Quick answer: In Ontario, an offer on a resale home is made on an Agreement of Purchase and Sale. It sets the price, deposit, closing date, inclusions and conditions. The most common conditions are financing (about 5 business days), home inspection (about 5 days) and, for condos, a status certificate review. The deposit, often about 5% in the GTA, is usually due within 24 hours of acceptance. In multiple offers, many buyers go "firm" with no conditions. Only do that after a pre-inspection and a solid pre-approval.
Part of our First-Time Buyer's Guide to Buying a Resale Home in Ontario.
What goes into an offer?
| Term | What it means |
|---|---|
| Price | What you'll pay |
| Deposit | Paid within 24 hours of acceptance (usually), held in trust, credited at closing |
| Closing date | When you get the keys, often 30–90 days away |
| Inclusions and exclusions | Appliances, light fixtures, window coverings, rentals (water heater, furnace) |
| Conditions | Things that must be satisfied before the deal is firm |
| Irrevocable time | How long the seller has to accept before your offer expires |
The conditions that protect you
- Financing: your lender approves the mortgage and the home appraises at your price.
- Home inspection: a professional inspects the structure, roof, electrical, plumbing and heating.
- Status certificate (condos): your lawyer reviews the condo's budget, reserve fund, lawsuits and rules. The corporation must deliver it within 10 days, for a fee of up to $100.
- Lawyer's review: especially useful for unusual properties.
- Sale of your home: if you need to sell first (less common in competitive markets).
Conditional vs firm offers
| Conditional offer | Firm offer | |
|---|---|---|
| Protection | You can walk away if a condition isn't met | None. You're committed once accepted. |
| Competitiveness | Weaker in multiple offers | Stronger |
| Best when | Few competing buyers, or condos (status certificate) | Pre-inspection done, financing solid, appraisal risk low |
In the 2026 GTA market, with more inventory and fewer bidding wars than in past years, conditional offers are accepted more often. Ask your agent what's happening on the specific street and price point.
How multiple offers work in Ontario
- Offer night: some sellers list low and review all offers on a set date.
- Bully offer: a strong offer submitted before offer night, often with a short irrevocable time.
- Disclosure: the seller's brokerage tells buyers how many offers are registered, but not their prices or terms.
- Sign-back: the seller can counter one buyer, or ask all buyers to improve.
Home inspection: what to look for
- ☐ Roof age and condition
- ☐ Foundation cracks, grading and signs of water in the basement
- ☐ Furnace, air conditioner and water heater age (and whether they're rentals)
- ☐ Electrical panel, knob-and-tube or aluminum wiring
- ☐ Plumbing material (galvanized, lead service lines in older homes)
- ☐ Windows, attic insulation and ventilation
- ☐ Signs of past renovations without permits
Budget about $400–$700. If you're going firm, ask the seller's agent whether a pre-list inspection is available, or book your own pre-inspection before offer night.
What if the home appraises low?
Your lender lends based on the appraised value. If you paid more than the appraisal, you cover the gap in cash. A financing condition protects you. Without one, keep a buffer.
Offer checklist
- ☐ Mortgage pre-approval with a rate hold
- ☐ Recent comparable sales reviewed with your agent
- ☐ Deposit funds ready to send within 24 hours
- ☐ Decide your conditions (financing, inspection, status certificate)
- ☐ Confirm inclusions and any rental equipment
- ☐ Lawyer chosen before you sign
Related reading: How to buy a resale home · Resale closing costs
Frequently asked questions
How much deposit do I need when making an offer in Ontario?
It's negotiable, but about 5% of the price is common in the GTA. It's usually due within 24 hours of acceptance and counts toward your down payment.
How long is a financing condition?
Usually about 5 business days. Ask your lender how long it needs before you set the date.
Can I cancel a firm offer in Ontario?
Not without serious consequences. You could lose your deposit and be sued for the seller's losses. Ontario has no cooling-off period for resale homes.
What is a status certificate?
A package of documents from a condo corporation showing its finances, reserve fund, legal issues and rules. It costs up to $100 and must be delivered within 10 days of the request.
Should I waive the home inspection?
Only if you've already done a pre-inspection or are comfortable with the risk. Major repairs like a roof, foundation or furnace can cost tens of thousands.
About the author: Ola Otubu is a REALTOR® with Realty ONE Group Reveal, Real Estate Brokerage, and the founder of Buyprecon.ca. He represents buyers of new construction and resale homes across Ontario.
This article is general information, not legal advice. Every offer is different. Speak with your agent and real estate lawyer. Sources: Real Estate Council of Ontario (RECO); Condominium Act, 1998.
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