How First-Time Buyers Can Snag a Great House Deal Before It’s Gone
Toronto might technically be a buyer’s market right now, but at the entry-level price point things are very different. Freehold homes listed below market value attract intense competition. They stand out from the slower-moving inventory and can sell in just a few days.
If you’re a first-time buyer, the opportunity is huge—but so is the risk of missing out if you’re not prepared. Here’s how to move quickly and buy smart when that rare deal comes along.
1. Get a Full Mortgage Pre-Approval
In a market where most buyers have options, sellers still prioritize offers with certainty. A pre-qualification isn’t enough—you need a full pre-approval that locks in your budget and interest rate. Not only does this make your offer stronger, it allows you to act immediately instead of scrambling for financing while someone else locks down the house.
2. Know Your Numbers Ahead of Time
When a good deal appears, you won’t have days to analyze it. Be clear on:
Your monthly comfort zone: Mortgage, taxes, and utilities.
Cap rate & cash flow: If the home has a basement apartment, know how to run quick rental calculations.
Your ceiling price: Decide upfront what you’re willing to spend so you don’t hesitate in the moment.
Being financially clear before you start shopping is how you make smart, fast moves.
3. Build Your “Ready-to-Go” Team
The buyers who win the best homes already have their people lined up:
Home inspector who can show up with short notice.
Real estate lawyer who can quickly review paperwork.
Contractor or handyman who can give a fast estimate on updates or repairs.
When you already have your team on speed dial, you can complete due diligence in hours—not days.
4. Study the Micro-Market Now
Overall sales data won’t help you when a property hits the market tomorrow. Focus on hyper-local knowledge:
What similar homes in your target pocket sold for in the last 60 days.
How long they sat before selling.
Where multiple offers are still happening.
This way, you’ll recognize a true deal instantly and avoid second-guessing.
5. See It First, See It Fast
In today’s market, most listings linger. But when a freehold house is underpriced, it moves fast. Set up instant alerts so you’re notified the minute a home that fits your criteria hits MLS. Then—be prepared to tour it the same day. The sooner you see it, the sooner you can line up inspections and make a confident offer.
6. Be Quick, But Don’t Skip Smart Steps
Speed matters, but cutting corners can cost you more long term. Before writing an offer:
Do a pre-offer inspection or review any existing report.
Confirm property taxes, zoning, and rental rules.
Double-check that your lender will finance at the purchase price.
Acting fast doesn’t mean acting blind.
7. Write a Strong Offer the First Time
With below-market homes, sellers already know they’ve priced aggressively. They’re usually looking for clean, strong offers—not back-and-forth negotiations. If you want to win, you need to put your best foot forward the first time, both in terms of price and conditions.
Final Thoughts
Right now, buyers have more choice than they’ve had in years. But when a freehold home is priced below market value, the competition gets fierce.
If you’ve done the prep work—mortgage approval, due diligence team, market knowledge—you’ll be ready to move fast and buy with confidence.
Because even in a buyer’s market, the best deals don’t wait.
