When will I actually get the keys?

You've bought your next house and you're excited because the big day is coming.  But now you have to plan and coordinate the move.  And of course, one of the most usual questions is: when will I actually get the keys for the new place?

This can vary a bit, depending on a number of factors.  In my experience, the transaction often closes by noon and you can get your keys.  The lawyers typically have everything all set to go a couple days before closing, so it's usually a relatively smooth process.  Of course, surprises do sometimes pop up that need to be dealt with on the fly, but these are usually addressed by the title search date.

And even if there are no problems, the closing is dependent on the lawyer receiving the money from your mortgage company.  Some lenders are better at being prompt than others.  Or if you're selling as well as buying, and you require the proceeds of the sale toward the purchase, then the lawyer could be held up waiting for your sale to close before closing your purchase.  Which also could be held up by the other buyer's mortgage lender, among other things.

The standard wording in the Ontario Real Estate Association's Agreement of Purchase and Sale requires the deal to close "no later than 6:00pm".  So, while you will often have the keys earlier in the day, it's safest to be prepared to wait until the end of the business day, around 4:30 or 5:00pm.  I have occasionally seen them squeak through that late.  You just hope it doesn't get held over to the next day... It doesn't happen often, but it's not impossible.

Terminology Tuesday: FINTRAC

FINTRAC stands for the Financial Transactions and Reports Analysis Centre of Canada. It is Canada’s financial intelligence unit, responsible for detecting, preventing, and deterring money laundering and terrorist financing. In the real estate world, FINTRAC regulations require brokerages and real estate professionals to verify client identities, keep specific records, and report certain types of transactions.

If you’ve bought or sold property in Canada, you’ve likely been asked to provide identification and answer questions about the source of your funds. That process isn’t random — it’s part of the federal anti-money laundering and terrorist financing regulations overseen by FINTRAC.

For buyers and sellers, this often means:

• Providing valid government-issued photo ID
• Confirming whether you’re acting on your own behalf or for someone else
• Disclosing beneficial ownership information (in certain cases)
• Answering questions about large cash transactions or unusual payment structures
  
• Confirming whether you are a Politically Exposed Person or a Head of International Organization

While it can sometimes feel like extra paperwork, these requirements help protect the integrity of Canada’s housing market. Real estate has historically been a target for money laundering, and FINTRAC’s oversight is designed to increase transparency and accountability across the industry.

In short, when your REALTOR® asks for identification or additional documentation, it’s not about inconvenience — it’s about compliance with federal law and protecting both clients and the broader real estate market.

Market Media Monday - March 2, 2026

A curated list of recent headlines relevant to real estate in Canada or locally, with short excerpts. Click each headline link to read the full article on the source site.

[ Canada's housing market suffers largest price decline among major economies, says BIS ]
"Canada’s residential housing market has experienced the largest decline in housing prices among similar advanced economies, according to the Bank for International Settlements (BIS)."

[ TD sees muted housing rebound as BoC pauses ]
"TD Economics’ latest outlook painted a cooler picture for Canada’s housing market, even as it argued the Bank of Canada is likely to sit tight at a 2.25% policy rate. Chief economist Beata Caranci said the mortgage “renewal cliff” has turned into “looking like a hill,” but warned that softer demand and regional imbalances still weighs on any recovery."

[ ‘We need market certainty’: Just 269 new homes sold in Toronto region last month ]
"Only 269 new homes sold in the Toronto area last month despite record high levels of inventory, a new report states. The data, compiled by the Building Industry and Land Development Association (BILD)’s Altus Group, indicates that new home sales in January were down 36 per cent from last January and are 80 per cent below the 10-year average."

[ Canada's industrial real estate markets on different trajectories ]
"Canada’s industrial real estate markets are advancing at an uneven pace, with some regions more acutely affected by ongoing trade disruptions and others showing greater resilience, according to Royal LePage’s 2026 Commercial Real Estate Report."

The Importance of a Mortgage Pre-Approval

Before you start house hunting, one of the smartest first steps you can take is securing a mortgage pre-approval. While it’s not a guarantee of final financing, a pre-approval gives you a clear picture of what you can afford and positions you as a more confident, prepared buyer in a competitive market.

A proper mortgage pre-approval involves a lender reviewing your income, credit history, debts, and down payment to determine the price range they’re willing to lend — often locking in an interest rate for a set period of time. This helps protect you from rate increases while you search and ensures you’re shopping within realistic financial boundaries, avoiding disappointment or overextension.

The pre-approval process may identify missing paperwork so you can take care of getting that ahead of time instead of rushing at the last minute. And if there are any surprise issues with your credit history, you may need to address them first.

From another practical standpoint, pre-approved buyers are also taken more seriously by sellers. When receiving an offer on behalf of a seller client, I certainly always ask the buyer agent where their buyer is with that, making sure they are working with a bank or broker and have got a pre-approval. In multiple-offer situations, a strong pre-approval may strengthen your offer and reduce concerns about financing risk. When paired with guidance from an experienced REALTOR®, it allows you to act quickly and decisively when the right home comes along — a major advantage in any real estate market.

In short, a mortgage pre-approval isn’t just a formality — it’s a powerful planning tool that brings clarity, confidence, and credibility to your home-buying journey.

If you're thinking about buying a home, I can refer you to a great mortgage broker who will look after your best interests. Call or email, and let's get you moving!

Terminology Tuesday: Deposit

When buying a home, one of the first financial steps a buyer makes is providing a deposit — but many people misunderstand what it actually means.

Simply put, a deposit is money the buyer submits when an offer is accepted to show they are serious about purchasing the property. Think of it as a good-faith commitment to move forward with the transaction. In that spirit, in some areas a deposit is called "earnest money" or even "good faith deposit".

