What Makes a "Quality Buyer" When Selling Your Home in Ontario?

Financing certainty beats the headline number

A top-dollar offer that’s “subject to financing” can carry the most risk. I look first at whether the buyer holds a mortgage pre-approval, how large the down payment is, and how healthy the loan-to-value ratio looks. A reasonable firm (unconditional) offer often outranks a higher conditional one — because if that financing falls through, you lose both the buyer and your prime listing window.

Deposit size is the hard signal of intent

The bigger the deposit, the more the buyer stands to lose by walking — so the more serious they are. In the GTA, a normal deposit is around 5% of the purchase price. If a buyer bids high but offers only a token deposit, I stay cautious: that often signals a tight cash position or a fishing offer.

Fewer conditions, smoother road

Inspection, financing, sale-of-buyer’s-property (SPOC) — every condition is another exit through which the deal can die. At the same price, the offer with fewer conditions wins every time. If a buyer insists on a long inspection period or a sale condition, I help the seller weigh whether that “waiting cost” is worth it.

Will the closing date work for you?

A quality buyer gives you flexibility on the closing date. If you haven’t yet bought your next home, a buyer willing to accommodate a longer closing — or even a rent-back — is worth real money to your cash flow and your move. That convenience can matter more than a few thousand dollars of price difference.

Look at the agent behind the buyer

I pay attention to whether the buyer’s agent is responsive, professional, and clean with paperwork. An experienced co-operating agent dramatically reduces friction; an unprepared one is a common source of stalled deals and misunderstandings. When you size up a buyer, also size up who they hired to negotiate for them.

Can I reject the highest offer?

Yes. A seller can choose any offer — price is just one dimension. If the highest offer carries conditions you’re uneasy about, you can pick the safer one, or go back to the high bidder and ask them to drop conditions or raise their deposit.

How do I judge whether a buyer’s financing is solid?

Look at the pre-approval letter’s lender and amount, the down payment percentage, and how long the financing condition runs. Shorter condition period, larger down payment, and bigger deposit generally mean more reliability. Your agent can verify the buyer’s financing progress with the co-operating agent.

Is a firm (unconditional) offer always better?

Usually, because it removes the main ways a deal can collapse — but only if the price and terms are reasonable. A clearly lowball firm offer doesn’t automatically beat a higher offer with manageable conditions. The point is to weigh certainty against the dollar figure.

What’s a normal deposit, and should a small one worry me?

In the GTA, a typical deposit is around 5% of the purchase price, usually delivered within 24 hours of the offer being accepted. A high bid paired with a tiny deposit is a yellow flag — it can signal a tight cash position or a fishing offer.