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Home Consumers Buyer journey Searching for the right property

Once you have identified your needs and wants, considered your budget, and hired an agent, they will help you with your search.

Your agent will search for homes that meet your needs based on all of the information you’ve provided to them. If your information changes, it’s important to keep your real estate agent informed so they can make adjustments in the search if needed.

Your real estate agent can help you understand the current market and advise you on strategies for buying in current market conditions.

Hotter vs. cooler markets

A sellers’ market means there are more buyers than properties. This can lead to higher competition, such as multiple competing offers and/or bidding wars. In a sellers’ market it is not uncommon to see:

  • Pre-emptive offers (often called “bully offers”).
  • Offers above asking price.
  • Suggestions to submit an offer without conditions.
  • Suggestions to submit an offer with a sizeable deposit (see Deposits section for more information).
  • Quick decision periods.

In a buyers’ market, there are more listings than there are buyers. In this type of market, sellers may be more open to negotiation on price and conditions to accommodate a buyer’s needs.

Neutral or balanced market

There is also a neutral market, that doesn’t favour buyers or sellers. In this type of market, no one side has a particular advantage in negotiations.

Interest rates

Increases or decreases in interest rates can affect your loan or mortgage payments in both the short and long term. They also impact the real estate market in other ways. You can expect your real estate agent to be aware of changes and help you understand what it means for you.

When viewing properties with your agent, remember you are accessing someone else’s home and there are generally rules in place to ensure their property is protected.

Your agent is responsible for letting you in, accompanying you during the viewing, and making sure the property is secured after you leave. Your agent is not permitted to provide you with the lockbox code to access the property. Any unauthorized access to the property could be considered trespassing.

Here are some important requirements when viewing properties:

  • Be on time and leave on time.
  • If you need to cancel or reschedule, notify your agent as soon as possible.
  • Don’t bring food or drinks into the home.
  • Avoid touching or moving personal items
  • Before taking any photos, ask if it’s permitted.
  • Don’t tamper with or test appliances.
  • Do not bring family members or friends with you unless the seller provided permission.
  • Do not enter the home without your agent or the seller’s agent present.

Defects or stigmas may affect the value of a property. Your real estate agent can help you understand defects and stigmas.

Defects

There are defects that are visible or easily discoverable during a walk-through or a home inspection. These are defects such as cracked walls, broken windows, or uneven flooring. You and your agent should carefully inspect the property. It is also a good idea to have a home inspection done. You’ll need to consider costs associated with any required repairs or upgrades. 

There are other defects that you won’t be able to discover during a walk-through and might not be identified during a home inspection. For example, structural damage, asbestos or toxic mould are defects that might render the home uninhabitable or unfit to live in. The seller, through their agent, is legally obligated to disclose these defects to you if they are aware of them.

Stigmas

There may have been an event or circumstance that occurred in or near the property that does not affect the property’s appearance or function but might make a home less desirable or undesirable to you.

Some examples of stigmas:

  • the property was used in the ongoing commission of a crime (for example, drug dealing or chop shop).
  • the property was previously owned by a notorious individual (for example, an organized crime leader).
  • there are reports that the property is haunted.

Stigmas are unique to each person. You need to make sure your agent is aware of any particular concerns you have before you start the search for a home and confirm before you make an offer.

Speak to your real estate agent and your lawyer about the risks involved in purchasing a home that has tenants and strategies for reducing those risks before you consider making an offer. The risks and strategies will vary depending on your plans for the property and the terms of the lease.

You want to make sure you hire an agent who has experience dealing with rural properties and is familiar with the rural areas you are interested in.

If you are considering purchasing a property in a rural community, a couple of important items you should ask your agent about access to municipal water and sewage services. A rural property might rely on a well for drinking water and a septic system for waste disposal.

Wells

A private well supplies drinking water to the home. Unlike municipal systems, well owners are responsible for water quality, testing, and maintenance.

Septic systems

A septic system treats and disposes of household wastewater in homes without municipal sewer connections. A conventional septic system consists of a pipe that carries wastewater from your home, a septic tank, a pipe that connects the septic tank to the drain field, and the drain field itself.

Your agent can help you find a professional who can inspect these systems and assess whether they are working properly. This can help you avoid costly discoveries after you buy.

You should also ask your real estate agent about:

  • Road access and maintenance.
  • Utilities and internet.
  • Soil and drainage (for example, poor drainage or flood risks).
  • Garbage and recycling.
  • Proximity to radon or flood areas.
  • Zoning and land use (for example, restrictions on farming).

If you are considering buying a pre-construction or newly built home, you will want to review the resources below: