Your offer should reflect the home and your finances, not a townwide price alone. I'll help you separate a reasonable purchase decision from pressure to spend more.
The latest market report covers Ontario single-family homes, condos, townhouses and apartments. The typical sale price was $680,000, providing a townwide reference rather than a price for every home. Homes sold for an average of 100.3% of their asking prices. Housing supply, measured in months, was 3.15 in the latest reported figures.
The average percentage of asking price that homes sold for cannot set your personal offer limit. I would weigh recent sales of similar homes against differences in condition, size and features before discussing price. A stronger offer should still leave you comfortable with the money needed at closing and the ongoing payment.
Ask your lender to clarify the payment and closing costs associated with the price you are considering. Review similar completed sales with me to establish a reasonable offer range for the specific home. Decide the maximum price you are comfortable offering, and review financing and inspection requirements before changing offer conditions.