The deposit doesn’t go directly into the seller’s pocket, though. Instead, it’s typically held in trust in the listing brokerage's trust account, or by a lawyer if no brokerage is involved, until closing. 

A deposit serves a few important purposes. First, it shows commitment, affirming to the seller that the buyer intends to complete the purchase. Second, this commitment makes the seller more comfortable taking their home off the market as sold. And finally, it's a bit of protection for the seller - if the buyer fails to meet the terms of the agreement without a valid reason, the deposit may be forfeited to the seller as compensation.

One point of terminology confusion is 'deposit' versus 'down payment'. The deposit is paid shortly after the offer is accepted to secure the deal. The down payment is the amount of the purchase price that a buyer is paying on their own, above whatever mortgage they are getting, and is paid on closing. The deposit is simply credited toward the down payment later. 

As for how much a deposit needs to be, there’s no universal number — it varies depending on the market, location, and price of the home. It's often around 5% but can ultimately be whatever is agreed to in the offer negotiation process. In competitive markets, stronger deposits may make an offer more appealing, but the right amount should always fit the buyer’s comfort level and financial plan. A listing also typically includes a requested deposit amount and if the buyer is able to meet that request that is one less point of consideration or potential objection for the seller.

The bottom line is that a deposit is more than just money — it’s a statement of intent. Understanding how it works helps buyers feel more confident and helps sellers feel secure when moving forward with a sale. 

If you’re buying or selling and have questions about deposits or offer terms, always speak with a qualified real estate professional who can explain how it applies in your specific situation.

Market Media Monday - February 23, 2026

A curated list of recent headlines relevant to real estate in Canada or locally, with short excerpts. Click each headline link to read the full article on the source site.

[ Market Outlook: Canada home prices fall to nearly five-year low in January ]
"Canada’s housing market began 2026 on softer footing, with benchmark home prices falling to their lowest level in almost five years as sales activity declined in January."

[ Most Canadian Provinces See Home Prices Rise, Two Hit Record Highs ]
"Home prices moved lower at the national level, but that reality isn’t aligned with buyers in most provinces. Canadian Real Estate Association (CREA) data shows the price of a typical home fell in January, but most provinces saw prices rise. The decline has been largely confined to BC and Ontario, where weak sales and robust inventory are dragging prices even lower."

[ National real estate association blames Ontario snowstorm for cooling housing sales in January ]
"The Canadian Real Estate Association (CREA) is blaming Old Man Winter as a factor in cool housing sales during the month of January."

[ Mortgage rate outlook: Why experts say the next move could be lower ]
"After a turbulent 2025, mortgage rates are opening the year in a narrow range, but experts say that calm may not last. "

[ Christopher Liew: How much income do you require to become a homeowner in Canada? ]
"An increasing number of people in their 20s and 30s are beginning to feel that homeownership is out of reach. Home prices remain high, mortgage rates are still elevated compared to a few years ago, and other daily living costs continue to squeeze household budgets."

Terminology Tuesday: Status Certificate

In a nutshell or "TLDR", a status certificate is a bundle of information about a condo corporation's finances and governance that a potential unit buyer will want to see before committing to a purchase.

When you purchase a unit in a condominium complex, whether apartment or townhouse, you are buying your specific unit but you are also buying an equal share in the condominium corporation.  Because you are buying into the condo corporation, you need to do some due diligence first.

Condo ownership typically gives you a right to vote in condo meetings on things like rule changes but it also means shared responsibility for corporate obligations and expenses, like maintenance of all the common area (known technically as common elements).  This includes lawn care, snow removal, and in apartment buildings stuff like cleaning and upkeep of hallways and elevators.

This should all be covered by your monthly condominium fees, with a portion also going into a legally-mandated reserve fund which the condo corporation uses to maintain and replace various building components and carry out repairs.  The reserve fund is used for a wide range of items, such as roof replacement, window updates, new carpeting in common areas, and so on.

The condo corporation should be carrying out a professional review of the reserve fund and expected repairs and maintenance, looking into the future by least several years, to make sure the reserve fund is reasonably adequate.  If significant repairs are required that can not be put off and the reserve fund isn't sufficient to pay for them, that is where owners can see special assessments to make up the difference.

Obviously, one of the most important things to consider when looking at a condo purchase is whether the reserve fund is appropriate for the age of the condo complex or building.  New condo developments obviously have smaller reserve funds because they haven't had time to build them up, and repair costs should be fairly minimal in the first few years.  Established condominiums on the other hand should have a healthy reserve fund built up.  But how do you know?

Here enters the "status certificate".  Don't let the name fool you, though.  The name might make you think of a certificate from school and imagine a one-pager.  But a proper status certificate, with the usual attachments, is actually a somewhat thick package of paper (although in modern practice, it's typically requested online, which makes it just a long multi-page file). It should include all the financial information for the condominium, including budget documents, reserve fund information, and whether the unit itself is in arrears or not, and any special assessments.  It also includes a copy of the condominium's by-laws and rules.  If you're interested in reading the source law, the Condominium Act, 1998 spells out the minimum requirements in [ Section 76 ].

When making an offer on a condo, you should include a condition for your lawyer to review the status certificate.  Unless the seller has already requested a copy, you'll have to request one and wait for it to come.  Legally, the condo corporation is supposed to deliver it within 10 day of receiving the written request and payment.  As such, this condition is usually for a couple of weeks.

Once received, your lawyer will review all the documentation and either give a thumbs-up or bring to your attention any points of concern. From there, you can make an informed decision whether to proceed with the purchase or not.