There are typically three different scenarios after putting in an offer on a property.

1. The offer is accepted and you now own the home.

2. The home seller counter offers with changes (usually to price, conditions, move in date, etc) and you may counter or agree back to the changes.

3. The offer is rejected, where the seller flat out says no. This doesn’t usually happen and you are able to enter another offer.

When making an offer to purchase a property, you can add conditions to your offer contract. Conditions are agreements that the buyer and a seller need to meet within a specified time, in order to reach the offer contract deal (example: a home inspection)

An Exclusive Buyer Representation Agreement is a contract that states you agree to work exclusively with one real estate agent for a period of time. When signing it, you are under no obligation to actually purchase a property. The Exclusive Buyer Representation Agreement outlines services that you will receive and expectations of yourself and the realtor.

There are several different ways to get your downpayment.

This video may help you discover all the ways:

https://www.youtube.com/watch?v=ONhRtfpcNPw

1. Have a family member gift you the downpayment:

https://www.youtube.com/watch?v=DoXCBJ1f9P8

2. Save the downpayment amount:

https://www.youtube.com/watch?v=GwsiiczbRP0

3. You can use your RRSP:

https://www.youtube.com/watch?v=L0xxezeGu7M

4. You can borrow the amount or get a loan:

https://www.youtube.com/watch?v=2nQsRmgzfS4

5. You can use your credit card:

https://www.youtube.com/watch?v=6KQj7eL_ghk

A down payment is the amount of money that you put towards the purchase of a property and is then deducted from the final purchase price. The minimum amount you'll need for your down payment depends on the purchase price of the home you'd like to buy. Typically, buyers make a downpayment amount between 5% and 20%.

This video also explains what a downpayment is:

https://www.youtube.com/watch?v=kYtdlvqsLZk

This vide will advise you on how much you may need as a downpayment:

https://www.youtube.com/watch?v=uwRl18lNBtU

On January 1st 2018, new mortgage rules came info effect, often called the Stress Test, to ensure that home buyers can afford their mortgage payments should the interest rates increase. Home buyers with will need to qualify for a higher interest rate than the rate determine by the Bank of Canada.

This video will give you more information on the new mortgage rules:

https://www.youtube.com/watch?v=N0w8RRiZRZY