1. Getting pre-approved for the wrong amount
Most buyers go to their bank, get a pre-approval number, and assume that's their budget. Banks tell you the maximum they'll lend — not what you can comfortably afford. Factor in property taxes, condo fees, utilities, maintenance, and closing costs (budget 1.5–2% of the purchase price). Your real budget is often 10–15% lower than your pre-approval number.
2. Skipping the home inspection to win a bidding war
In hot markets, buyers sometimes waive inspections to make their offer more attractive. A home inspection typically costs $400–600 and can uncover issues worth tens of thousands of dollars. There are ways to structure a competitive offer without giving up your right to know what you're buying.
3. Falling in love with the staging, not the house
Professional staging is designed to make you feel something. Look past the furniture, the lighting and the fresh paint. Look at the bones: the roof, the windows, the HVAC system, the foundation. Those are what you're actually buying.
4. Not understanding the true cost of closing
Land transfer tax in Ontario is significant — and in Toronto, there's a municipal land transfer tax on top of the provincial one. First-time buyers get a rebate, but you still need to budget for legal fees, title insurance, home inspection, and moving costs.
5. Choosing an agent based on who they know, not what they know
Buying a home in the GTA requires someone who knows the neighbourhoods, understands current market conditions, and has experience negotiating on your behalf. Interview at least two agents before you commit.
Chris Metzler, Sales Representative · CENTURY 21 Leading Edge Realty Inc., Brokerage
(416) 951-8777 · [email protected]
