate market we are amid, there are tried and true tips for a buyer looking to get the best home price.

5 Tips For Buyers To Get The Best Price For A Home

1. Choose A Great Realtor

We could list a thousand reasons why you need a great realtor. We have seen far too many scenarios that went poorly based on another person choosing to work with a realtor who wasn’t knowledgeable or prepared.

A realtor who gets along with other realtors is essential! (we have completed many deals because we connect well with other people, sellers and agents alike). We believe that relationships are the key to any successful sale. Seeking to understand what the needs and wants of each party go a long way. Having a good working relationship with other Realtors is essential to getting a deal done smoothly, in many cases getting a deal for less of our buyer client’s money. How can you know whether the agent you are speaking to gets along with others? Ask yourself what they are like when you talk to them. Are they present? Do they express that they genuinely care? Do you resonate with their client testimonials? Scratch below the surface; it can be telling as to how people run their business and interact with others.

We have helped our clients get homes and condos for less money than competitors because we connected with the other party by building trust. Our reputation has been positively received for well over 15 years in the downtown Toronto real estate market.

2. Negotiation

If you are one of the lucky few who can purchase a property in Toronto without competing, you may have a chance to negotiate. There can even be small opportunities to negotiate when in competition, but don’t hold your breath. It may not be possible. A great realtor needs to navigate and advise wisely so that this tactic doesn’t create negative blowback.


➤ Every good investment needs a well-planned strategy. Start preparing with the following:


3. Get Your Financing In Place

Speaking to a professional mortgage broker ahead of time for a mortgage pre-approval is essential. You must know what you can afford beyond a shadow of a doubt. Having a pre-approval will ensure that you understand how much you can afford. Consider a bridge loan option if you need to sell and buy in the same period. Accessing a bridge loan isn’t always necessary, but at the very least, you have a complete financial picture before making an offer on the home you want.

4. Do Your Due Diligence Ahead Of Time

Get a home inspection and financing pre-approval based on the property you are going for ahead of presenting an offer – this way you don’t necessarily have to have any conditions. If you want to buy a condo, have the status certificate viewed by a lawyer beforehand. Knowledge is power. Do the research and ask the questions that 90% of others won’t do. A deep dive into the details can make a difference in a negotiation.

5. Try To Be Flexible

This may sound a little counter-intuitive, so bear with us. What we mean by “flexible” is that knowing where you can bend on price, closing date, contract clauses, conditions and deposit amount, etc., can help position you for success. Disclosing what flexibility you have with your Realtor can help get the deal done when other options may appear to be exhausted. Creativity and flexibility can make a huge difference. The key to being flexible is asking the questions and taking in the answers, reflecting on them and continuing to ask more questions so that you are crystal clear on the best course of action.

All of the above guidance is based on working with a great Realtor. Because roughly 70,000 Realtor members are at The Toronto Regional Real Estate Board, it does not mean they are skilled and competent. Ask more of real estate agents, please. Our industry needs to evolve and grow in professionalism. Some of us work very hard, are professional and seek to expand their knowledge base.

Want to learn more about how we can work with our clients and help them achieve their goals? We are always here to help. Click here to contact us, or click here to send us an email.

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